Business
Host communities, CSOs reject PIB, say it will create impunity
The recent promise by the current leadership of the National Assembly to pass the Petroleum Industry Bill (PIB) in April may not be fulfilled following the rejection of the bill on Thursday by host communities and civil society groups in the Niger Delta.
In rejecting the bill, they said it was designed to further enslave oil producing communities and create confusion in the region.
Spokesperson for the CSOs and host communities in the Niger Delta, Botti Isaac, said the current PIB would not protect the host communities as it could only leave them at the mercy of the oil companies.
He also said the bill when passed and signed into law would promote confusion in the Niger Delta and further expose the communities to environmental degradation and untold hardship, adding that communities in the Niger Delta will not accept such a law.
He accused the National Assembly of not allowing a fair and adequate opportunity for vulnerable stakeholders in the region to have a say in the legislative process towards passing the PIB.
He accused the lawmakers of giving so much attention to the government and oil companies to speak on the bill.
Isaac said, “We believe that a new set of laws are necessary to govern the petroleum industry in Nigeria.
“However, the PIB’s proposals, as it is, would promote environmental impunity in the oil industry and exacerbate social dislocation in the oil-bearing communities in the Niger Delta.
“On Tuesday, January 26. 2021, representatives of oil-bearing communities and civil society organisations from the Niger Delta were denied the right to participate in so-called Public Hearings organised by the Senate.
“After dedicating the first day of the hearing to take elaborate presentations from oil company representatives and government stakeholders, the Chairman of the Committee promised to allow the presentation of host communities’ views the next day.
“Unfortunately, rather than accord the representatives of oil-bearing communities the same attention, they were denied the opportunity to speak and instead asked to ceremonially hand over copies of their memorandum to the session Chairman.
“Again, we noted a similar display at the House of Representatives Hearing where members of oil host communities were denied access to the public hearing hall.
“We consider the manner the National Assembly has handled host communities and civil society contributions in these hearings as deliberately aimed at ensuring those critical voices are not heard.
“As the Petroleum Industry Bill is critical to the functionality of the oil and gas sector and the Nigerian economy, it is of utmost importance that all stakeholders are treated equally and accorded the same opportunity to discuss its contents and proposal.
“We are also profoundly concerned about the limited number of days and hours allocated to the Public Hearings on the PIB. Each day’s session lasts between 10 am and 1 pm. On the average, only about three hours are spent on the hearings each day, amounting to only six hours of public hearings in both houses of the legislature. To say the least, this is grossly inadequate and does not indicate a commitment to aggregating and considering all views.”
He said further that while the PIB remains the oldest and perhaps the most contentious bills in Nigeria’s legislature, it has suffered several setbacks, adding that “while we support a speedy passage of the Bill, we are more interested in such bill’s content and quality.
“As currently proposed, the PIB 2020 is inadequate to address the environmental, human rights and livelihoods concerns of host communities. Proposal for a host communities development fund does not support the participation of the communities in decision making.
“The governance structures proposed for the host communities fund deliberately deny any meaningful level of community participation while overtly promoting oil companies’ control and prominence.
“Oil companies described as ‘Settlors’ in the Bill are empowered to set up the Board of Trustees of the Trusts and conduct needs assessment and produce development plans on behalf of host communities. We believe that the level of emphasis on oil companies could fuel oil industry divide-and-rule tactics and stoke communal conflicts.
“It is also important to note that environmental pollution concerns are almost entirely ignored as the Executive Bill focuses more on production and commercial viability of the industry. The PIB 2020 ‘disempowers’ federal and state environmental agencies from the monitoring and enforcement of environmental regulations in the petroleum industry.
“While Nigeria records the highest and unacceptable levels of crude oil spills globally, and the country is among the worst in gas flaring globally, the PIB 2020 fails woefully in addressing these issues. There is no clear provision for addressing environmental pollution and sanctioning polluters. The bill fails to introduce any new measures to encourage the elimination of routine gas flaring.
“A key source of contention in the PIB, at least from the point of view of host communities, is the fact that it places responsibility for the protection of pipeline and other oil infrastructures with the communities.
“According to the Bill, the host community advisory committee ‘take responsibility for first line protection of facilities and ensure that petroleum operations are uninterrupted by members of their community failing which, benefits from the trust to the host community shall be.
He argued that placing the protection of oil installations on some unarmed host communities is unrealistic as “previous researches conducted by Social Action reveals that oil theft which is the major reason for puncturing oil pipelines is carried out mainly by armed cartels who are most times not even members of the community”.
He stressed if this provisions of the law is allowed to stand, “it could result in consistent denial of benefits which could in turn engender conflicts.”
Business
Naira opens 2025 on weak note against US dollar
Naira opens 2025 on weak note against US dollar
The Nigerian naira fell to N1,541.36/$ on the first trading day of 2025, marking a 0.36% decline from the closing rate of N1,535.82/$ recorded at the end of 2024, according to NFEM data on the Central Bank of Nigeria’s website.
