Sunday, September 28, 2025
28.4 C
Lagos

Oil Theft: FG May Revoke Licence of Indicted Banks

The Federal Government may revoke the license of money deposit banks indicted in warehousing proceeds from stolen crude oil in the country.

President Muhammadu Buhari had said in Abuja that the government has already identified banks and other financial institutions that took in deposits from proceeds of oil theft.

A senior government official told Business Journal in Abuja that the federal government was seriously considering stern sanctions, including revocation of operating licences, against banks and other institutions that are eventually indicted by the on-going investigation into the oil theft issue in the spirit of the anti-corruption campaign of the Buhari administration.

He said from all indications so far in the investigation, a number of banks in the country deliberately took in deposits from those suspected of perpetrating the theft in the oil industry, mainly to shore up their deposit base. He said however that the final decision would be taken when all the material evidence are brought and examined thoroughly.

The said official hinted that those indicted in the investigation would be invited to Abuja and given the opportunity to explain their involvement in the affair before sanctions are meted out. He said the government was working assiduously with a number of international intelligence and financial bodies to fully determine the total amount involved and process of recovery.

At a parley with a group of U.S., Congressmen led by Rep. Darrel Issa, the president had said:” “We are getting cooperation from the international community, including information on ships that take crude oil from Nigeria and change direction, or pour their contents into other ships mid-stream.

Some monies were paid to individual accounts. We are identifying the financial institutions and countries that are involved. I have been assured that when we get all our documents together, the United States and other countries will treat our case with sympathy.”

To address the issue, the government is also looking at two key reports: The Thabo Mbeki High Level Panel on Illicit Financial Flows from Africa and the Financial Global Integrity Report 2008-2012. While the Thabo Mbeki stated that about N10.08 trillion was stolen in a period of 10 years, as much as N6.87 trillion of that amount was traced to illegal transfers from Nigeria (2001-2010).

On its own, the FGI Report stated that of the $1trillion allegedly stolen from developing countries, over-invoicing of government contracts accounted for higher percentage of the amount.

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

INEC Chair, Mahmood Yakubu, to Deliver GOCOP Annual Lecture Oct 6

Professor Mahmood Yakubu Chairman Independent National Electoral Commission (INEC) The Chairman...

NCC: ‘No 5G Licenses Issued Yet in Nigeria’

  Professor Umar Danbatta Executive Vice Chairman Nigerian Communications Commission (NCC) “The attention...

Stanbic IBTC Bank: *909# Seals Commitment to Cashless Economy

 *909# Mobile Money on the Move!             Mrs. Sola David-Borha CEO, Stanbic-IBTC...

Transparency Shall Be Our Bedrock in Telecom Regulation – Maida

The Executive Vice Chairman of the Nigerian Communications Commission...

Seplat Explains Incident Involving Depthwize Majestic Rig near Ovhor, Delta State

Seplat Energy provides an update to the previous announcement...

Ecobank Reaffirms Commitment to Excellent Service Delivery

Ecobank Nigeria has reaffirmed its commitment to providing excellence...

Sustain War on Corruption in 2017; Firms Must Innovate Or Die

General Expectation(s) of the Economy in 2017 - Stay consistent...

A.M. Best to Attend 43rd AIO Conference 2016

A.M. Best will attend the 43rd African Insurance Organisation...
spot_img

Related Articles

Popular Categories

spot_imgspot_img