Economy
Group Accuses Okomu Oil of Using Fake RSPO Certification
By Dipo Olowookere
Nigeria-based company engaged in processing of oil palm, Okomu Oil Plc, has been accused of deceiving members of the public by falsely saying it has the Roundtable on Sustainable Palm Oil (RSPO) certificate.
RSPO certification is an assurance to the customer that the standard of palm oil production is sustainable.
Palm oil producers are certified through strict verification of the production process to the stringent RSPO Principles and Criteria for Sustainable Palm Oil Production by accredited Certifying Bodies, and can be withdrawn at any time in case of infringement of the rules and standards.
At a press briefing in Benin City, Edo State on Tuesday, a group known as the Environmental Rights Action/Friends of the Earth (ERA/FOEN) alleged that Okomu Oil Plc has not met the RSPO requirements and asked the firm to stop parading the certificate.
“Okomu Oil Plc, RSPO certification is a false solution because it does not address environmental and socio problems in a community. The oil firm should stop parading itself as having RSPO certified compliance.
“They are not meeting RSPO guidelines and standards yet they continued to enjoy the advertisement and putting this logo on their signpost. We called on them to remove the RSPO certification from their narrative forthwith,” the group told newsmen at the briefing.
According to the Executive Director of ERA/FOEN, Mr Godwin Uyi Ojo, who addressed the media, Okomu Oil Plc is not amongst the over 3,500 companies, who are worldwide members of RSPO.
He explained that the palm oil giant was not certified by RSPO, but pointed out that its mainstream shareholder firm, Socfin, which controls its major shares, is an RSPO member.
Recall that Okomu Oil Plc and other investors in the palm oil industry in the state last April presented and launched the Nigeria National Interpretation of Round table on Sustainable Palm Oil (RSPO) to the public in Benin-City.
The communities are located in Ovia South-West, Ovia North-East, Uhunmwode and Owan West local government areas.
“On Socfin’s website there are some certifications Okomu Plc has in Nigeria, but are not directly linked to RSPO certification, covering its acclaimed 36,000 hectares plantation. Okomu Plc is not known to have formally applied to be a member.
“Okomu Oil Plc has no RSPO certification. Still, it publicly claims to uphold RSPO certification procedures in its operations, whereas this does not amount to direct RSPO membership. It does not also suggest the certification of its plantations and socio-economic gauges. Evidently, the company was part of RSPO meeting. The company is not certified by the RSPO.
“Okomu Oil palm company Plc asserts to have been given some certification in the category of International Organization for Standardization (ISO), through a bureau Veritas. Nevertheless, Okomu Plc’s certification status with the main Roundtable on Sustainable Palm Oil (RSPO), is vague, but the company is hesitant declaring its true standing,” he informed journalists.
Mr Ojo noted that the RSPO categorically state that there shall be no deforestation in areas of oil palm, whether new or expanding plantation, stressing that from Odiguette community in Ovia North-East, Igbobazuwa, Okomu communities in Ovia South-West to Sabo-Gida community in Owan West and Uhunmwode local government deforestation has taken massively.
He maintained that with the continued deforestation, Okomu Oil Plc cannot parade itself as having RSPO certificate.
He further admonished Okomu Oil Plc to stop all forms of oil palm plantation expansion that are detrimental to community farmlands, biodiversity hotspots and historical sites, settle all outstanding cases of compensation arising from destroyed crops and farmlands, halt environmental and rights violations and evictions of communities in its areas of operation and halt using any form of armed military personnel to molest and intimidate the people among.
Meanwhile, efforts by Business Post to reach out to the management of Okomu Oil Plc proved abortive as at the time of filing this report.
However, we promise to intensify our efforts to reach the company to have their reaction to this issue.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has formally issued an operational licence to an insurance technology (insurtech) company, CBI Partnering Insurtech Limited.
It was the first issued by the regulator in Nigeria, and it is aimed at opening up the sub-sector of the underwriting industry to boost innovation and services.
This development underscores NAICOM’s regulatory leadership in fostering innovation within a structured and consumer-focused insurance ecosystem.
The licence was presented during a formal handover ceremony, where the commission reiterated its commitment to advancing innovation, regulatory reform, and policyholder protection across the insurance sector.
In his remarks, the Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, highlighted the agency’s ongoing efforts to align Nigeria’s insurance industry with global best practices.
He referenced the recent enactment of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, alongside the Commission’s pioneering insurtech guidelines, as some of the key pillars driving this transformation.
He noted that fostering innovation within a robust and well-governed regulatory framework remains a core strategic priority for the commission.
