Close Menu
    Facebook X (Twitter) LinkedIn Telegram
    Trending:
    • NDLEA rearrests 83yo woman with methamphetamine, colorado in Abia
    • US names 24 Nigerians arrested over fraud, money laundering, other crimes
    • Traders count losses as midnight fire destroys seven shops in Edo
    • Kenyan presidential hopeful threatens to deport Dangote over $16bn refinery project
    • Toddler, two others killed as armed herdsmen attack Benue community
    • N66 per litre petrol discount not return to subsidy – NNPC
    • Obidient movement questions NNPC petrol discount, proposes half-price fuel
    • Court jails three men for abducting, trafficking two-year-old boy in Cross River
    Facebook X (Twitter)
    Naija Daily NewsNaija Daily News
    Subscribe
    Monday, Oct 12, 2026
    • Home
    • Politics
    • World
      1. Africa
      2. US News
      3. View All

      Nigerians stranded in S’Africa as repatriation delays trigger humanitarian concerns

      June 19, 2026

      Eight students arrested over deadly Kenya school fire

      May 29, 2026

      Several girls feared dead as fire guts Kenyan boarding school

      May 28, 2026

      WHO declares Ebola outbreak in DR Congo, Uganda

      May 17, 2026

      FBI Probes ShinyHunters Claim of Massive Data Breach Affecting 38,000 Staff

      September 24, 2026

      Gunman killed after opening fire near white house, bystander injured

      May 24, 2026

      Jury begins deliberations in Alison-Madueke bribery trial in London

      May 18, 2026

      Trump announces killing of ISIS deputy in joint U.S.-Nigeria operation

      May 16, 2026

      Brazil Election 2026: Lula Faces Flávio Bolsonaro in October 25 Runoff

      October 5, 2026

      Haitian-Canadian Author Denies AI Claims After Winning French Literary Prize

      September 24, 2026

      FBI Probes ShinyHunters Claim of Massive Data Breach Affecting 38,000 Staff

      September 24, 2026

      US DHS Names 10 Nigerians on ‘Worst of the Worst’ List

      August 28, 2026
    • Business
      1. The Technocrat
      2. View All

      Kenyan presidential hopeful threatens to deport Dangote over $16bn refinery project

      October 11, 2026

      NNPC reports record N7.2trn profit despite revenue decline

      September 30, 2026

      Dangote: Africa will become self-sufficient in refined fuel by 2030

      September 30, 2026

      CBN Cuts Interest Rate to 23% as Inflation Continues to Ease

      September 22, 2026
    • Entertainment
    • Education
    • Metro
    • Sports
    Naija Daily NewsNaija Daily News
    Home → Business → Nigeria Battles oil cartels in bid to stabilise naira, improve economy
    Nigeria Battles oil cartels in bid to stabilise naira, improve economy

    Nigeria Battles oil cartels in bid to stabilise naira, improve economy

    0
    By Naija Daily News on August 25, 2024 Business
    Share
    Facebook Twitter WhatsApp Reddit LinkedIn Copy Link

    Nigeria’s government has intensified its crackdown on illegal crude oil operations in the Niger Delta as President Bola Tinubu seeks to boost oil production. With the economy heavily dependent on crude oil revenue, the country is grappling with a sharp decline in the Naira amid widespread reforms that have deepened poverty among the lowest income earners.

    Sources reveal that the ongoing crackdown is focused on the Rivers, Bayelsa, and Delta states, aiming to restore the nation’s oil output closer to its target of two million barrels per day.

    In July 2024, production of crude oil from Nigeria increased slightly to about 1.3 million barrels per day, according to the Organization of the Petroleum Exporting Countries, which 30,000bpd more than 1.27 million bpd recorded during the month of June.

    Though the output was still far below the country’s production quota by OPEC of 1.5 million bpd and way below the 1.78 million bpd assumed in the national budget. Conflicting reports peg the production at as high as 1.61 million bpd, underscoring the recent drive on better output amidst the government’s crackdown on oil theft.

    Bayelsa State

    Over the weekend, the Nigerian Army’s 6 Division, alongside other Joint Task Force security units, arrested 12 suspects in the Ojobo Community of Ekeremor Local Government Area, Bayelsa State. According to Lt. Col. Danjuma Jonah Danjuma, the Acting Deputy Director of 6 Division Army Public Relations, the suspects were apprehended with a vessel containing heavy-duty equipment, including a swamp buggy, a tugboat, and several pipes believed to have been stolen from a Shell Petroleum Development Company (SPDC) facility.

