Economy
Nigeria’s Response to Oil Spills Poor—NNRC
By Adedapo Adesanya
The Nigeria Natural Resource Charter (NNRC) has disclosed that Nigeria is currently suffering from poor response to oil spill and lack of capacity of government’s agencies to tackle environmental issues.
The NNRC said this in a presentation by its Program Coordinator, Ms Tengi George-Ikoli, at a webinar titled Nigerian Oil Spill Detection and Response Agency (NOSDRA) Amendment Bill: Reducing environmental degradation through improved oil spill response.
According to Ms George-Ikoli, NOSDRA, the agency set up to address some of the grave consequences of oil exploitation, which is also mandated to respond to oil spills, was currently hampered by an almost debilitating lack of capacity.
She further stated that there is currently poor response to oil spills because of NOSDRA’s lack of capacity, adding, however, that the capacity gaps in NOSDRA were not due to a lack of expertise but lack of funding and punitive powers.
Ms George-Ikoli lamented that oil exploitation had always presented a huge negative impact on the ecosystem of the Niger Delta region, giving rise to intense land degradation, rapid agricultural decline, fisheries depletion, rampant and destructive oil spillages, continuous gas flaring and toxic water contamination among others.
This, she added, had negatively affected the health, environment and livelihoods of the Niger Delta people.
In her words, “Oil exploitation is now ongoing in the Lagos-Badagry region and now we have discoveries in the Northern part of Nigeria. All over Nigeria, oil exploitation grows, but we must note that as the benefits grow, the resultant negative externalities grow as well.
“The oil age like the coal age and the stone age will at some point set. States that contributed to the coal age in Nigeria are now left to their devices with the shift to oil. What happens to the Niger Delta region with the shift towards alternative energy sources or to other regions in Nigeria where oil is being exploited? The Niger Delta will be left with its diminished livelihoods, health and environment.
“This is no longer theoretical, as we saw with the COVID-19 health crisis that swept the globe. The Niger Delta concerns were not as high on the priority list. This is the reality that the Niger Delta will face with the zero oil scenario.
“In April 2010, the entire world watched in awe as the 4.9 million barrels of oil spilled into the Gulf of Mexico after an explosion on BP’s Deep-water Horizon drilling rig unfolded. The seriousness of the issue was underlined with the numerous visits of the former United States President, Barack Obama and Congressmen to the spill sites.
“In less than two months after the spill, the American government was able to extract a huge sum of $20 billion from the spiller to mitigate the immediate impact of the spill on the environment.
“However, there were spirited efforts to clean the environment and stronger indications that the $20 billion may only be a preliminary appeasement. What would be and what has been the computation of the penalties for similar spills in Nigeria? Will NOSDRA be able to address similar large scale spills effectively?”
She further called for the speedy passage and assent to the reviewed NOSDRA amendment bill, stating that the bill would ensure that NOSDRA was well equipped to tackle all tiers of oil spillages in the Nigerian environment in line with global best practices.
“As we seek to understand the NOSDRA Amendment bill, President concerns, the address of those concerns, we will encourage the government to collaboratively resolve any outstanding issues to ensure the interests of the Niger Delta people and all other exploited regions are protected,” Ms George-Ikoli appealed.
On his part, Mr Sam Kabari, a Lecturer in Environmental Management and Pollution Control, Nigeria Maritime University, Okerenkoko, Delta State, stated that the country needed a NOSDRA which functions as an environmental regulator in the issuance of guidelines and standards and able to address all manner of spills, noting that at the moment, NOSDRA can only detect oil spills but cannot respond.
He further stated that at present, NOSDRA lacked powers to respond to Tier 3 spills, which is between 250 barrels onshore and 2,500 barrels offshore; was dependent on oil companies for logistics, among others.
Mr Kabari said: “As a nation completely dependent on oil and gas, we need an environmental management umpire. The current regulatory framework restricts NOSDRA from achieving that function. The NOSDRA Amendment Bill will empower NOSDRA to respond to all manners of spills within Nigeria. We have to empower NOSDRA now, or live with pollution even after oil.”
By Adedapo Adesanya
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said there are no discrepancies in the tax laws passed by the National Assembly and the gazetted versions made available to the public.
Last week, a member of the House of Representatives, Mr Abdussamad Dasuki, raised worries about the differences between its version and that gazetted by the presidency.
However, speaking on Channels Television’s Morning Brief on Monday, Mr Oyedele claimed what has been circulating in the media was fake.
“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.
“The official harmonised bills certified by the clerk, which the National Assembly sent to the President, we don’t have a copy to compare. Only the lawmakers can say authoritatively what we sent.
