Nigeria still operates an official exchange rate and provides dollars via the central bank to customers at that level.

But a lack of dollars in the domestic market means there’s a backlog of demand from companies who want to convert naira into the US currency to repatriate profits and pay bills. That’s pushed activity into the unofficial market, where the naira changes hands at much weaker levels against the dollar.

Minister of Finance Wale Edun said the central bank puts the current backlog at about $5 billion, following efforts to pay it down, and he voiced confidence that it could be cleared easily if steps to lift oil revenue and mobilize dollars already in the economy succeed.

“There is actually liquidity within the banking system and there should be a way of getting the banks to actually help with that backlog, either on a spot or a forward-rate basis,” he said. “We believe that if we coral the dollars that are available, we can pay down that backlog almost in one fell swoop.”

The government expects oil production to ramp up to 1.78 million barrels per day, from about 1.49 million barrels last month, which should help fire up the economy and bolster its coffers.

Domestic refining of crude is meanwhile expected to resume this year at the state-owned refinery in Port Harcourt, and from the Dangote refinery in Lagos, which will reduce gasoline imports and help ease the currency squeeze.

“The priority is to stabilize the naira, that means getting in the additional liquidity – number one from oil revenue,” Edun said. “We’re also looking to make sure we tap Nigerian savings, in particular domestic dollar savings both inside and outside the formal market. There’s a lot of cash in the Nigerian economy.”

 

Bloomberg

A Federal High Court in Abuja has declared as null and void the provisions of the Nigeria Broadcasting Code authorizing the National Broadcasting Commission (NBC) to impose fines on broadcast stations who allegedly breach the Code.

Rita Ofili-Ajumogobia, quashed the said code on the grounds that the NBC as an administrative and regulatory bodies could not exercise judicial powers.

She made the declaration on Wednesday while delivering judgment in the suit filed by the Media Rights Agenda (MRA) against the NBC.

The suit was sequel to the Commission’s imposition of fines of N5 million each on a television station and three pay TV platforms in 2022 for allegedly undermining Nigeria’s national security through their broadcasting of documentaries on banditry in Nigeria.

The plaintiff’s in the suit filed on their behalf by their lawyer, Uche Amulu, asked the court to hold, among others, that the NBC’s action of imposing a fine on each of the media platforms and the station for broadcasting a documentary about the state of banditry and security in Zamfara State is unlawful and unconstitutional and has a chilling effect on the freedom of media to impart information and ideas. 

The plaintiff further submitted that the action of the NBC would deter the platforms and station from reporting the true state of affairs regarding the security situation in the country, and thereby violating the rights of MRA, its members, and other citizens of Nigeria to freedom of expression, particularly their rights to receive ideas and information without interference, as guaranteed by the Constitution and the African Charter on Human and People’s Rights.

Subsequently, the plaintiff urged the court to declare that the procedure adopted by the NBC in imposing the fines is a flagrant violation of the rules of natural justice and the right to fair hearing under Section 36 of the Constitution and Article 7 of the African Charter as the Commission is the drafter of the Code, which provides for the alleged offences for which the media platforms and the station were punished, and which empowers the NBC to receive complaints, investigate and adjudicate on the complaints, impose fines and collect fines.

MRA contended that the NBC, not being a court of law and not having been constituted in manner as to secure its independence and impartiality, has no power or competence to impose fines on broadcast stations as punishment or penalties for the commission of an offence as the competence to establish that an offence has been committed and to impose criminal sanctions or penalties belongs to the courts.

Besides, it claimed, the NBC, not being the Nigerian Police or a law enforcement agency, has no power to conduct a criminal investigation or an investigation that could lead to criminal charges against the affected media platforms and stations or the imposition of criminal penalties and accordingly, that the investigation purportedly conducted by the Commission, leading to the fines imposed on the media platforms and station for alleged offences under the Nigeria Broadcasting Code is ultra vires, null and void.

MRA also urged the Court to declare that the Nigeria Broadcasting Code issued by the NBC, being a subsidiary legislation that empowers it as a regulatory and administrative body to enforce the provisions of the Code, cannot confer judicial powers or jurisdiction in criminal matters on the Commission to impose criminal sanctions or penalties such as fines, particularly as the Code was made by the NBC itself.

