Business
Diri Goes Int’l With Environmental Justice Campaign …Seeks Remediation For Polluted Oil Communities
Bayelsa State Governor, Senator Douye Diri, has again taken his campaign for environmental justice for oil-ravaged communities in his state and the Niger Delta region to the international community.
Towards this end, the governor met with the Secretary-General of the Commonwealth, Baroness Patricia Scotland, at its secretariat in London, saying the body’s intervention was needed to successfully implement the report of the Bayelsa State Oil and Environmental Commission (BSOEC) titled: ”An Environmental Genocide: Counting the Humanitarian and Environmental Cost of Oil in Bayelsa, Nigeria”.
It would be recalled that prior to Governor Diri’s ascension into office, his predecessor, Henry Seriake Dickson, unveiled a commission of inquiry on oil and gas related environmental hazards.
The 216-page report of the Commission, which was chaired by the former Archbishop of York, Lord John Sentamu, was launched in May 2023 at the House of Lords in London.
Governor Diri in a statement by his Chief Press Secretary, Mr. Daniel Alabrah, was quoted while presenting the report to Baroness Scotland saying International Oil Companies (IOCs) operating in the state were divesting and exiting the Niger Delta without any concrete plan to remediate and compensate host communities polluted by their exploration activities.
He faulted the 13 percent derivation to oil-producing states and the federal laws on oil and gas exploration in Nigeria, appealing to the Commonwealth to support efforts to address the environmental injustice that oil-bearing communities had been subjected to.
Diri said his administration was open to dialogue to prevent a double jeopardy for the communities as well as exploring the legal option, if dialogue failed.
“The Commonwealth’s dedication to environmental protection is crucial, and we are eager to collaborate in addressing these pressing issues together. We are here because we can achieve so much in terms of the environmental challenges we face by collaborating with your office.
“We’re also here because your intervention will attract the attention of our Federal Government back home. The recommendations of the BSOEC report will be implemented not only by our state, but there are also aspects that require our Federal Government’s action.
“As a sub-national government, there is little we can do to ensure the implementation of this report. The oil and gas resources underneath our soil belong to the Federal Government”, he said.
The Governor continued that “Bayelsa State has endured catastrophic environmental degradation due to decades of oil exploration, transforming our once vibrant region into one of the most polluted places on earth.
“The health implications for our people are severe, with reduced life expectancy and increased neonatal deaths. We cannot ignore the human cost of this environmental crisis. I often wonder if the oil underneath our soil had become a curse or a blessing”.
He expressed the state’s concern about Shell’s planned divestment from its onshore operations.
“It is imperative that this transition does not allow the company to walk away from the environmental devastation it has caused over the years.
“We urge Shell to commit to a comprehensive clean-up and remediation plan before exiting, ensuring that the people of Bayelsa are not left to shoulder the burden of this disaster alone.
“We expect that a responsible international business organisation such as Shell would set aside funds to restore the environment in advance of its divestment”, the Bayelsa State Chief Executive lamented.
He also noted that the State Government had previously reached a negotiated settlement with Shell on dispute issues that involved tenement rates for the Gbarain gas processing facility and looks forward to opening similar discussions on this issue.
“We’re also exploring legal avenues to halt Shell’s divestment until adequate measures for environmental restoration are firmly in place. We must protect our communities and their future”, he said.
In their remarks, Lord Sentamu, another BSOEC member, Dr. Kathryn Nwajiaku-Dahou, and Chairman of the Bayelsa State Traditional Rulers Council, King Bubaraye Dakolo, urged the Commonwealth to take steps to halt the “environmental genocide” in Bayelsa in particular and the Niger Delta in general.
They reasoned that the continued crude oil pollution of rivers and the flaring of gas constituted “landmines” to the health and livelihoods of people of the state and the region.
The Bayelsa State Attorney-General and Commissioner for Justice, Mr. Biriyai Dambo, SAN, who also spoke, highlighted the inadequacies in the Petroleum Industry Act 2021 in addressing the issue of environmental degradation and compensation for host communities.
Dambo said the PIA centralises control of the oil and gas sector, reinforcing the Federal Government’s authority over natural resources, with minimal consideration for the needs and rights of communities and states where the resources are located.
“The lack of substantial decision-making power for local communities and state governments further entrenches their marginalisation and leaves little room for states to influence policy, or benefit from the resources extracted within their borders”, the Attorney-General said.
Responding, the Commonwealth Secretary-General, Baroness Scotland, thanked the Governor and his delegation for the visit, their presentation and the report, which she said had shed more light on the oil-rated issues in Nigeria and Bayelsa.
She noted that oil exploration in Nigeria presented an interesting scenario as the Federal Government holds majority stakes in the joint venture arrangement in place.
“So, this is not only about Shell alone. This is something that is politically complex and as an institution it is essential for us to promote best practices, which in this case can be found in the Oil and Gas Decommissioning toolkit that we have developed. And through the promulgation of best practices, it can help to provide better clarity when the conversations with the Nigerian Federal Government take place.
“It can also help in relation to regulation and when dealing with offsetting the threats that might arise from the multi-lateral and multinational companies”, she said.
Scotland added that a team will examine the report and proffer appropriate recommendations that will guide all parties concerned.
Ariwera Ibibo-Howells, Yenagoa
Business
33 Banks Raise N4.65tn As Recapitalisation Ends
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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