Economy
NOSDRA Raises Alarm over Continuous Oil Spill in Bayelsa
By Adedapo Adesanya
The National Oil Spills Detection and Response Agency (NOSDRA) has said that the oil spill reported at an oil well within Oil Mining Lease (OML) 29 in Bayelsa State was yet to abate.
This was disclosed by the Director-General of the agency, Mr Idris Musa, in his reaction to the development, noting that after officials on a visit discovered that the intensity of the leak was hampering investigations at the incident site.
He said, “A spill was reported by AITEO at her Santa Barbara well 1 wellhead on November 5, 2021. A joint investigation visit to the site was carried out on November 6, 2021.
“Due to the continuous spraying of crude oil from the wellhead, the cause of the spill was not determined by the joint investigation team, which comprised NOSDRA, Department of Petroleum Resources (DPR), State Ministry of Environment and Community representatives.
“AITEO was directed to shut in the well so that proper joint investigation will be conducted on this facility.
“Recovery of free phase oil was ongoing as at the time of this visit. AITEO was also directed to deploy more booms to contain the spilt crude oil.
“As of November 10, 2021, and according to AITEO, efforts are still ongoing to ensure that the well is shut in within the shortest possible time,” Mr Musa said.
Meanwhile, the company – Aiteo Eastern Exploration and Production, in a statement on Wednesday, said it was yet to ascertain the volume of the crude that had been discharged into the surrounding environment.
The statement signed by the spokesman of the company, Mr Mathew Ndianabasi also said the oil firm suspected sabotage as the cause of the spill.
But, Mr Iniruo Wills, an Environmentalist and former Commissioner for Environment in Bayelsa dismissed the suggestion of sabotage, given that investigation into the cause of the leak was yet to commence.
“Is anyone ascribing it to sabotage? Anybody or official ascribing this recklessly caused ecological disaster to sabotage needs a psychiatric examination.
“You cannot keep raping communities and at the same time tarring them with the brush of collective criminalization.
“There was a massive spill that went on for a week at that same Santa Barbara Well 1 in OML 29 operated by Aiteo over two years ago.
“Like roughly thirty or more other spills spanning across that same oil bloc in the few years since Aiteo started operating the bloc, that 2019 spill from the same well has neither been cleaned up, remediated nor compensated for”, he said.
Mr Wills added: “The community is still engaging with regulators – particularly NOSDRA – and AITEO, practically begging for redress while still suffering the unmitigated impacts of that spill and many others.
“This is even after a post-spill impact assessment was eventually conducted, after several months of pressing for it.
“Now, this mega spill disaster is going on from that same well for about a week now, in a country with virtually zero installed spill-response capacity.
“Several oil industry experts who viewed the video clip have likened it to the 2010 Gulf of Mexico Deepwater Horizon disaster and the 2012 Chevron KS Endeavour catastrophe in Koluama, Nigeria.
“And they have pointed to the likelihood of it being a gas pressure release from pent-up gas over the years from a capped and abandoned non-producing well.
“Beyond Aiteo, whose operations have made its predecessor, Shell, look like saints, this incident once again challenges the Government of Nigeria and industry regulators to wake up to their statutory duties.
“It makes the Nigerian delegation to the ongoing COP 26 Climate Change summit in Glasgow look like they went on an idle and pretentious frolic.
“While oil and gas are gushing out uncontrolled on poor populations and the corporate culprits continue to make callous diversionary statements with impunity as if they considered the entire Nigerian public to be foolish and gullible.”
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
