Connect with us
nairametrics
UBA ads

Business News

Oil companies contribute $117 million towards Ogoni cleanup

Published

on

Estimations show that so far, out of the $200 million expected from International Oil Companies (IOCs), about N42.1 billion ($117 million) has been deposited into the London escrow account of the Standard Chartered Bank.

In a speech given by the Programme Manager of the Civil Society Legislative Advocacy Centre (CISLAC), Kolawole Banwo, in Lagos yesterday, he said the sum was exclusive of the $10 million provided by Shell Petroleum Development Company (SPDC) to the  Hydrocarbon Pollution Restoration Project (HYREP) for initial administrative costs.

UBA ADS

The funds raised are part of the $1 billion required to effectively clean-up the entire oil spill areas in Ogoni land, as calculated in a report released by the United Nations Environment Programme (UNEP), about the land in August 2011.

Speaking on the report, Banwo said,

“Sequel to the ground-breaking ceremony for the Integrated Contaminated Soil Management Centre in February 2017 performed in Bori by the Vice President Yemi Osinbajo, federal government had incorporated the Ogoni Trust Fund and Escrow Account opened in Standard Chartered Bank of London for the board of trustee of HYPREP and credited with $177m in April -August  2018.”

History of Ogoni land

GTBank 728 x 90

Ogoni land is situated in an area east of Port Harcourt in Rivers State. Archaeological and linguistic evidence suggests the Ogoni have inhabited the Niger Delta for up to 500 years.

The Ogoni are an agricultural and fishing society, living in close-knit rural communities in one of the most densely populated areas of Africa.

Ogoni land consists of six kingdoms: Babbe, Eleme, Gokana, Ken-Khana, Nyo-Khana, and Tai.

Deal book 300 x 250
onebank728 x 90

Pollution in the Niger Delta has led to a decimation of the natural fauna and is one of the reasons behind militancy in the area. This has often led to attacks on oil installations, and a corresponding decline in oil revenue. Revenue from the oil sector, form a large chunk of government earnings.

Patricia
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Companies

NSITF board to investigate suspended MD and others over financial misconduct

Published

on

FG moves to scrap hazard allowances earned by State Governors

The board of directors of the Nigerian Social Insurance Trust Fund (NSITF) has revealed that it will investigate the activities of the suspended Managing Director, 3 Executive Directors, and 8 other senior management staff over financial breaches and gross misconduct.

This was disclosed by the Chairman of the board of NSITF, Mr. Austin Enajemo-Isire, in a statement in Enugu on Sunday July 5, 2020.

UBA ADS

Enajemo-Isire said that the Managing Director and other top management staff of the organization would have the opportunity to clear themselves of any wrongdoing with the probe panel which was being set up.

While reacting to claims that the suspension did not follow due process as President Muhammadu Buhari did not approve it, Enajemo-Isire said that the approval for the suspension of the affected staff had been conveyed to the Labour Minister in a correspondence referenced SGF. 47/511/T/99 of June 30, 2020.

According to the Chairman, “The minister has conveyed this approval and directives to me for necessary action in terms of setting up a board-driven investigative panel.

GTBank 728 x 90

“This is to give the affected officers the opportunity to clear themselves of the financial and procurement breaches and acts of gross misconduct and other infractions that gave rise to their prima facie indictment.

“It is in this light that I have decided to call a virtual meeting of the management board on Tuesday, July 7, 2020, to consider the modalities for our action.”

He, therefore, appealed to staffers of NSITF and their social partners to keep calm and exercise restraint.

Deal book 300 x 250
onebank728 x 90

A few days ago, Nairametrics reported the suspension of the Managing Director and some senior management staff over corruption allegations. However, the management in its reaction debunked that claim and said that the President did not approve their suspension but that rather, it was the sole decision of the Labour Minister, Chris Ngige, who they said was overreaching himself.

