Economy
OML 29 Spill: Intervene in Nembe Community, Group Begs FG
By Adedapo Adesanya
The Ijaw Diaspora Congress (IDC) is seeking the intervention of the Federal Ministry of Humanitarian Affairs and Disaster Management in the recent oil spill at Oil Mining Lease (OML) 29 at Nembe, Bayelsa.
The diaspora group with headquarters in Newark, New Jersey, US, requested the intervention in a letter signed by Prof. Monday Gold, President; Dr Antonia Garner, Vice President, Europe and Director of Humanitarian and Disaster Affairs, IDC noted that the leak which was first noticed on November 1 continued unabated until December 8, 2021.
OML 29 is operated by Aiteo Eastern Exploration and Production Company in the Nembe community, with 51 per cent of the equity belonging to the federal government.
The IDC said the spill has far-reaching ecological challenges on the economic health and wellbeing of the impacted areas and the people, pointing out that it spanned from Nembe and its connecting creeks down to the Atlantic Ocean.
The group said while the Bayelsa State government and the community attributed the spill to equipment failure, it was awaiting the official position of the National Oil Spill Detection and Response Agency (NOSDRA).
The agency is saddled with the mandate to detect, monitor, and manage oil spills in Nigeria.
“We await an evidence-based investigation to ascertain the cause of the spill and its volume.
“The Ijaw Diaspora Council’s Technical Advisor, Rick Steiner, estimates that with 1-2 cubic feet of discharge per second, the blowout would have released a total of 532,000 barrels to 1,064,000 barrels of oil equivalent in the 38 days that the leak lasted,” it stated.
The group demanded that the failed wellhead be preserved for independent engineering forensic analysis to determine the cause of the failure, in accordance with the advice given by its Technical Advisor, Prof. Rick Steiner.
The IDC insisted that the preservation of the wellhead as evidence should be in conformity with criminal evidentiary procedures in order to prevent any further alteration or adulteration.
The group also sought an engineering analysis of the cause of equipment failure.
The IDC suggested that the investigation be carried out by an independent organisation such as the Bureau of Safety and Environmental Enforcement (BSEE) or Det Norsk Veritas (DNV) in Norway.
The group is also seeking an update on the measures taken so far, in terms of humanitarian aid by the Federal Government to the impacted people and areas.
IDC also urged the Federal Government to declare the spillage a humanitarian disaster in Ijawland and act accordingly.
According to the group, Aiteo’s slow response time exacerbated the“ catastrophic“ damage that the failed oil and gas wellhead caused to the physical, economic, psychological, and general welfare of the affected communities.
“The lethargic response pace forced the victims into an immediate humanitarian crisis of epic proportions.
“Failure to treat this as a national emergency with global repercussions would be akin to the commission of crimes against humanity under the Human Rights Act and other applicable laws and treaties,” the group said.
The IDC called for the immediate provision of alternative sources of income, necessitated by the loss of sources of livelihood in the over 40 communities.
“The immediate provision of alternative sources of income should span the projected amount of time, potentially decades, that it would take for all the affected communities to economically recover from the extremely calamitous disaster that has befallen Nigeria,” the group said.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed 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.
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