Some authorised dealers quoted the dollar at N1,545/$, a slight improvement from the N1,550/$ quoted earlier in the week. Others quoted the naira at N1,520/$ at the close of trading on Thursday.
In the parallel market, the naira ended the day at N1,655/$, improving from N1,670/$ quoted on Tuesday.
The naira’s performance in 2024 saw a significant depreciation of 40.9% compared to its official rate of N907.11/$ at the close of 2023.
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The decline comes despite various foreign exchange policies introduced by the Central Bank of Nigeria (CBN) to improve market transparency and attract foreign investors.
One of the notable reforms was the December launch of the Electronic Foreign Exchange Matching System, which introduced new guidelines for authorised forex dealers. This initiative brought some stability to the naira towards the end of 2024.
Meanwhile, in the money market, the Nigerian Interbank Offered Rate saw declines across all maturities, indicating liquidity in the banking sector. The Open Repo Rate dropped by 0.61% to 26.69%, while the Overnight Lending Rate fell by 0.55% to 27.25%.
Trading in the secondary market for Federal Government of Nigeria (FGN) bonds remained subdued, resulting in a marginal increase in the average yield to 19.76%. In the sovereign Eurobonds market, buying pressure across various segments of the yield curve led to a 6-basis-point decline in the average yield to 9.62%.
Naira opens 2025 on weak note against US dollar
Auto
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour attributes Nigeria’s award to customers loyalty, innovation
Jetour has been declared the fastest growing auto brand in Nigeria.
The award was announced on Wednesday December 11, 2024 in Lagos at an impressive ceremony organised by the Nigeria Auto Journalists Association (NAJA).
Jetour representative in Nigeria, Jetour Mobility Services, has taken to its Facebook page to celebrate its customers for making this to happen, attributing the success to its commitment to innovation in creating remarkable driving experiences.
Jetour known for its luxury offerings is one of China’s most revered auto brands, a marque of Chery Holding Group established in 2018.
It mainly produces crossovers and Sports Utility Vehicles (SUVs).
The recognition of Jetour as the Fastest Growing Auto Brand in the country is coming about a year after its introduction into the Nigerian market.
Jetour arrived in Nigeria in the last quarter of last year. And the SUVs available for this market are X70 – Liberty, X70 Plus – Elegance, X90 Plus – Cruise and Dashing.
Chairman of the NAJA Awards Organising Committee, Mr Theodore Opara, said despite being new in the Nigerian market, the brand was quickly able to secure a prominent place for itself in the highly competitive industry and received considerable attention from new car enthusiasts.
The committee, he added, had no difficulty in picking the brand as the fastest growing in the Nigerian auto market.
The name “Jetour” is a combination of the word “jet” and “tour”, which according to the automaker signifies a “convenient journey”. And its models try to depict this connotation in designs and performance.
Jetour Mobility Services said it considered the award a great honour, adding that it was a validation of its commitment to innovation and creating remarkable driving experiences.
The firm celebrates the award on its Facebook page with the following comments:
“We’re honoured to be named the Fastest Growing Auto Brand of the Year at the prestigious NAJA Auto Awards, powered by the Nigeria Auto Journalists Association.
“This achievement is a testament to our commitment to innovation, quality, and creating unforgettable driving experiences.
“A huge thank you to our amazing customers and everyone who has been a part of the journey — your trust propels us forward! Cheers to more milestones ahead!”
Jetour says its focus is to be a leader in mobility as well as provide reasonable travel solutions for individuals and families.
Its goal is to provide an excellent vehicle that demonstrates individuality for today’s young people, it adds.
As in the global market, the brand users in Nigeria are said to be an uncompromising group of individuals, unwilling to settle for less.
Jetour is not only winning in Nigeria, it is also a toast of a section of the Saudi market. One of its models, Dashing, recently won the Best Midsize Crossover Award for 2023-2024.
National Automotive Supply Company, the authorised distributor of Jetour vehicles in the Kingdom of Saudi Arabia, announced that the new and advanced Jetour Dashing won the “Best Midsize Crossover” award during the awards ceremony of the 11th edition of the “PR Arabia National Automotive Award” in Saudi.
Jetour Dashing was announced as the winner at the ceremony held in mid-November in Jeddah under the patronage of the Saudi Automobile and Motorcycle Federation and in the presence of several princes and VIPs, as well as representatives of regional offices of automotive brands.
Business
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote.
In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries.
Obasanjo explained that the Nigerian National Petroleum Corporation (NNPC), now rebranded as NNPCL, rejected the offer due to its inability to operate the refineries effectively.
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He said, “Aliko got a team together and they paid $750m to take part in PPP (Public–public-private partnership) in running the refineries.
“My successor refunded their money and I went to my successor and told him what transpired. He said NNPC said they wanted the refineries and they can run it. I now said but you know they cannot run it.
“But I was told not too long ago that since that time, more than $2 billion have been squandered on the refinery, and they still will not work,” he added
NNPC rejected Dangote $750m offer to manage Nigeria’s refineries, days Obasanjo
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