Patricia
Continue Reading

Appointments

Fidelity Bank appoints Chike-Obi as Board Chairman

This announcement was contained in a notice signed by the Company Secretary.

Published

on

Fidelity Bank has announced the appointment of Mustafa Chike-Obi as Chairman of the Board of Directors. The appointment has been approved by the Central Bank of Nigeria, and will take effect on August 14, 2020, after the expiration of the tenure of the current Chairman, Mr Ernest Ebi.

This announcement was contained in a notice signed by the Company Secretary, Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange.

UBA ADS

Also in the notice, the bank announced the retirement of Mr Seni Adetu, who served as Independent Non-Executive Director on the board. He stepped down from the board after completing his tenure on June 30, 2020.

The board of directors and the management of the bank appreciated Ernest Ebi and Seni Adetu for their contributions to the progress of the bank during their tenures.

“Under the chairmanship of Mr Ernest Ebi, the bank recorded significant growth across key financial metrics, with both Messers Ebi and Adetu playing significant roles, complementing management efforts in the delivery of these milestones; in service of the long-term vision of the bank. The banks market share position has also been materially strengthened over the period,” the notice read.

GTBank 728 x 90

The appointment is in line with the bank’s high governance standards and best practices, and in compliance with internal succession policies; Mr Ebi will, over the next six weeks, ensure a successful transition and smooth handover to Chike-Obi.

Mustafa Chike-Obi has over 40 years’ experience in investment banking and the financial services sector, working with reputable global investment banking and asset Management firms. He is currently with the Alpha African Advisory, where he provides leadership and oversees the capital-raising division.

He was the inaugural CEO of the Asset Management Corporation of Nigeria (AMCON), from where he joined Alpha African Advisory.

onebank728 x 90

He was also founding president at Madison Advisors, a financial services advisory and consulting firm in New Jersey, where he specialised in hedge funds and private equity investment advice.

He holds a bachelor’s degree in Mathematics from the University of Lagos, and an MBA from Stanford University Graduate School of Business.

app
GTBank 728 x 90
Patricia
Continue Reading

Companies

Nigerian Content Intervention Fund increased to US$350 million

The fund expansion was one of the decisions taken at the board’s recent meeting.

Published

on

NCDMB, output cut, Petroleum Industry Bill to be passed by mid-2020, says Sylva, FG discovers crude oil in north, says there’s more , OPEC, non-OPEC countries to meet as Saudi, Russia price war affects Nigeria’s budget, FG considers fuel price reduction, OPEC deal: Nigeria to generate additional $2.8 billion revenue as FG reacts

The governing council of the Nigerian Content Development and Monitoring Board (NCMB) announced on Sunday that it has approved a $150 million expansion of the Nigerian Content Intervention Fund, raising it from $200 million to $350 million.

UBA ADS

The fund expansion was one of the decisions taken at the board’s recent meeting on June 16, 2020, chaired by Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, who is also the Chairman of the Council.

The board said that $100 million from the additional fund would be used to boost five existing loan products, which include manufacturing in the oil and gas industry, asset acquisition of rigs, marine vessels, contract financing for Nigerian oil service providers, contract financing for oil and gas community contractors, and loan refinancing with Nigerian banks.

The council also announced that $20 million and $30 million would be used for 2 newly developed loan product types (the Intervention Fund for Women in Oil & Gas and PETAN Products) which include Working Capital loans and Capacity Building loans for PETAN member companies.

GTBank 728 x 90

Started in 2017, the Nigerian content Intervention fund was developed as a $200 Million fund managed by the Bank of Industry, to facilitate on-lending to qualified stakeholders in the Nigerian oil and gas industry on five loan product types.

The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), aggregated from the one percent deduction from the value of contracts executed in the upstream sector of the oil and gas industry.

According to the NCMB, “About 94 percent of the NCI Funds has been disbursed to 27 beneficiaries as at May 2020.”

Deal book 300 x 250
onebank728 x 90

Patricia
Continue Reading