It urged the Court to declare the fines unconstitutional, ultra vires, null and void, set them aside and issue an order of perpetual injunction restraining the NBC, its servants, agents, privies, representatives or anyone acting for or on its behalf, from further imposing any fine on any of the media platforms or station, or any other broadcast station in Nigeria for any alleged offence committed under the Nigeria Broadcasting Code.

Delivering judgment Wednesday in suit, Ofili-Ajumogobia agreed with the plaintiff that the NBC not being a court of law, acted above its powers by imposing such fines against the alleged offenders.

She subsequently made an order of perpetual injunction restraining the Commission or anyone acting on its behalf from further imposing any fine on any media platform or broadcast station in Nigeria for any alleged offence committed under the Nigeria Broadcasting Code.

The court then went ahead to set aside the fines imposed by the NBC on August 3, 2022 on Multichoice Nigeria Limited, owners of DSTV; TelCom Satellite Limited (TSTV); Trust-TV Network Limited; and NTA Startimes Limited for broadcasting a documentary about the state of banditry and security in Zamfara State, saying the regulator’s action was wrong and unjustifiable in a democratic society.

The judge however, refused to grant the plaintiff’s claim for N700,000 being costs of the suit.

Ofili-Ajumogobia in addition declined another claim for N2 million as general damages for NBC’s infringement on its rights as well as a request for N1 million as punitive damages for the Commission’s “outrageous conduct in abusing its powers and arbitrarily imposing fines on broadcasting stations.”

 

Thisday

Following the massive explosion at Dejo Oyelese street in Bodija, Ibadan, on Tuesday, some of the victims have been counting their losses, with most of them rendered homeless.

Some of them, interviewed on Wednesday by our correspondent, described the incident as tragic.

Emmanuel Danladi said he was surprised when the loud noise sounded and the explosion happened. He said he and other people in his compound had to jump a close-by fence before crossing a river to escape from the explosion.

Danladi, who was seen moving away with his box, said the destruction was massive.

‘We jumped the fence, entered the river at the back and crossed to the other side. We came back when some calm had returned. The destruction is much, everything went down, even the house cracked.

‘‘Anything the government wants to do, they should consider supporting us with money. We do not have money, yet we need to pack to another estate for now,” he said.

OluwaYomife Olowe said his sister got injured in the explosion, with their building completely destroyed.

Olowe stated that though his sister is currently responding to treatment at the hospital, the level of destruction caused by explosion makes him sad.

He said he and his family will be moving in with a family member till they sort things out, as they do not have a home anymore.

‘‘The whole building is destroyed. There is practically nothing again. We can’t ascertain anything. We are just waiting for them to finish their investigation,” he added.

Olowe called on the government for support, saying that the affected residents could not handle the losses occasioned by the destruction alone.

“We don’t know where to start from. I don’t even want to think about the cost. I couldn’t sleep throughout last night. We just need help as much as possible,” he said.

Another victim, Rebecca Opakunbi said she was on her way back from the market when she heard the sound of the explosion. She recalled how she was unable to see clearly but managed to get to her house.

‘‘I was coming from the market. People were shouting for help. My sister and my brother were inside the house. I could not see but I started running and when I got there, I saw people that were already injured, covered in blood. Our neighbour was rushed to Redeemed hospital, some others were rushed to Modupe hospital,’’ she recalled.

Opakunbi, who also got treated in a nearby hospital alongside other neighbours, lamented that all their belongings had been destroyed.

‘‘There is nothing again, nothing that is useful here again. Everything has gone down, including the cars. We’re homeless, but we thank God for life.’’

Another resident, Solomon Omofegbene, whose parent’s house got destroyed, blamed the incident on lack of security.

‘‘For them to be have been able to bring those kind of things inside a residential area, it shows the security lapses,” he said.

Omofegbene, however, expressed joy that his mum, sister and children survived the explosion.

He called on the government to support the residents in fixing the affected buildings.

Taiwo Salami also blamed the incident on lack of adequate security in the country, adding that the incident reflected there was no safety or effective security in the country.

He also bemoaned the fact that all his property were lost.

“Everything I have is gone; the whole house, all the vehicles. In fact, every house in this area has to be completely demolished because there are structural defects already. As you can see, there are cracks everywhere. Everything has to be demolished and properly rebuilt, and we’re talking billions here.’’

