News

PIA Act Designed For Money, Contracts Sharing, Says Agbakoba

Published

2 years ago

July 11, 2024

Editor

A Senior Advocate of Nigeria, Dr Olisa Agbakoba, has said the provisions of the Petroleum Industry Act were designed for money and contract sharing and not the country’s development.

He also challenged politicians and other stakeholders to highlight one successful commercialised or privatised government entity in Nigeria.

He alleged that privatized Nigerian-owned entities are for the benefit of a few individuals rather than the entire Nigerians.

Explaining his stance against the Petroleum Industry Act while featuring on Arise TV’s Morning Show on Thursday, the legal luminary insisted that the PIA was designed for revenue sharing for the benefit of a few individuals.

He said, “The big question is if the PIA is such a fantastic bill, why are we having fuel scarcity that I first experienced in 1972. Why is it continuing? So something is wrong. There was a misconception and I regret I was part of the misconception that commercialisation necessary means efficiency, it doesn’t.”

According to him, China does not commercialise anything, China runs state capitalism. Saudi Arabia and Aramco also run state capitalism.

Agbakoba said, “So, I personally retract what I felt initially that commercialisation and privatisation are vehicles of development, they are not in so far as Nigeria is concerned.

“Because I will challenge anybody to show me one successful privatised entity since this started in 2000. What has happened is that the state enterprises have been privatised into private pockets of individuals. Nothing has come to Nigerians as specified in Section 14 and we remain very poor. Poverty is everywhere to the point… we must be careful about food riots.

“How can Section 64 of the PIA appropriate our federal revenue to the NNPCL? Section 64 (of PIA) allows the NNPCL to draw money outside Section 62 of the Constitution that says all resources, whether taxed or not taxed shall be paid into the federation account. But section 64 of the PIA, a lower law to the Constitution enables the NNPCL to draw out money and you want me to support it?”

The former Nigerian Bar Association president added, “Now, what I see in this thing (PIA) is the usual ‘chop chop’ and contract sharing. PIA is designed to be a sharing thing. I am positing that the surrender of our national resources to IOCs in the context of production-sharing contracts or joint ventures contradicts the meaning of my sovereignty given to me in Section 14. What did the IOC come here to do? It is just to make money. So, the joint ventures enable the IOCs to take their own share and the government to take its own share.

“Neither the government nor the IOCs have developed Nigeria. So, I am saying we should move from contract oil which is all about sharing and nothing about development. There is not a word in the PIA apart from the host communities that talk about the people of Nigeria. So, how can that be a bill or a law that is for the good of Nigeria and Nigerians? So, that’s my general concept on why the PIA should go.”
PUNCH

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

57 minutes 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

1 hour 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

3 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.