“It should be the House of Representatives or Senate version. It should be the harmonised version certified by the clerk. Even me, I cannot say that I have it. I only have what was presented to Mr President to sign.”
Mr Oyedele stated that he reached out to the House of Representatives Committee regarding a particular Section 41 (8), which states, “You have to pay a deposit of 20 per cent.”
He noted that the response given by the committee was that its members had not met on the issue.
“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided that they should write the report of the committee before the committee had met, and it had circulated everywhere.
“What is out there in the media did not come from the committee set up by the House of Representatives. I think we should allow them do the investigation,” Mr Oyedele added.
In June, President Bola Tinubu signed the four tax reform bills into law, marking what the government has described as the most significant overhaul of the country’s tax system in decades.
The tax reform laws, which faced stiff opposition from federal lawmakers from the northern part of the country before their passage, are scheduled to take effect on January 1, 2026.
The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.
By Dipo Olowookere
A total of 55 equities appreciated last week on the Nigerian Exchange (NGX) Limited versus the 49 equities recorded a week earlier.
However, 33 stocks closed lower compared with 41 stocks in the previous week, while 55 shares remained unchanged versus 57 shares of the preceding week.
Leading the advancers’ log was Aluminium Extrusion, which gained 59.35 per cent to close at N12.35, Mecure Industries rose by 44.93 per cent to N55.00, First Holdco appreciated by 42.93 per cent to N44.95, Guinness Nigeria improved by 33.01 per cent to N289.70, and NPF Microfinance Bank grew by 20.65 per cent to N3.74.
On the flip side, Living Trust Mortgage Bank lost 11.38 per cent to settle at N3.35, Japaul declined by 10.53 per cent to N2.38, International Energy Insurance slipped by 9.92 per cent to N2.27, FTN Cocoa depreciated by 9.80 per cent to N4.42, and Stanbic IBTC went down by 9.33 per cent to N95.20.
The buying interest in the week raised the All-Share Index (ASI) and the market capitalisation by 1.76 per cent to 152,057.38 points and N96.937 trillion, respectively.
Similarly, all other indices finished higher with the exception of AFR Bank Value, and the energy indices, which fell by 1.38 per cent and 0.17 per cent apiece.
According to trading data, a total 9.849 billion shares worth N305.843 billion in 126,584 deals exchanged hands in the five-day trading week compared with the 4.373 billion shares valued at N97.783 billion traded in 110,736 deals a week earlier.
The financial services industry led the activity chart with 8.295 billion shares valued at N232.223 billion traded in 50,351 deals, contributing 84.22 per cent and 75.93 per cent to the total trading volume and value, respectively.
The healthcare space followed with 517.443 million shares worth N3.472 billion in 2,979 deals, and the consumer goods counter transacted 392.765 million shares worth N12.664 billion in 18,438 deals.
The trio of Ecobank, First Holdco, and Access Holdings accounted for 6.424 billion shares worth N204.629 billion in 11,362 deals, contributing 65.23 per cent and 66.91 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has assured beneficiaries of the $50 million Women Exporters in the Digital Economy (WEIDE) Fund to expect the first tranche of grants in the first quarter of 2026, following the completion of ongoing capacity-building and compliance processes.
The assurance was given during a Town Hall Meeting for WEIDE Fund beneficiaries held in Abuja over the weekend. The gathering provided an opportunity to review progress made since the launch of the initiative in August 2025.
The $50 million WEIDE Fund is a global initiative by the WTO and ITC to empower women-led businesses in developing countries, especially Nigeria, by providing training, finance, and market access for digital trade, helping them grow from small enterprises to global players through support like grants and mentorship, as seen in its launch phase benefiting 146 Nigerian women entrepreneurs.
Speaking at the event, the chief executive of NEPC, Mrs Nonye Ayeni, called on beneficiaries to maximize the opportunities provided by the programme, emphasizing the progress made and the milestones achieved since its launch.
Mrs Ayeni said the engagement was meant to review the programme’s achievements, identify areas for improvement, and strengthen support for the beneficiaries.
“So, it’s time for us to get together at the end of the year to see how far we’ve gone, how well we’ve done, and what we need to do to make it better and support them more effectively through the WEIDE Fund,” she said.
Mrs Ayeni highlighted the significant capacity-building activities conducted for the 146 selected women entrepreneurs, noting that top-tier coaches and trainers had been deployed immediately after the official launch by the Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala.
“These coaches are exceptional. They’ve trained our beneficiaries in financial literacy, bookkeeping, soft skills, leadership, succession planning, and digital tools so they can compete globally,” she said.
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