Business
NNPC Pipeline Blow Out: NYCOP Absolves Ogoni Youths …Blames Obsolete Shell Facilities
The apex youth body in Ogoni, the National Youth Council of Ogoni People (NYCOP), has debunked claims that the recent blow out of some pipelines belonging to the Nigeria National Petroleum Corporation (NNPC), was an act of sabotage by Ogoni youths.
President of NYCOP, Dr Young Nkpah, said the incident was as a result of wornout facilities.
Speaking with The Tide in an exclusive interview in Port Harcourt at the weekend, the NYCOP president pointed out that the affected pipeline was layed as far back as 1958. He noted that the facilities were already obsolete which led to the blow out.
He said blaming the blow out on alledged sabotage by Ogoni youth was “a monumental distraction on the part of NNPC” and urged the federal government to critically address the Ogoni issues on its merits, without resorting to distractions and the blame game.
On the current laying of pipes by the Shell Petroleum Development Company (SPDC) in Ogoni, the NYCOP president described the process as a “misnomer”.
He said, “it beats human imagination that a company that has long divested from Ogoni land, stopped on-shore oil exploration and is assumed that there is no oil production in Ogoni from 1993 till date, will be laying new pipes in the area, the question is, what is the relevance of laying pipes in Ogoni now, with huge military presence? NYCOP feels they are testing the waters”.
He decried the hypocritical approach and lip service being paid to addressing the Ogoni issue, noting that NYCOP will mobilise its rank and file to resist any move by SPDC or the Federal Government to commence oil production in Ogoni , without addressing the issues at stake, which border on social injustice perpetrated against Ogoni people.
He accused the Federal Government of playing politics with the restoration and total remediation of Ogoni land and stated that, “the accelerated passage of the North East Development Commission Bill before the National Assembly was a clear indication of disservice to the Ogoni issue, which has lingered on for decades”.
Nkpah faulted the operations of HYPREP in Ogoni land, stating that the operations of the federal agency was lacking in consultation and clear cut criteria. “HYPREP said it was presently embarking on training of personels and building of internal processes, what are the criteria used for selecting the people to be trained? Who is involved in the training, and what are the internal processes being put in peace.
The NYCOP president further stated that “any prospecting oil company in Ogoni must adhere strictly to international best practices, you cannot sit in Abuja and allocated OML II to anybody without due consultation with critical stakeholders”.
On the way forward, he said the Ogoni Development Fund (ODF) was premised on the impetration of justice, noting that, “the good development of sustainable economic growth in Ogoni and Rivers State are both desirable, realistic and achievable, gives the proper understanding of the undercurrent which we have problematized in the Ogoni Bill of Rights”.
It could be recalled that the authorities of NNPC had alleged sabotage on the part of Ogoni youth in the recent blowout of its pipeline faciltieis in Ogoni laud.
Taneh Beemene
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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