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Divestment: CSOs Want FG To Prohibit Oil Companies Sales Of Assets In Niger Delta Until…

Published

3 years ago

October 11, 2023

By Joseph Ebi Kanjo, Benin

Following the announcement of acquisition of 100% of Nigerian Agip Oil Company Limited (NAOC Ltd) by Oando Plc, Civil Society Organizations have urged the Federal Government to immediately place a moratorium on
oil company divestment (or sale of assets) in the Niger Delta region, pending the ascertaining of issues of community concern.

They argued that the call became necessary becaus host communities in which Agip has operated for up to six decades are unaware of the
impending sale and have not been informed by the firm.

Oando Plc had on October 4, 2023 announced that it reached an agreement with Eni for the acquisition of a 100 percent stake in its subsidiary, Nigerian Agip Oil Company Limited (NAOC Ltd).

But a statement signed by Nnimmo Bassey, Executive Director, Health of Mother Earth Foundation; China Williams, Executive Director, Environmental Rights Action/Friends of the Earth Nigeria; Henry Eferegbo, Executive Director, Niger Delta Network for Environmental Justice; Ken Henshaw, Executive Director, We The People and six other organisations, and made available to INFO DAILY by Kome Odhomor, Media/Communication Lead, said “Agip has been operating recklessly for decades, leaving terrible ecological and socioeconomic legacies,” hence it cannot vacate the region without “addressing several cases and concerns bordering on the ecological, health, economic, and social impacts of its operations in the Niger Delta.”

They argued that “throughout its operations, Agip consistently flared gas, wreaking havoc on the health, livelihoods, and environment of Niger Delta oil-producing communities.”

“Several investigations have found
the corporation and its collaborators responsible for environmental
degradation that has destroyed livelihoods, poisoned communities, and created circumstances for human rights violations,” they added in the statement.

They, therefore, urged the “Federal Government to immediately produce a framework and
guide for how oil companies disengage from areas where they have operated.”

This guide, according to the environmental activists, “should be developed by a multi-stakeholder group including communities and civil society organizations. The divestment (or sale) framework must contain the following requirements for oil
companies and the Nigeria authorities;

“A scientifically developed post hydrocarbon impact assessment report that establishes the exact ecological and livelihoods impacts of oil extraction.

“A health audit of people located in close proximity to extraction
sites, and others exposed to oil contamination and gas flaring. This
audit will aim at unravelling the negative health impacts of exposure to hydrocarbons.

“A detailed plan and costing for remediating the ecological,
livelihood and health impacts of extraction.

“The establishment of independent frameworks for remediating all
identified impacts and compensation to the impacted individuals and
communities.”

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Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

2 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

2 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

4 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.