Business
Community Decries Frequent Oil Spills
Residents along the Atlantic coast in Akwa Ibom State have decried frequent spills at the Qua Iboe oil fields, operated by Mobil Producing Nigeria (MPN).
The Tide source reported that MPN, an affiliate of the U.S. oil major, ExxonMobil, on December 19, reported a fresh oil spill near the Akwa Ibom coastline. Separate spills had occurred at the oil field on August 13, August 24. November 9, and December 19.
Reacting to the development in separate interviews with our source on Tuesday, the residents said that incessant spills in the area had destroyed fishing at the coastal communities.
Secretary, Akwa Ibom State Chapter of the Artisan Fishermen Association of Nigeria, Chief Inyang Ekong, said the impact of spills on the fishing communities in Southern Akwa Ibom had led to dwindling fortunes for fishermen.
“The spill seriously contaminated the waters, causing fish drought and distorting the marine food chain because of the toxic chemicals the oil company uses to disperse the oil.
“Whenever a spill occurs, fishermen are thrown out of business because when the waters become toxic, fishes migrate from the reach of fishermen and for you to have any catch you have to go beyond Nigeria’s territorial waters at the mercy of the Cameroon gendarmes.
“The first thing we do is to instruct our members to withdraw from fishing to avoid catching contaminated fish and we have asked Mobil to compensate us for the lost income within the period they are cleaning the spill,” Ekong said. A community leader in Ibeno Local Government Area, Chief John Etim, noted that the frequent spills were depriving the communities their economic rights. He said that the frequent spills had impoverished the fishing communities along the coastline.
“Oil spills have been a major obstacle to us who depend on the marine environment for survival, it is very worrisome that rather than contain the spills and mitigate the impact the oil firm looks the other way.
“The previous spill of November 9 is currently under investigation and this one occurred so which one are they investigating, the same thing applies to the recent spills they have always been swept under the carpet,’’ Etim said.
A fisherman in Ibeno, Effiong Victor, said the news of the spill had thrown the communities into uncertainty.
“We fishermen were shocked and surprised at the latest disaster while the pain of the last one is still with us, what a Christmas gift from Mobil,’’ Victor said.
When contacted on the latest spill, Mobil’s Communications Manager, Nigel Cookey-Gam, confirmed that the oil firm had received reports of fresh oil spills from members of its host communities in Akwa Ibom.
“Mobil Producing Nigeria Unlimited (MPN), operator of the Nigerian National Petroleum Corporation (NNPC)/MPN Joint Venture, confirmed that on Dec. 19, 2012, community representatives notified the company of slight oiling on short sections of the shoreline of Ibeno, Akwa Ibom.
“MPN immediately deployed a team to inspect the site and samples of oiling were taken for analysis to help determine the source. Sections of shoreline with any oiling will be cleaned immediately.
“MPN restates its commitment to maintaining high safety, health and environmental standards in our operations and is also committed to the well-being of our neighbouring communities,” he said.
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.
