Economy
ERA/FoEN’s RSPO Certification Claims Spurious, Libelous—Okomu Oil
By Dipo Olowookere
The management of Okomu Oil Palm Company Plc has reacted to an allegation made against it by a group known as Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN), alleging that the company had been “parading” a Roundtable on Sustainable Palm Oil(RSPO) certificate.
In a statement signed by its Managing Director, Mr GD Hefer, the Benin-City, Edo State-based agro firm categorically denied “this allegation and dismiss this assertion as false, defamatory and without foundation.”
Okomu Oil tasked the NGO to “immediately furnish the requisite proof that the company had been doing so or face the consequences.”
“It is strange that ERA/FoEN, which had originally been invited to participate as a stakeholder in the RSPO National Interpretation exercise, along with other interested and affected stakeholders in the oil palm pipeline, chose to decline the invitation, publicly stating that they were against RSPO in all its forms and calling it ‘false land grabbing and inhumane activities against communities,’ but suddenly now seemingly wanting to take an active interest in the RSPO certification scheme,” the statement said.
“However, their lack of understanding on the workings of RSPO is patently obvious in their spurious utterances, as well as their inability to comprehend the difference between ISO (International Standards Organisation) certifications from those of RSPO in their reports.
“Had they remained part of the RSPO process for Nigeria, they would not have embarrassed themselves by this inaccurate and totally fictitious report as they would have been kept abreast of developments within the RSPO local interpretation community, which not only includes Okomu, but also other large scale plantation owners and smallholders who are all also preparing to become certified in the near future.
“If ERA/FoEN had done their homework they would also be aware that the Federal Government actually utilizes a number of protocols that are contained in RSPO and which our company has been audited on during the Ministry’s usual statutory, quarterly environmental and social audits.
“RSPO’s international head office as well as that of the National chapter of RSPO have been duly contacted by our company about ERA/FoEN’s spurious allegations and this NGO’s typical, ongoing modus operandi of falsely accusing companies rather than constructively engaging with the company concerned, like other internationally recognized NGO’s such as Proforest and The Forest Trust (TFT) who have been doing so for a number of years now,” it said.
Okomu Oil emphasised that if ERA/FoEN wants to be taken seriously by the oil palm fraternity and
Government, it should take a leaf out of the book of their international peers and actively engage with companies such as Okomu, and others, on matters of mutual concern rather than just sitting back and making glib, unfounded accusations such as those as described herein.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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