Business
Avoid Pipelines Right Of Way-Commissioner
The Rivers State Commissioner for Environment, Barr. Kingsley Chinda has warned citizens and residents of host communities in the state against building on pipelines’ right of way because of the dangers it portends to lives and property.
The commissioner who was represented by the permanent secretary of the ministry, Mr. Godwins Rufus handed down the warning at the Shell Petroleum and Development Company Limited (SPDC) Gas Pipeline road, Rumukrushi during last Saturday’s sanitation exercise in the state.
He noted that building on pipelines right of way was a serious environmental hazard, and government did not accept it as normal because of the grave environmental dangers it portends for the residents of the area. He stressed that such encroachment was like seating on a keg of gun powder which could explode at any moment.
Mr. Rufus contended that such incident had occurred in other parts of the country. He therefore maintained that Shell had a duty to safeguard life and property in the neigbourhood because if there is a leakage and gas explosion, the whole area is in danger and there would be a disaster. According to him, the state government is already encumbered with projects implementation and providing infrastructure for the people. So people should disengage from such encroachment to avoid disaster.
He disclosed that government had set up a committee through the ministry of environment and the honourable commissioner is facilitating the entire assignment on it. He reiterated that the commissioner had a passion that while developing our natural resources, we should also take into account the safety of lives and property of our people which transcends every other consideration.
The perm sec. stressed that Shell had a corporate social responsibility to the host community to ensure that there are clear warning signs on their facilities. He observed that there are no such clear signs at the Rumukrushi gas pipeline road and people could just walk into a booby trap of dangerous facilities. He noted that gas explosions are more dangerous than petroleum explosion. He therefore urged the company to be more cautious.
The commissioner’s representative also berated Shell for their non-challant attitude to the heap of refuse along its location at Eneka and urged them to be more committed to environmental health condition as a social responsibility to the society.
At the Trans Amadi slaughter where the permanent secretary ordered the demolition of shanties built near the river, he warned them to desist from building such illegal structures and to stop dumping refuse into the river. He also enjoined meat sellers at the market to be health conscious and keep their environment clean to avoid contamination of the meat they sell to the public.
Responding, the Shell representative, Mr. Sekobe Aforo assured the state government that the company has taken proactive measures to address the various issues raised on the Rumukrushi gas pipeline road. He said the people had been advised severally not to build on the right of way, but they refused. He however, noted that the structures are shanties because they have been warned that the company could easily remove them some day without notice.
He also stated that the company was doing everything possible to ensure the safety of lives and property as well as their facilities in the community.
Jacob Obinna
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
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