Meanwhile, Bernard Akpa, another resident who witnessed the incident, said the explosion was really ‘heavy’. He said he suspected the Malian nationals who live in the area and use heavy equipment on their mining site.

‘‘I suspect those miners, the Malians that live here. Some of their equipment are supposed to be kept under a particular temperature that they cannot maintain here. The explosion was heavy, it was more than a bomb. I thought it was a rocket shot from somewhere. Immediately the incident occured, I was thrown off balance in my sitting room,’’ Akpa added.

 

PT

Suspected bandits have killed a 53-year-old baker, Tijani Amedu, and abducted his 13 relatives, who are mainly children, travelling alongside him, in the Katari area of Kaduna State.

The Edo State-born businessman’s brother, Rasaq, in a telephone interview with our correspondent on Wednesday, said the incident happened on January 6, 2024, while the victims were returning to Kaduna after visiting Warri, Delta State.

Rasaq said, “They came to visit for the Christmas and New Year holidays. My siblings and their families came to visit. But they got attacked by bandits when they were going back to Kaduna, using two buses. I was told the bandits started shooting on seeing them. The first bus drove through them but the second bus stopped. My elder brother and 13 kids were on the second bus. The bandits took all of them.”

He said family members later got to know when the children started communicating from their captivity.

He said, according to the children, “My elder brother’s head was hit and he fell (leading to his death),” adding, “but the 13 kids are still with them. They started (ransom) negotiation from N200m, but now, we’re at N50m.”

Rasaq said he last communicated with the kidnappers on Tuesday.

“We found the body of my brother on Saturday and buried him the following day, January 7,” he added.

He said the family could not raise the N50m, noting, “That’s a lot of money.”

One of the mothers of the children who did not want to be named refused to make any update noting, “Not for now, what we are after is how our children will be out.”

But Zinab, the wife of Amedu, who confirmed her husband was killed, said the family was seeking help on the matter.

“They killed my husband and they went away with 13 children,” Zinab told our correspondent in a telephone interview on Wednesday, adding that the family was seeking “prayers and help from anybody who can help. We have 13 of our children with them.”

When contacted on Wednesday, the Kaduna State Police Public Relations Officer, Mansur Hassan, asked for details of the incident.

He then said, “I will get back to you.” He had yet to do so as of the filing this report.

Kidnappings have recently become a disturbing menace in the North, North-Central and some southern states of Nigeria including Ogun and Lagos.

Members of the Middle Belt Youth Forum led by its president, Brent Kane, had threatened to hold a protest on Wednesday in Abuja against the rising cases of kidnapping in the region and other parts of the country. The protest was later suspended and rescheduled.

The planned protest followed the trending news of scores of abductees who were taken away by bandits from the Sagwari Estate Layout in the Dutsen-Alhaji area in the Bwari Area Council of the Federal Capital Territory, Abuja, last week.

 

Punch

Medicine for hostages and Palestinians arrives in Gaza under first Israel-Hamas deal since November

A shipment of medicine for dozens of hostages held by Hamas arrived in Gaza on Wednesday, part of a France- and Qatar- mediated deal that marked the first agreement between Israel and the militant group since a weeklong cease-fire in November.

The deal could bring respite to some of the roughly 100 hostages who remain in captivity, as well as to Palestinians in Gaza in desperate need of aid. But fighting still rages in many parts of the beleaguered enclave, and an end to the war — or the release of the hostages — seems nowhere in sight.

Qatar’s Foreign Ministry spokesman, Majed al-Ansari, announced late Wednesday on X, formerly Twitter, that the shipment had crossed into Gaza, without saying when or how the medicine would be distributed.

“Over the past few hours, medicine & aid entered the Gaza Strip, in implementation of the agreement announced yesterday for the benefit of civilians in the Strip, including hostages,” he wrote.

A senior Hamas official said that for every box provided for the hostages, 1,000 boxes of medicine would be sent in for Palestinians. The deal also includes the delivery of humanitarian aid to Gaza residents.

The agreement came 100 days into the conflict and as Palestinian militants are still putting up resistance across Gaza in the face of one of the deadliest military campaigns in recent history. More than 24,000 Palestinians have been killed. Some 85% of the narrow coastal territory’s 2.3 million people have fled their homes, and the United Nations says a quarter of the population is starving.

