Nigeria to introduce real-time tracking for oil export shipments
Nigeria's oil regulator is set to bring in a new rule that requires oil producers to obtain an export permit, vessel clearance and a unique identification number to enable real-time tracking of cargoes, based on regulations seen by Reuters.
The government said the updated regulations are designed to enable real-time monitoring of oil cargo exports, aiming to combat theft and under-declaration at export terminals, and thereby significantly enhance government revenue.
The new rules mark a significant departure from the previous system which only required producers to declare cargoes to customs authorities for export permit issuance.
"The new guidelines represent a significant step toward a more transparent, accountable and efficient oil export regime in Nigeria," the spokesperson for the regulator said.
Reinforcing the necessity of these changes, Ayodele Oni, an energy lawyer at Lagos-based Bloomfield law firm, said the previous system was not equipped for real-time tracking.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
5 hours ago
- IOL News
Nigerian monarch wants $12 bn for clean-up before Shell exit
An influential traditional chief in Nigeria's oil-rich Niger Delta on Friday demanded that Shell pay $12 billion (R217bn)for environmental pollution before it leaves the region. Image: Reuters An influential traditional chief in Nigeria's oil-rich Niger Delta on Friday demanded that Shell pay $12 billion (R217bn)for environmental pollution before it leaves the region. Bubaraye Dakolo of the Ekpetiama Kingdom appeared before a federal high court in the southern city of Yenagoa demanding reparations for clean-up after decades of environmental damages by Shell, according to a statement by a coalition of civil society groups. Farming and fishing communities in the Niger Delta, the heartland of Nigeria's crude production, have fought years of legal battles over damage from oil spills in the area. UK energy giant Shell is one of the companies accused for decades of causing serious environmental degradation across Nigeria's southern oil- and gas-rich region. The monarch's legal challenge was prompted by Shell's recent divestment of $2.4bn in Nigerian assets as it shifts to offshore operations. The monarch and several civil society groups accused Shell of trying to "exit the Niger Delta without first decommissioning obsolete infrastructure, remediating environmental damage, and compensating the Ekpetiama people for long-standing harm". Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading According to Dakolo, Shell's activities have led to massive oil spills, gas flaring, and the destruction of fishing and farming while rendering rivers, forests and farmland toxic. The case came up for mention and has been adjourned to July 22. Alongside Shell, the suit named Nigeria's petroleum and justice ministers and a Nigerian upstream petroleum regulatory agency as defendants. The suit seeks to halt the transfer of Shell's assets pending an agreement on money for environmental cleanup, decommissioning of obsolete infrastructure and community compensation. "Shell wants to leave behind a mess that has ruined our rivers, farmlands, and livelihoods," Dakolo said in the statement. "We will not accept abandonment." Isaac Asume Osuoka, the director of Social Action Nigeria, one of the parties to the lawsuit, told AFP that "Shell wants to exit with profit, leaving behind toxic air, poisoned water, and broken communities".
IOL News
10 hours ago
- IOL News
KwaZulu-Natal DOT assembles legal team for Tokio Marine lawsuit over flood damages
The MEC for Transport and Human Settlements, Siboniso Duma, met with Andrew Kirby, the president and CEO of Toyota South Africa Motors. Image: Supplied The KwaZulu-Natal Department of Transport (DOT) is assembling a strong team of legal minds to guide them on a lawsuit instituted by insurance company Tokio Marine & Nichido Fire Insurance Co. The Japan-based insurance company has sued the eThekwini Municipality, Transnet SOC Limited, and the DOT in respect of the April 2022 floods, which affected Toyota South Africa Motors (Pty) Ltd (TSAM), based in Prospecton. In court papers, it is stated that the three organisations had failed in their duty to maintain infrastructure and should have known that neglecting such responsibilities could lead to flooding. During the April floods, the structural integrity of the Umlaas Canal and the diversion berm was compromised, leading to stormwater flowing into the Prospecton Industrial Area, where the Toyota plant is situated, causing extensive flooding and damage, as read in the court papers. It stated that Transnet owned the Umlaas Canal and was responsible for its management and maintenance, as well as the flood risk associated with it. The concrete-lined canal is intended to channel and divert the uMlazi River around the Prospecton Industrial Area. Together with the diversion berm, it forms an integral part of the flood control and prevention mechanism for the Prospecton Industrial Area, it further stated. It said the DOT was responsible for the management and maintenance of the diversion berm, while the municipality owned, managed, and was responsible for the maintenance and control of the stormwater management system for the Prospecton Industrial Area. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Tasneem Lorgat, the general manager, Marketing Communications for Toyota, stated that TSAM submitted its insurance claim to Tokio Marine in respect of the floods. Lorgat stated that the flood affected TSAM's manufacturing operations. She said the litigation proceedings are not being facilitated and/or funded by TSAM. Accordingly, TSAM will not benefit in any way from the subrogated recovery action against these entities. She said upon learning of the impending recovery litigation, TSAM undertook, with the consent of Tokio Marine, to engage with each of the defendants to advise them of the impending subrogated recovery action. The MEC for Transport and Human Settlements, Siboniso Duma, said that he had spoken with Andrew Kirby, the president and CEO of TSAM, on Friday. Duma stated that the department is consulting with lawyers and could not get into the legal technicalities and details of the processes that will unfold. 'Kirby has emphasised his commitment to work with us to build this province. We have agreed to sustain our relationship that has evolved over the years. We have agreed that nothing should come between us and this enduring relationship,' Duma said. eThekwini Municipality spokesperson, Gugu Sisilana, said the municipality was aware of the court action and had filed a notice to defend. An eThekwini Municipality finance committee report, in April 2025, stated that the municipality is actively working on improving critical infrastructure and water supply systems, particularly in the Toyota and South African Breweries (SAB) precincts, south of Durban, to mitigate future disruptions and demonstrate accountability In a municipal report, a suggestion was made to explore the possibility of relocating TSAM from its current location, which is situated in a flood-prone area in Prospecton, and that the current weather conditions pose significant risks to the company's operations. According to the report, relocating to another area within the eThekwini municipal region should be considered to mitigate potential long-term impacts, including huge job losses. Refilwe Ramatlhodi Ndhlovu, manager of corporate communications at TSAM, indicated that TSAM has no plans to relocate its manufacturing operations and remains invested in the community and investments made at the plant. Andre Beetge, DA Ward 97 councillor and Executive Committee member (Exco), stated that TSAM plays an important role within the southern economy. He said TSAM also creates job opportunities, and one must take into account the ancillaries that find themselves directly reliant on the existence and location of this 'anchor' manufacturer.
