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.
Following the success of its debut season, Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, announces the return of the InvestBeta Game Show, with registration officially open.
The second season of the InvestBeta show builds on the first edition, aimed at equipping young Nigerians with real-world financial skills in a fun, relatable, and competitive format. The show’s first season, which aired in 2024, captured the attention of Gen-Z viewers across the country, blending entertainment with investment education in a way that had never been done before. With positive feedback, it proved that young Nigerians are ready to learn how to grow their money, and all they need is the right platform.
The new season reflects the Group’s broader youth-focused mission through Beyond Dreams, its dynamic community created for Nigerians aged 18–30. The community aims to help young people turn their aspirations into reality through secure, timely and smart investment choices. Since its inception, Beyond Dreams has grown to a network of over 90,000 young members, generated 2,100+ new investment accounts, and continues to position the Group as a trusted partner in the financial futures of Nigeria’s youth.
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Entries are now open to eligible young Nigerians who want to be part of Season 2. Registration is free via the official link: https://bit.ly/StanbicIBTCInvestBeta. Successful applicants will be selected to compete in a series of challenges designed to test their knowledge, strategy, and creativity around real-life financial scenarios.
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If you are 18 to 26, curious about how money works, and ready to build your future, this is your sign.
By Adedapo Adesanya
Trading activities at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note with a 0.43 per cent growth on Thursday, July 17.
The expansion recorded yesterday raised the market capitalisation by N8.68 billion at the close of business to N2.042 trillion from the N2.033 trillion quoted at the preceding session, and the NASD Unlisted Security Index (NSI) gained 14.83 points to settle at 3,487.67 points compared with the 3,472.84 points it finished on Wednesday.
According to data, there were two price gainers during the trading session, with Okitipupa Plc growing by N4.50 to close at N239.50 per share versus the N235.00 per share it ended at midweek, as Food Concepts Plc chalked up 29 Kobo to close at N3.20 per unit, in contrast to the previous day’s N2.91 per unit.
On the flip side, the bourse recorded a price loser and it was UBN Property Plc, which lost 22 Kobo to end at N2.02 per share compared with the preceding day’s N2.24 per share.
At the close of business, the volume of trades surged by 280,246.7 per cent to 252,312 units from the 90 units traded during the midweek session, the value of transactions increased by 365,667.5 per cent to N21.4 million from N5,850, and the number of deals went up by 525 per cent to 25 deals from four deals.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.9 million units valued at N4.9 billion, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.3 million units worth N1.8 billion.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with the sale of 536.9 million units for N524.8 million, trailed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and Geo-Fluids Plc with a turnover of 272.3 million units worth N493.4 million.
By Adedapo Adesanya
The value of the Naira further depreciated against the US Dollar by N3.26 or 0.21 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the forex market on Thursday, July 17 to N1,533.22/$1 from the previous closing price of N1,529.96/$1.
Equally, the domestic currency weakened against the Pound Sterling in the official FX market during the trading session by N2.76 to close at N2,056.52/£1 compared with the previous day’s rate of N2,053.76/£1 but appreciated against the Euro by N2.81 to finish at N1,776.42/€1, in contrast to the N1,779.23/€1 it was traded at midweek.
In the black market, the exchange rate of the Nigerian Naira and the US Dollar remained unchanged yesterday at N1,535/$1, according to data obtained by Business Post.
The poor performance of the Naira in the spot market on Thursday came amid increased demand despite positives that indicate that the country’s reserves will strengthened on improved crude output as well as enhanced foreign portfolio investment (FPI) inflows amid slowdown in import trade-related outflows.
In the first six months of 2025, the Central Bank of Nigeria (CBN) injected a total of $4.1 billion into the FX market to stabilise the Naira and ease liquidity pressures in the currency market, 215 per cent higher than the $1.3 billion recorded during the same period in 2024, according to the latest CSL Stockbrokers’ H2 2025 Outlook report.
The analysts at CSL, however, expressed concerns over the sustainability of the currency defence strategy, citing weak oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.
As for the cryptocurrency market, it was bullish as the US made the historical milestone towards stablecoin-regulating legislation.
The first major crypto regulatory initiative in the US is about to become law after the House of Representatives passed the stablecoin bill known as the GENIUS Act.
The approval came directly on the heels of another major legislative accomplishment for the industry, when the House also passed the Clarity Act that would govern the oversight of the digital assets markets in the US
During the trading session, Dogecoin (DOGE) jumped by 14.7 per cent to $0.2423, Ripple (XRP) appreciated by 13.1 per cent to $3.56, Cardano (ADA) added 12.4 per cent to trade at $0.8664, Litecoin (LTC) rose by 10.9 per cent to $108.52, Ethereum (ETH) expanded by 7.4 per cent to $3,645.41, Solana (SOL) improved by 6.4 per cent to $182.76, Binance Coin (BNB) soared by 5.1 per cent to $748.01, and Bitcoin (BTC) advanced by 1.6 per cent to $120,390.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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