Economy
Groups Want FG to Block $2.4bn Sale of Shell Assets
By Adedapo Adesanya
A group of 40 civil society organizations including Amnesty International, have called for the blockade of the proposed sale of Shell’s onshore oil business in the Niger Delta region of southern Nigeria based on worsening human rights abuses.
It said the deal should be blocked by the government unless a series of safeguards are put in place.
In an open letter to the Nigerian government, the signatories said the sale of Shell Petroleum Development Company (SPDC) to Renaissance Africa Energy should not be allowed to proceed unless the environmental pollution caused by SPDC has been fully assessed, sufficient funds are provided by SPDC to guarantee clean-up costs can be covered, and local communities have been fully consulted.
The group said Shell’s operations in the Niger Delta over many decades have come at the cost of grievous human rights abuses of the people living there.
There have been hundreds of oil spills from Shell’s infrastructure during the decades it has been operating in Nigeria.
“Frequent oil leaks from its infrastructure and inadequate maintenance and clean-up practices have left groundwater and drinking water sources contaminated, poisoned agricultural land and fisheries, and severely damaged the health and livelihoods of inhabitants,” said Mr Olanrewaju Suraju, chairman of Human and Environmental Development Agenda (HEDA).
On his part, Mr Isa Sanusi, Amnesty International’s Nigeria Director, said: “There is now a substantial risk Shell will walk away with billions of dollars from the sale of this business, leaving those already harmed without remedy and facing continued abuse and harms to their health.
“Guarantees and financial safeguards must be in place to immediately remedy existing contamination and to protect people from future harm before this sale should be allowed to proceed. Shell must not be permitted to slip away from its responsibilities for cleaning up and remedying its widespread legacy of pollution in the area.”
Shell announced in January that it had agreed to sell SPDC to the Renaissance consortium, which comprises four exploration and production companies based in Nigeria and an international energy group, in a deal worth up to $2.4 billion financed partly with a loan to the buyers from Shell.
The consortium includes ND Western Limited, Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Limited, the Waltersmith Group and the Petrolin Group
The letter alleged that the deal appears to fall far short of several regulatory and legal requirements. These include the apparent lack of an environmental study to assess clean-up requirements and an evaluation to ensure sufficient funds are set aside for the potential decommissioning of oil infrastructure – a sum that is likely to amount to several billions of US Dollars.
It also noted the lack of an inventory of the physical assets being sold, which is a red flag potentially indicative of the state of disrepair of pipelines and infrastructure from which many leaks have emanated. Leaks have frequently had devastating consequences on local people’s health and well-being. Everyone has a right to a clean, healthy and sustainable environment.
The group also warned that some similar previous sales in Nigeria have exposed people in polluted communities to enduring harm, as purchasers have sometimes lacked sufficient financial resources to manage infrastructure effectively, and even just ceased operating entirely.
It points out that following a previous Shell divestment of Oil Mining Lease 26 (OML 26) to First Hydrocarbon Nigeria in 2010, the majority shareholder of the acquiring company went into liquidation and its chief executive officer and chief operating officer were convicted in the United Kingdom of fraud.
Signatories of the letter to the regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), include Amnesty International Nigeria, Stichting Onderzoek Multinationale Ondernemingen – the Centre for Research on Multinational Corporations (SOMO), The Corner House, Human and Environmental Development Agenda (HEDA), ReCommon, Centre for Environment, Human Rights and Development (CEHRD), Stakeholder Democracy Network (SDN), Hawkmoth, and Friends of the Earth/Environmental Rights Action.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
By Adedapo Adesanya
Oil prices climbed on Monday’s short trade as the United States and Iran threatened more attacks, as the two countries are engaging in indirect talks that could lead to the de-escalation of hostilities.
Brent crude futures settled at $109.77 a barrel after chalking up 74 cents or 0.68 per cent, while the US West Texas Intermediate (WTI) crude futures traded at $112.40 after growing by 87 cents or 0.78 per cent.
The US and Iran received a framework from Pakistan to end hostilities, but this was rejected by Iran, especially the idea of immediately reopening the strait after President Donald Trump threatened to rain “hell” on the nation if it did not make a deal by the end of Tuesday.
Iran said it had formulated its positions and demands in response to recent ceasefire proposals conveyed via intermediaries.
The US is eyeing an agreement to open the crucial Strait of Hormuz, the shipping artery used by one-fifth of the world’s oil and gas supply, but the strait, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed due to Iranian attacks on shipping after the U.S.-Israel attacks began on February 28.
Some vessels, however, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, have passed through the strait since Thursday.
Meanwhile, major oil consumers, particularly in Asia, are conserving barrels or cutting consumption in response to the closure of the strait.
The Middle East supply disruptions have led refiners to seek alternative sources for crude, particularly for physical cargoes in the US and Britain’s North Sea.
Indian refiners have also postponed maintenance shutdowns of their units to meet local fuel demand.
On Sunday, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a modest rise of 206,000 barrels per day for May. However, this will only appear on paper as the disruption is limiting the ability of the top producers to add the needed output.
OPEC’s combined oil output losses for March were estimated at 7.2 million barrels daily. The biggest production cuts were made by Kuwait, Iraq, the United Arab Emirates, and Saudi Arabia, for a total OPEC output of 21.57 million barrels daily for March. This is the lowest OPEC production rate since June 2020.
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