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stringent RSPO Principles and Criteria for Sustainable Palm Oil Production by accredited Certifying Bodies, and can be withdrawn at any time in case of infringement of the rules and standards.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 Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has announced that from Saturday, May 9, 2026, to Saturday, June 29, 2026, its offices across the country will operate at weekends.
In a statement signed by its chairman, Mr Zacch Adedeji, on Thursday, the organisation said this is in anticipation of a rush in filing of tax returns during this period.
It was disclosed that the offices would open their doors to taxpayers on Saturdays from 10:00 am – 3:00 pm, urging taxpayers “to take advantage of this opportunity to resolve any tax- related matters, seek guidance, and ensure timely compliance with their obligations.”
The extended Saturday operations, according to the NRS, will provide additional assistance to taxpayers requiring support with the new system, facilitate seamless compliance during the June peak Companies Income Tax (CIT) filing period, and improve access to tax services outside regular weekday hours.
Recently, the tax agency launched a new tax administration platform known as Rev360. Taxpayers are still navigating their way around this initiative.
To provide additional support and service delivery to taxpayers on the rollout of the Rev360 Phase I Tax Administration System for medium and emerging taxpayers, NRS came up with the Saturday services.
In yesterday’s statement, the organisation said it remains dedicated to delivering efficient, transparent, and taxpayer-focused services.
By Adedapo Adesanya
FrieslandCampina Wamco Nigeria influenced the NASD Over-the-Counter (OTC) Securities Exchange to record its fourth consecutive growth this week by 0.21 per cent on Thursday, May 7.
The manufacturer of the popular Peak Milk and Three Crowns gained N10.26 during the session to quote at N127.06 per share compared with the previous day’s N116.80 per share.
This boosted the market capitalisation of the NASD OTC stock exchange by N5.26 billion to N2.459 trillion from N2.454 trillion, and raised the Unlisted Security Index (NSI) by 8.80 points to 4,110.38 points from Wednesday’s 4,101.58 points.
Business Post reports that the bourse recorded two price losers yesterday, led by Central Securities Clearing System (CSCS) Plc, which dipped by N2.92 to N73.08 per unit from N76.00 per unit, and UBN Property Plc lost 3 Kobo to sell at N2.20 per share compared with midweek’s closing price of N2.23 per share.
On Thursday, the volume of securities transacted by investors fell by 26.4 per cent to 372,916 units from 506,651 units, the value of securities slid by 31.8 per cent to N30.6 million from N44.8 million, and the number of deals decreased by 27.0 per cent to 27 deals from 37 deals.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by CSCS Plc with 60.5 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The positive performance of the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) was extended on Thursday, May 7.
During the trading day, the Nigerian currency further improved against the greenback by N1.49 or 0.11 per cent to N1,355.85/$1 from the previous day’s N1,357.34/$1.
It was a similar situation for the Naira against the Pound Sterling in the official market. It gained N2.02 to trade at N1,845.18/£1 versus Wednesday’s closing rate of N1,847.20/£1, and against the Euro, it appreciated by N1.74 to sell for N1,593.26/€1, in contrast to midweek’s rate of N1,595.00/€1.
But at the black market, the domestic currency traded flat at N1,380/$1, and at the GTBank FX desk, it remained unchanged at N1,375/$1.
The local currency has gained weight in the past trading sessions as a result of improved forex liquidity, especially from foreign portfolio investors, exporters and oil companies, amid moderate demand. Nigerian yields are still attractive for foreign investors, serving as a basis for more (FX) flows coming to Nigeria.
While continued confidence in the FX reforms by the Central Bank of Nigeria (CBN) and improved liquidity conditions continue to support the Naira, the external reserves have been on a downward trend. Available data showed that it dropped $7.73 million, from $48.33 billion to $48.32 billion, as of May 6, 2026.
As for the cryptocurrency market, prices were largely pointing south due to renewed US-Iran tensions, but it remains higher on the week alongside mostly resilient global risk assets.
Funding rates for Bitcoin (BTC) futures have been negative for 67 straight days, creating a powerful setup for a potential short squeeze, with the digital coin losing 1.7 per cent to sell at $79,667.70.
Further, Dogecoin (DOGE) fell by 4.2 per cent to $0.1062, Ethereum (ETH) declined by 2.2 per cent to $2,279.71, Ripple (XRP) slipped by 1.8 per cent to $1.38, Cardano (ADA) depreciated by 1.7 per cent to $0.2619, Binance Coin (BNB) slid by 1.1 per cent to $639.32, and Solana (SOL) went down by 0.4 per cent to $88.22.
However, TRON (TRX) increased its value by 0.9 per cent to $0.3449, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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