Business
HCDT Operationalization: Ugborodo Community Issues 7-Day Ultimatum To Renaissance, Chevron, Others
The community is also host to multi-billion Dollars Escravos Gas to Liquid Project (EGTL) operated by Chevron Nigeria Limited in Warri South West LGA of Delta State.
Speaking at a Tripartite Press Conference held at Ode-Ugborodo, the Ugborodo Community Management Committee (UCMC), Ikpere Alemeje Women Traders Association, and the Ugborodo Community Youth Development Body (UCYDB), jointly accused the oil multinationals and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) of deliberate neglect, disrespect, and exploitation of host communities in violation of the Petroleum Industry Act (PIA) and the Host Community Development Regulations.
The community leaders, who spoke through the UCMC Chairman, Emmanuel Onuwaje, Women Traders Chairlady, Madam Helen O. Nuco and the UCYDB Chairman, Wilson Ejeh, alleged that despite decades of oil exploration and billions of dollars generated from their land, Ugborodo people were left without potable water, electricity, employment, or meaningful youth empowerment opportunities.
They further accused Chevron and Renaissance of systematically sidelining qualified indigenes in employment processes but instead importing “relatives and friends from other parts of the country” to occupy jobs and contracts meant for host communities.
On the delay in implementing the NBC/NUPRC joint report on communities within the 500-metre buffer zone of the Escravos coastlines, the groups accused the Commission of stalling the implementation, thereby frustrating Ugborodo’s recognition as a statutory host community and preventing the establishment of HCDTs.
The Community’s Secretary, Samuel Besidone, who read the statement, said “We are tired of waiting. If nothing is done within seven days, we will be forced to stop all operations by International Oil Companies in our land.
“Our people are tired of being ignored. NUPRC must recognise us and set up our HCDT without delay,” they warned.
They stated that the patience of their people could not remain indefinite, warning that failure of IOCs, NUPRC, and relevant agencies to act within seven days will leave them with no option but to put a complete stop to all International Oil Companies’ operations within their communities saying “Enough is enough.”
They condemned vehemently recent attempts by some elements to destabilise the community’s peace and unity, including the formation of a “Governing Council of Ugborodo Community Trust” by unauthorised individuals.
The community leaders accused the groups of trying to incite violence and undermine the authority of recognised community organs.
Specifically, the leaders condemned the recent attempt by a “group of self-exiled individuals” to set up a parallel governing council for Ugborodo at a hotel in Warri, Warri South Local Government Area, far from the community.
They accused one of the group’s backers, allegedly a state government appointee, of plotting to destabilise Ugborodo and warned of potential conflict if any external force attempted to enforce the illegitimate council.
“We will resist any effort to invade our land in the name of government-backed deception. Our peace and unity are non-negotiable,” the community leaders stated.
The said further “You may be aware that some jokers recently converged somewhere at Ajamimogha, in faraway Warri South LGA, constituted nuisance and deluded themselves with the laughable and dead-on-arrival act of constituting a so-called ‘Governing Council of Ugborodo Community Trust.’
“Some of the mass media organisations who covered the unholy convergence far away from any part of Ugborodo Community allowed their media to be used to tell lies that the said unholy convergence was at Ugborodo Community!
“What could be more deceptive, with a part of the media organisations as accomplice! These set of self-exiles have no doubt, completely lost touch with the realities on the ground in Ugborodo Community.
“The known administrative organs set up and authorised by the appropriate authorities in Ugborodo Community are the UCMC under the leadership of Mr. Emmanuel Onuwaje, IkpereAlemeje Women Traders Association led by Madam Helen O. Nuco and the UCYDB under the leadership of Mr. Wilson Ejeh.
“The executives and members of these tripartite vital organs are seated here with us at Ode-Ugborodo, headquarters of Ugborodo Community. I leave you to be the judge.
“Though we are not in any way perturbed by the shenanigans of these self-exilee characters, we are nonetheless disturbed by the potential threat of their unpatriotic acts to the current security, peace and unity in Ugborodo Community, particularly when one of their sponsors is an appointee of the Delta State Governor, with the title/office ‘DG Security.’ Be that as it may, we are on the ground and at alert”, they added.
The community leaders vowed to resist any person or group of persons who bent on destabilising their community adding ‘Governments at all levels should please take note as we are aware of his antics to invade the community with armed military personnel”.
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.