Mr Ekerete further emphasised that the licence is granted subject to strict compliance with regulatory and ethical standards, reinforcing NAICOM’s dual mandate of enabling innovation while safeguarding policyholders’ interests.
He also pointed to the growing international recognition of Nigeria’s regulatory approach, particularly in leveraging technology to accelerate insurance sector development.
While formally presenting the licence, he stated, “This milestone reflects the commission’s commitment to responsibly nurturing innovation across the insurance value chain.
“We congratulate CBI Partnering Insurtech Ltd and expect full compliance with all applicable regulations. This licence carries an obligation to uphold the highest standards of governance and ethical conduct.
“NAICOM remains committed to supporting the growth of insurtech while protecting the interests of Nigerians.”
In response, the Managing Director of CBI, Mr Suleiman Olalekan Ajani, expressed appreciation to NAICOM for its guidance and rigorous licensing process, stating:
“We are honoured to receive this licence from NAICOM. The Commission’s robust regulatory framework provides the foundation for us to scale strategic partnerships and deliver technology-driven insurance solutions that prioritise consumer trust, transparency, and protection.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange ended the first trading day of the week on a positive note, with a 0.39 per cent appreciation on Monday, May 25.
The positive vibe raised the market capitalisation of the trading platform by N10.11 billion to N2.571 trillion from last Friday’s N2.561 trillion, and lifted the NASD Unlisted Security Index (NSI) by 16.89 points to 4,298.17 points from the previous 4,281.28 points.
Business Post reports that the bourse recorded three appreciating securities and one depreciating stock at the close of transactions, with the sole price decliner being 11 Plc, which lost N23.43 to sell at N221.10 per share compared with the preceding session’s N244.53 per share.
Central Securities and Clearing System (CSCS) Plc gained N3.78 yesterday to trade at N74.85 per unit versus the previous price of N71.07 per unit, NASD Plc improved its price by N2.86 to N37.36 per share from N34.50 per share, and FrieslandCampina Wamco Nigeria Plc grew by 33 Kobo to N180.00 per unit from N179.67 per unit.
The volume of trades jumped by 153.1 per cent during the session to 59.2 million units from the preceding session’s 590,339 units, but the value of transactions fell by 37.9 per cent to N59.3 million from the N95.3 million achieved last Friday, and the number of deals contracted by 10 per cent to 27 deals from 30 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 61.2 million units exchanged for N4.1 billion.
GNI Plc also closed the trading day as the most traded equity by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended in the green territory on Monday after it chalked up 0.57 per cent on the back of renewed buying interest in financial equities.
The local stock exchange witnessed the insurance and the banking counters closing higher by 0.54 per cent and 0.08 per cent, respectively, amid profit-taking in the others. The energy index shed 1.77 per cent and the consumer goods sector depreciated by 0.26 per cent, while the industrial goods industry was flat.
At the close of business, the All-Share Index (ASI) went up by 1,412.65 points to 251,125.02 points from 249,712.37 points, and the market capitalisation soared by N906 billion to N160.983 trillion from N160.077 trillion.
Investor sentiment was bullish yesterday after Customs Street ended with 35 price gainers and 30 price losers, indicating a positive market breadth index.
Airtel Africa surged 10.00 per cent to N3,655.70, International Energy Insurance advanced by 9.68 per cent to N3.74, Sovereign Trust Insurance went up by 9.65 per cent to N2.50, Caverton rose by 9.63 per cent to N7.40, and VFD Group gained 9.55 per cent to close at N10.90.
Conversely, McNichols lost 10.00 per cent to finish at N7.20, The Initiates dropped 9.91 per cent to trade at N30.45, Learn Africa slipped by 9.69 per cent to N11.65, Zichis crashed by 7.93 per cent to N30.98, and May and Baker declined by 6.60 per cent to N46.70.
During the trading day, market participants transacted 629.4 million shares worth N40.9 billion in 82,434 deals compared with the 711.9 million shares valued at 29.1 billion traded in 62,386 deals last Friday, implying a decline in the trading volume by 11.59 per cent, and a rise in the trading value and number of deals by 40.55 per cent and 32.14 per cent, respectively.
Access Holdings was the busiest equity for the session with a turnover of 61.3 million units valued at N1.5 billion. Zenith Bank traded 37.9 million units worth N5.0 billion, Fidelity Bank sold 35.8 million units for N851.2 million, Japaul exchanged 24.7 million units valued at N90.9 million, and Tantalizers transacted 22.8 million units worth N103.2 million.
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