    See also  Costs of Living, Food Price will Fall - Tinubu

    He added, “Additionally, troops destroyed an illegal refining site and intercepted a wooden boat and reservoir containing over 5,500 liters of stolen crude at Obotoro Creek and Babrogbene in Southern Ijaw Local Government Area.”

    Rivers State

    In Rivers State, military personnel conducting pipeline surveillance in the Cawthorne Channel I, II, and III areas of Degema Local Government Area intercepted a wooden boat carrying more than 5,000 liters of crude oil. A large wooden boat suspected to be used for illicit activities was also destroyed.

    “Furthermore, two illegal refining sites were dismantled in Odioku and Okoh in Onne Local Government Area, where over 2,000 liters of stolen crude were seized. Two wooden boats hidden in the creeks along Egi and Nkissa, containing over 2,000 liters of crude, were also recovered,” Danjuma said.

    He added that within the Ogbogolo forest in Ahoada West, troops deactivated an illegal refining site with over 4,000 liters of stolen crude. Along the Imo River, 12 illegal refining sites were dismantled, and various products were confiscated.

    Delta State

    In Delta State, an illegal refining site at Ikpemu Creek with over 5,000 liters of stolen crude was shut down, and other sites with various products were similarly deactivated.

    Danjuma confirmed that the arrested suspects would be handed over to relevant prosecution agencies. The General Officer Commanding, 6 Division, Nigerian Army, Maj.-Gen. Jamal Abdussalam, commended the troops for their ongoing efforts and urged them to intensify operations against economic sabotage and other criminal activities.

    JTF Nigeria Tinubu
    Share. Facebook Twitter LinkedIn Email WhatsApp Copy Link
    Avatar of Naija Daily News
    Naija Daily News
    • Website
    • Facebook
    • X (Twitter)
    • LinkedIn

    Naija Daily News is a Nigerian digital news platform providing timely, credible, and engaging coverage of breaking stories, current affairs, and developments shaping Nigeria and the world. We’re committed to keeping readers informed with news that is relevant, factual, and reliable.

    Related Articles

    October 11, 20263 Mins Read0

    Kenyan presidential hopeful threatens to deport Dangote over $16bn refinery project

    September 30, 20264 Mins Read0

    NNPC reports record N7.2trn profit despite revenue decline

    September 30, 20263 Mins Read0

    Dangote: Africa will become self-sufficient in refined fuel by 2030

    Leave A Reply Cancel Reply

    Poliitcs

    2027 Nigeria Presidential Election: Voter numbers by state and region

    October 7, 2026

    Nigeria @66: Fubara urges Rivers residents to embrace peace, unity

    October 1, 2026

    Lagos 2027 Governorship Election: Why Millions of Non-Voters Could Shape the Race

    September 27, 2026

    Professor Eyo Ita, the Eastern Link to Industrial Arts

    September 24, 2026
    Editorials

    Trump: From Convicted Felon to U.S. President-Elect

    November 15, 2025

    PENGASSAN crossed the line in Dangote dispute

    October 8, 2025

    Editorial: PENGASSAN crossed the line in Dangote dispute

    October 8, 2025

    Nigeria’s Push for STEM Education: Preparing the Next Generation for a Digital Future.

    August 15, 2025
    Popular Posts

    Nigeria Tax Act: No VAT on land, buildings, rent – Taiwo Oyedele

    February 15, 2026

    Exploring the Rise of Nigeria’s Creative Industry: Opportunities and Challenges.

    August 11, 2024

    Meta deploys facial recognition to help users regain access to locked accounts

    October 23, 2024

    Subscribe to News

    Subscribe to Naija Daily News and get trusted news, and the day's biggest stories delivered to your inbox.

    Facebook X (Twitter) Pinterest WhatsApp TikTok Instagram

    Sections

    • Home
    • National
    • World
    • Politics
    • Crimes
    • Business
    • Metro

    More

    • Sports
    • Health
    • Technology
    • Africa
    • US News
    • Travel
    • Education

    About Us

    • Our Mission
    • Contact Us
    • Contact the Editors
    • Site Map
    • Do Not Sell Data
    • Newsletter
    • Privacy Policy

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design, and business.

    © 2026 Naija Daily News. All Rights Reserved.
    • Privacy Policy
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.