NEWS
Bayelsa Govt to Sue IOC’s Over Environmental Pollution

From Mike Tayese, Yenagoa
Due to the age long neglect of the Niger Delta environment as a result of oil pollution by the Multinationals, the Bayelsa State Government has resolved to sue international oil companies operating in the state over unmitigated oil pollution for over six decades.
Governor Douye Diri dropped the hint on Monday while addressing an expanded 142nb State Executive Council Meeting to receive the final report of the Bayelsa State Oil and Environment Commission in Government House, Yenagoa.
He stated: “After a review of an advance copy of your Report, I can affirm that it captures the essence of our trials while outlining a hopeful pathway toward resolution.
Your insights will serve as a beacon, guiding us toward actionable solutions and inspiring us to restore dignity and opportunity to our people.“The Report appropriately titled, ‘An Environmental Genocide: Counting the Human and Environmental Cost of Oil in Bayelsa, Nigeria,’ is truly alarming.”
Diri further stated: “Additionally, we are encouraged by the revelation of the report that “in most advanced industrialised countries, two basic principles – ‘polluter pays’ and ‘no fault liabilities’ form the cornerstone of the legal regime for regulating extractive industries. Taken together, they mean that those that own and operate facilities are responsible for the damage caused by their pollution even if they are not at fault.”
He indicated that the government may pursue the legal redress outside the shores of Nigeria.
“Consequently, the perennial excuse by the IOCs that almost 90 percent of leaks are due to sabotage, a finding they believe frees them of liability for compensating the victim..’ would not find accommodation in foreign jurisdictions. That is why we are happy that this Commission has strengthened our capacity to litigate anywhere in the world.”
Diri quoted parts of the report in his address noting that Bayelsa bears 25 percent of Nigeria’s oil pollution and that one study estimated that in 2012 alone, oil spills in Nigeria, and predominantly in the Niger Delta resulted in over 16,000 additional neonatal deaths, saying “even one life lost to accommodate the greed of oil exploration is one death too many.”
On the level of oil contamination, he said it “has been so heavy that according to estimates, as much as one and a half barrels of oil has been spilled in Bayelsa for every man, woman and child living in the state today. The figures are even higher for some parts of Bayelsa, with, for instance, as many as six barrels of oil spilled for every person in the Southern Ijaw Local Government Area.”
According to him, “The stark reality is devastating: every Bayelsa resident is affected, our lives perpetually endangered. The brutal implication: we are either already dead or waiting to die.”
The report estimated between 1970 and 2014, Nigeria earned an estimated trillion dollars in oil revenue. Since 2006, oil produced in Bayelsa generated over US $150 billion for the Federal Government and billions for the international oil companies that operate its wells. On average, oil produced in Bayelsa is responsible for approximately US $10 billion in government revenues per year.
Diri formally dissolved the commission, but said some of the members would be appointed into a committee he would soon set up on the implementation of the report which he had assured would be done.
Speaking while presenting the final report to Governor Diri, Chairman of the Bayelsa State Oil and Environment Commission, Archbishop John Sentamu, said oil has been a revenue spinner for the Federal Government, but a curse for the land of the state.
Sentamu noted that oil pollution has resulted in the loss of about 40 percent of mangroves and that the level of toxic wastes exceeds acceptable levels in several parts of the state.
Other members of the commission who spoke highlighted various aspects of the report urging Governor Diri and Bayelsa State Government to act swiftly to seek environmental justice.
The commission recommended a comprehensive Bayelsa recovery and cleanup plan, a recovery fund of US 12 billion over 12 years, establishment of a Bayelsa Recovery Agency, a new compensation scheme for those affected and fundamental reform of the regulatory regime.
It also called for the introduction of a new legal framework and new dispute resolution procedures, enshrine and enhanced role for state governments, strengthen scrutiny of IOC behaviour both internationally and in their home jurisdictions, overhaul IOC approaches to community engagement to ensure transparency, accountability and voice as well as establish a legally binding effective legacy and decommissioning regime.
NEWS
Robust Capital Market Crucial for Nigeria’s Economic Prosperity- NGX Chairman

