Connect with us

Economy

House Of Reps Bemoan Non-Implementation Of PIA By Companies

Published

on

Reps Pass Bill To Increase Lagos Local Governments From 20 To 57

House Of Reps Bemoan Non-Implementation Of PIA By Companies

House of Reps bemoan non-implementation of PIA by companies. The House of Representatives has bemoaned the non-implementation of PIA, which provided for environmental remediation funds to be allocated by relevant organisations.

The House of Representatives has bemoaned the non-implementation of the Petroleum Industry Act, 2021, which provided for environmental remediation funds to be allocated by relevant organisations.

The chairman of the House Committee on the South-South Development Commission, Julius Pondi, said this during an interactive session with stakeholders in Abuja.
“As you know, these two essential funds were created under the PIA to make sure oil and gas companies are fully responsible for properly decommissioning outdated facilities and restoring environments degraded by decades of exploration and production activities,” he said.

It was gathered that most companies had not been implementing the Abandonment and Decommissioning Fund and the Environmental Remediation Fund as provided under the Petroleum Industry Act (PIA), 2021.

Mr Pondi said that the law is intended to prevent the ongoing shifting of environmental liabilities to local communities by multinational firms and to establish a clear, transparent and well-funded system for repairing affected ecosystems.

The SSDC committee chairman regretted that, after four years since the enactment of the PIA, these provisions have not been implemented.

He said, “Available data before this committee indicates that, had the provisions been operationalised as required since 2021, the Abandonment and Decommissioning Fund should have accrued an estimated N850 billion to N1.1 trillion since the enactment.
“The Environmental Remediation Fund alone should have accrued no less than N420 billion to N550 billion within the same period.”

Pondi explained that these figures represent lost opportunities to restore damaged lands, protect the livelihoods of millions by providing potable water, rehabilitate polluted ecosystems, and secure community safety.

He outlined the consequences of non-implementation, including polluted farmlands, contaminated rivers, abandoned installations posing safety hazards, and declining fisheries.
According to him, other consequences are health challenges and devastated livelihoods in communities whose resources continue to power our national economy.
Mr Pondi therefore described the continuous non-implementation as a contravention of both the PIA 2021 and the SSDC Act, 2025.

Reps Pass Bill To Increase Lagos Local Governments From 20 To 57

House Of Reps

He stated, “Lack of visibility and operational progress on these funds has raised serious concerns regarding the institutional capacity and readiness of the responsible agencies, particularly the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Mid-Stream and Downstream Petroleum Regulatory Authority.’’
Mr Pondi said that such a brazen lack of capacity has informed ongoing deliberations on establishing a new agency and operational structure to administer these funds effectively and transparently.
He said that the session is aimed at creating a platform that fosters constructive dialogue among the NUPRC, NMDPRA, NOSDRA and SSDC.

Mr Pondi reaffirmed the lawmakers’ resolve to ensure that the goals of these legislative instruments translate into tangible outcomes. He expressed confidence that, with sincerity of purpose, these funds can become transformative instruments for environmental justice and sustainable development.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Published

on

By

Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

Continue Reading

Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

Published

on

By

EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

Continue Reading

Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

Published

on

By

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

Continue Reading

Trending