Naira devaluation, FX scarcity, and high exchange rates are causing a lull in business activities at the nation’s seaport generally, and the brand new $1.5 billion Lekki Deep Seaport is not an exception.
The port, which started commercial operations in April 2023, six months ago, is yet to start witnessing a boom in the volume of import and export containers coming and leaving the port.… Read the rest
Authorities of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been urged to prevail on Chevron Nigeria Limited (CNL) to include the oil-producing community of Aja-Omaetan in Warri North Local Council of Delta State in Chevron’s planned Host Community Development Trust Fund (HCDTF).
The request is contained in protest letters and pre-action notices written on behalf of the Aja-Omaetan community by their lawyer, Prof.… Read the rest
When the oil and gas-producing communities in the Niger Delta pointed out lacunas in some provisions of the Petroleum Industry Act, PIA, 2021 that gave the oil companies top-heavy power against the host communities, the Federal Government and National Assembly dismissed their fears.
Among the worrisome issues raised by stakeholders before and after the passage of the Act was the domineering authority given to the oil companies to set up the Host Community Development Trust Fund, HCDFT, which is to manage the three percent annual Operational Expenditure, OPEX, to affected oil communities.… Read the rest