eNCA
13 hours ago
- eNCA
World Bank and IMF climate snub 'worrying', says COP29 presidency
BONN - The hosts of the most recent UN climate talks are worried international lenders are retreating from their commitments to help boost funding for developing countries' response to global warming. Major development banks have agreed to boost climate spending and are seen as crucial in the effort to dramatically increase finance to help poorer countries build resilience to impacts and invest in renewable energy. But anxiety has grown as the Trump administration has slashed foreign aid and discouraged US-based development lenders such as the World Bank and the International Monetary Fund from focussing on climate finance. Developing nations, excluding China, will need an estimated $1.3 trillion a year by 2035 in financial assistance to transition to renewable energy and climate-proof their economies from increasing weather extremes. Nowhere near this amount has been committed. At last year's UN COP29 summit in Azerbaijan, rich nations agreed to increase climate finance to $300 billion a year by 2035, an amount decried as woefully inadequate. Azerbaijan and Brazil, which is hosting this year's COP30 conference, have launched an initiative to reduce the shortfall, with the expectation of "significant" contributions from international lenders. But so far only two -- the African Development Bank and the Inter-American Development Bank -- have responded to a call to engage the initiative with ideas, said COP29 president Mukhtar Babayev. "We call on their shareholders to urgently help us to address these concerns," he told climate negotiators at a high-level summit in the German city of Bonn this week. "We fear that a complex and volatile global environment is distracting" many of those expected to play a big role in bridging the climate finance gap, he added. - A 'worrisome trend' - His team travelled to Washington in April for the IMF and World Bank's spring meetings hoping to find the same enthusiasm for climate lending they had encountered a year earlier. But instead they found institutions "very much reluctant now to talk about climate at all", said Azerbaijan's top climate negotiator Yalchin Rafiyev. This was a "worrisome trend", he said, given expectations these lenders would extend the finance needed in the absence of other sources. "They're very much needed," he said. The World Bank is directing 45 percent of its total lending to climate, as part of an action plan in place until June 2026, with the public portion of that spilt 50/50 between emissions reductions and building resilience. The United States, the World Bank's biggest shareholder, has pushed in a different direction. On the sidelines of the April spring meetings, US Treasury Secretary Scott Bessent urged the bank to focus on "dependable technologies" rather than "distortionary climate finance targets." This could mean investing in gas and other fossil fuel-based energy production, he said. Under the Paris Agreement, wealthy developed countries -- those most responsible for global warming to date -- are obliged to pay climate finance to poorer nations. Other countries, most notably China, make voluntary contributions. - Money matters - Finance is a source of long-running tensions at UN climate negotiations. Donors have consistently failed to deliver on past finance pledges, and have committed well below what experts agree developing nations need to cope with the climate crisis. The issue flared up again this week in Bonn, with nations at odds over whether to debate financial commitments from rich countries during the formal meetings. European nations have also pared back their foreign aid spending in recent months, raising fears that budgets for climate finance could also face a haircut. At COP29, multilateral development banks (MDBs) led by the World Bank Group estimated they could provide $120 billion annually in climate financing to low and middle income countries, and mobilise another $65 billion from the private sector by 2030. Their estimate for high income countries was $50 billion, with another $65 billion mobilised from the private sector. Rob Moore, of policy think tank E3G, said these lenders are the largest providers of international public finance to developing countries. "Whilst they are facing difficult political headwinds in some quarters, they would be doing both themselves and their clients a disservice by disengaging on climate change," he said. The World Bank in particular has done "a huge amount of work" to align its lending with global climate goals. "If they choose to step back this would be at their own detriment, and other banks like the regionally based MDBs would likely play a bigger role in shaping the economy of the future," he said. The World Bank declined to comment on the record.