Chairman, Nigerian Exchange Group, Dr Umaru Kwairanga, says the Nigerian Capital Market has experienced exponential growth since he assumed office in 2022.He reiterated the group’s commitment to deepening Nigeria’s capital market in alignment with President Bola Tinubu’s vision of growing the nation’s GDP to one trillion dollars by 2030.
In a statement issued in Lagos, Kwairanga was said to have made the remarks while delivering a keynote address at the “For the Love of Our Country (FLOC) 2025” symposium, held at Bayero University Kano (BUK) on Friday. He spoke on the theme, “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade”.According to him, the All Share Index (ASI) rose from 48,837 basis points to 111,742 basis points, while market capitalisation grew from N26.375 trillion to N70.463 trillion by May 2025.He said that bond markets were included with total market capitalisation now at over N121 trillion.“This growth shows that we have more than doubled the indices of both our equity and bond markets in just over two years.“However, our goal is even more ambitious as we work towards making the capital market central to achieving a $1 trillion economy,”he said.Kwairanga emphasised the strategic importance of a robust capital market in financing long-term infrastructure, encouraging formalisation of businesses, and mirroring the nation’s true economic potential.He noted with concern that Nigeria’s market capitalisation remains less than 20 per cent of Nigeria’s GDP, compared to South Africa’s Johannesburg Stock Exchange which exceeds its national GDP.To address this, he outlined several initiatives being undertaken by NGX Group and its regulators, particularly the Securities and Exchange Commission (SEC), to enhance market transparency and efficiency.He said these include the dematerialisation of share certificates, resolution of unpaid dividend backlogs, and the recent reduction in clearing time for secondary market transactions to T+2.“We are working closely with regulators and stakeholders to make our market more accessible and attractive.”He said that major listings in the oil and gas sector, such as the planned sale of a stake in NNPC Ltd. and the anticipated listing of Dangote Petrochemicals, would significantly boost market capitalisation.He also spoke on digital innovation as a key driver of market participation, citing the launch of NGX Invest, a digital platform for primary market offers and financial literacy campaigns targeting youths, students, and members of the National Youth Service Corps (NYSC).The chairman revealed the ongoing engagements with institutional investors such as pension fund administrators and mutual funds.He also hinted on the development of sophisticated products like exchange-traded funds, derivatives, and ethical investment instruments.He highlighted efforts to integrate African capital markets through cross-border linkages that would allow investors in Nigeria to trade shares listed on exchanges in countries like Ghana and vice versa.In spite challenges such as declining disposable income, infrastructural deficits, and global economic headwinds, Kwairanga expressed optimism that these could be surmounted.“We are confident that Nigeria will have the broader, deeper, and more sophisticated capital market it deserves before the end of this decade,”he said. (NAN)NEWS
FCT Emergency Department Rescues Suspected Victim of ‘one Chance’ in Asokoro

The Federal Capital Territory Emergency Management Department (FEMD) says it has rescued a woman, who was forcefully pushed out of a moving vehicle in Asokoro, Abuja, on Friday.The department’s Head of Public Affairs, Mrs Nkechi Isa, disclosed this in a statement in Abuja.
Isa said that the incident occurred at about 4:30 p. m. at the Powerhouse Bus Stop Junction,Yakubu Gowon Crescent in Asokoro. According to her, eyewitnesses at the scene said the woman was pushed out of a moving vehicle suspected to be a robbery, by “one chance” operators.She described “one chance” as a criminal gang posing as commercial drivers with passengers, leaving one space (one chance) for an unsuspecting victim.Once they take off, the criminals dispossess the victims of their valuables and often throw them out of the moving vehicle.She said that the FEMD Search and Rescue Team was notified of the incident by the FCT Fire Service and immediately swooped into action.“On arrival at the scene, the team found the victim, identified as Khadija Salisu, unconscious but without visible physical injury.“She was promptly taken to the Asokoro District Hospital and is responding to treatment,” Isa said. (NAN)NEWS
Ministry Warns Public Against Fake Account

The Ministry of Foreign Affairs on Friday warned against the use of social media accounts by unscrupulous individuals spreading false information about its officials.The ministry’s spokesperson, Kimiebi Ebienfa, issued the warning in Abuja following the creation of a fake Facebook account in the name of Permanent Secretary, Amb.
Dunoma Ahmed. Ebienfa said, “This fraudulent account is being used to spread false information, promise contracts, solicit help, and offer enticing rewards to unsuspecting members of the public. “The Ministry firmly disassociates itself from this impersonation and urges the public to disregard any messages from the fake account, which is not an official channel. “It is important to clarify that the Permanent Secretary does not operate or own any social media account.” He advised the public not to engage with individuals or groups behind such fraudulent schemes, as they are deceptive and harmful. According to him, the ministry is working closely with security agencies and Meta, Facebook’s parent company, to investigate and shut down the fake account. Ebienfa reaffirmed the ministry’s commitment to transparency, integrity, and protecting citizens from fraudulent activities across all platforms. (NAN)