Economy
Fishermen Beg Buhari Over Unpaid $3.6bn Oil Spill Fines
By Adedapo Adesanya
The Artisan Fishermen Association of Nigeria (ARFAN) has called on President Muhammadu Buhari to intervene in compensation owed its members for the 2011 Bonga oil spill incident.
The association wants the President to compel Shell Nigeria Exploration and Exploration Company (SNEPCo) to pay the compensation fine imposed on it by the National Oil Spill Detection and Response Agency (NOSDRA) for the spill which occurred more than 10 years ago.
The group recalled that the Bonga offshore oil field, operated by SNEPCo, discharged 40,000 barrels of crude oil into the Niger Delta coastline of the Atlantic Ocean in 2011, forcing fishermen in the region to abandon the area.
At its 2022 Review and Agenda Setting meeting in Yenagoa, Bayelsa State, ARFAN decried the delay in getting justice on the impact of the 2011 Bonga spill from SNEPCo facility, lamenting that the incident had crippled the business of thousands of fishermen in the region.
The coordinator of the group, Mr Samuel Ayadi, who read the communique of the meeting urged President Buhari to prevail on SNEPCo to comply with the verdict of the regulators and courts to rekindle the hope of the fishermen and the society.
The communique signed by representatives of the group from the impacted states of Akwa Ibom, Bayelsa, Delta, Ondo and Rivers, urged the Federal Government to give a listening ear to the plight of the impacted people.
Mr Ayadi noted that following the order by the National Oil Spills Detection and Response Agency to fishermen to pull out of fishing to avoid catching contaminated fish, the oil firm refused to show empathy or indemnify their loss.
“This hardship which has led to the untimely death of many of the members of the Association is as a result of the attitude of Shell towards the victims.
“That Shell never empathised with the victims even during the height of the spill impacts.
“Even when it had been determined through a Post Impact Assessment that the spill was as a result of operational failures and an estimated 40,000 barrels of crude oil had been pumped into the waters, operational fields of the fishermen/women.
“That the present Federal Government led by President Muhammadu Buhari has given the Artisan Fishermen Association of Nigeria victims of the Shell Bonga Oil Spill the most listening ears.
“That the struggles for justice and faith in a peaceful and lawful resolution of the issues of the spill coupled with the fatherly disposition of Mr President provided the opportunity for NOSDRA to pronounce fines and awards against Shell to the tune of $3.6 billion.
“That the Parliamentary approval of the fines/awards and the litigations and their outcomes are considered SNEPCO for the benefit of the victims of the spill and all other impacted stakeholders.
“ARFAN is still hopeful that Mr President in his reputed commitment to justice, sympathy for the downtrodden, voiceless and needy, shall disentangle all impediments and cause the implementation of our plea for immediate restitution/compensation,”.
For context, NOSDRA had imposed a fine on SNEPCO for discharging 40,000 barrels of crude into the Atlantic Ocean on December 20, 2011.
The fine comprised $1.8billion as compensation for the damages done to natural resources and consequential loss of income by the affected shoreline communities as well as punitive damage of $1.8billion totalling $3.6 billion.
However, SNEPCo instituted a legal action against NOSDRA challenging the imposition of the $3.6 billion fine on them at the Federal High Court in Lagos, of which the judge, Justice Mojisola Olatoregun on June 20, 2018, dismissed the suit against Shell.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
