Business
BP Pays $5bn To Oil Spill Victims
BP Plc has paid out more than five billion dollars to 204,434 victims of last year’s massive Gulf of Mexico oil spill, fund administrator Kenneth Feinberg said.
The payouts amount to roughly 25 per cent of the 20 billion dollars fund, known as the Gulf Coast Claims Facility, which was set up a year ago following the April 2010 spill.
So far, 947,892 claims have been filed from all 50 U.S. states and residents of 36 countries. Nearly all of the successful claimants come from four states: Florida, Louisiana, Alabama and Mississippi.
“I point with pride to the progress we’ve made in the past year,” Feinberg said via telephone in a news conference on Tuesday. “We are doing exactly what the (Obama) administration and BP intended when the fund was set up.”
In addition to the five billion dollars paid to claimants, the fund has spent another 1.7 billion dollars on cleanup efforts, government claims and other expenses, Feinberg said.
While the fund touts its work, Feinberg and BP face persistent criticism from individuals, several state attorneys general and community groups who believe payouts are being made too slowly and that some spill victims with valid claims are being turned away. Critics also contend that the fund is pressuring claimants to accept small amounts now, in exchange for their agreement not to sue BP and its partners later for more.
Feinberg acknowledged problems on Tuesday. “The programme is not perfect, but we have made improvements and will continue to fine-tune it going forward,” he said.
Lawyers handling litigation for hundreds of individuals and businesses in the federal court in New Orleans say victims might be better-served by suing BP and its partners.
In a July 25 court filing, they asked presiding U.S. District Judge Carl Barbier to appoint a special master to oversee the BP fund’s activities, saying the claims process violates the federal Oil Pollution Act.
In July, Mississippi Attorney General Jim Hood sued Feinberg to force the release of documents filed by claimants in that state. Hood said he wants to ensure that claimants are being compensated fairly. Private parties have filed several other lawsuits against Feinberg and the fund.
BP and Feinberg say the Gulf Coast Claims Facility’s activities comply with the law. In an August 18 court filing, Feinberg said federal courts have no power to oversee the claims process, and that a special master would cause “confusion and delay.”
“Any reasonable, objective person genuinely interested in the welfare of those damaged by the spill would acknowledge and commend the extraordinary scope and speed of (the fund’s) accomplishments,” Feinberg said.
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Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
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