Military recovers stolen crude oil worth N388m, arrests 22 suspects

No fewer than 22 suspected oil thieves have been reportedly arrested by security operatives in the Niger Delta region within the last one week as stolen crude oil worth N388m was also recovered amongst other items.

This is according to a statement issued Thursday, by the military high command through the Director, Defence Media Operations, Maj. Gen. Buba Edward, who spoke to newsmen in Abuja.

Edward was briefing Journalists in the activities of the military within the last week.

According to him, troops on operation in the Niger Delta area intercepted and rendered fruitless, the theft of crude oil to the tune of N388,469,650.00.

The command also said it arrested 22 suspected oil thieves in the process.

Edward said, “Troops in the Niger Delta discovered and destroyed 38 dugout pits, 21 boats, 57 storage tanks, three tapping hoses, four drum receivers, 89 cooking ovens, six pumping machines, three outboard engines, and 34 illegal refining sites. Troops recovered 696,250 litres of stolen crude oil, 54,400 litres of illegally refined AGO, and 1,200 litres PMS.

Meanwhile, the counter-insurgency fight by security operatives is said to have recorded significant strides as the military spokesman said a total of 191 terrorists were killed while 184 were arrested in the last one week.

The spokesperson added that while two high-profile Islamic State for West African Province terrorists in the Tafa and Suleja local government areas of Niger State were arrested, more efforts are underway to bring more culprits to book.

He said the terrorist kingpins were arrested during clearance operations conducted by troops in collaboration with other security operatives on September 21.

Edward further revealed that troops rescued 91 kidnap victims, adding that 104 Boko Haram/ISWAP terrorists and their families surrendered to troops across various theatres of operation.

He said: “On September 21, 2023, troops in conjunction with sister agency personnel raided terrorists’ hideouts in Tafa and Suleja LGAs of Niger State. During the operations, troops arrested two high-profile ISWAP terrorists.

“Also, On September 20, 2023, troops on patrol raided criminal hideouts in AMAC of FCT. During the operation, troops arrested 51 suspects and impounded three vehicles for various offences. All have been handed over to the appropriate authorities for further action.”

In another story, the NPF Microfinance bank has released its financial results for the first quarter of 2023.

The report reveals that the microfinance bank saw a 171.5 per cent increase in profit to N645.94m from N242.79m in the same period in 2022.

Also, the bank has reportedly grown its gross earnings by 62.79 per cent to N2.28bn from N1.47bn, according to its financial results filed with the Nigerian Exchange Limited on Thursday.

The financial result further states that Net interest income is a major contributor to the revenue of the bank at N1.86bn adding that Fee and commission income stood at N159.04m.

A breakdown of the interest income revealed that loans and advances rose to N2.052bn from N1.26bn within the period under review with treasury bills investment increasing to N29.53m from N18.09m.

The financial institution grew its assets by 24.90 per cent to N43.09bn in the review period as total liabilities stood at N31.22bn from N23.92bn, a 30.53 per cent increase.

Recall that the financial institution at its’ 29th Annual General Meeting which held in June, obtained shareholders’ approval to raise capital to convert into a commercial bank.

This was as shareholders of the bank voted in favour of increasing the share capital by the number of shares necessary to meet the regulatory requirements for transition into a Deposit Money Bank.

“Due to the transition, the Memorandum of Association of the bank will be amended to reflect changes in the share capital as a result of the capital raise and allotment process,” Directors of the bank informed the shareholders at the AGM.

Also at the AGM, the shareholders approved the proposed dividend of 10k per ordinary share of 50k by the directors for the year ended December 31, 2022.

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