Israel has vowed to dismantle Hamas to ensure it can never repeat an attack like the one on Oct. 7 that triggered the war. Militants burst through Israel’s border defenses and stormed through several communities that day, killing some 1,200 people, mostly civilians, and capturing around 250.

Israel also has promised to win the return of the hostages still held inside Gaza.

Hamas has said it will not release any more hostages until there is a permanent cease-fire, something Israel and the United States, its top ally, have ruled out.

AID BOUND FOR HOSTAGES AND PALESTINIAN CIVILIANS

The last deal in late November between Israel and Hamas brought a temporary truce in exchange for the release of more than 100 hostages, mostly women and children, as well as freedom for dozens of Palestinians imprisoned by Israel.

A Qatari official said the medicine would be delivered to the hostages by the Health Ministry in the Hamas-run territory. It was not immediately clear when the drugs would be delivered, or how the handover would be verified. The official spoke on condition of anonymity because he was discussing behind-the-scenes diplomatic efforts.

France said it took months to organize the shipment of the medicines. Qatar, which has long served as a mediator with Hamas, helped broker the deal that will provide three months’ worth of medication for chronic illnesses for 45 of the hostages, as well as other medicine and vitamins. Several older men are among the remaining hostages.

Moussa Abu Marzouk, a senior Hamas official, said in a post on X that the International Committee of the Red Cross will deliver all the medicines, including the ones destined for the hostages, to hospitals serving all parts of Gaza. The ICRC declined to comment.

Senior U.N. officials have warned that Gaza faces widespread famine and disease if more aid is not allowed in.

Israel completely sealed off Gaza after Hamas’ Oct. 7 attack and only relented under U.S. pressure. It says there are now no limits on the entry of humanitarian aid and that U.N. agencies could reduce the delays by providing more workers and trucks.

But U.N. officials say aid delivery is hobbled by the opening of too few border crossings, a slow vetting process and fighting throughout the territory — all of which is largely under Israel’s control.

HEAVY FIGHTING IN GAZA

Israel said at the start of the year that it had largely defeated Hamas in northern Gaza and would scale back operations there, focusing on dense urban areas in the center and south of the territory. Additional Israeli forces withdrew from Gaza on Monday, but there has been little apparent letup in strikes, with scores of Palestinians killed every day.

A strike on a home killed a woman and two children in the southernmost town of Rafah. An Associated Press reporter saw the bodies arrive at a nearby hospital. Tens of thousands of people who heeded Israeli evacuation orders have sought shelter in the town, which is home to the border crossing with Egypt.

Gaza’s Health Ministry said Wednesday that 163 bodies were brought to the territory’s remaining functioning hospitals in the past 24 hours, as well as 350 wounded people. The update brought the war’s overall death toll in Gaza to 24,448, with over 60,000 wounded. The ministry said many other dead and wounded are trapped under rubble or unreachable because of the fighting.

The ministry does not differentiate between civilian and combatant deaths but says around two-thirds of those killed were women and children.

Israel blames the high civilian death toll on Hamas because it fights in dense residential areas. Israel says its forces have killed roughly 9,000 militants, without providing evidence, and that 192 of its own soldiers have been killed since the Gaza ground offensive began.

Militants are still fighting in all parts of the territory, and Israel appears no closer to freeing the remaining hostages. The deaths of two more hostages were confirmed Tuesday after Hamas said they were killed in Israeli airstrikes.

TENSIONS ACROSS THE REGION

Tensions are soaring in the occupied West Bank, where Israeli forces have conducted near-daily arrest raids that often trigger shootouts with Palestinian militants.

Israeli forces killed at least 10 Palestinians Wednesday in the territory, including five in the urban Balata refugee camp in the north, the military said. Among that group was a senior militant whom the military said was responsible for militant infrastructure and was allegedly involved in recent attacks against Israelis.

Five Palestinians were killed in an Israeli strike in Tulkarem, the Palestinian Health Ministry said. The military said it targeted a group of militants who had opened fire and were throwing explosives at Israeli soldiers.

Over 360 Palestinians have been killed in the West Bank since Oct. 7.

The Middle East has seen a dizzying array of strikes and counterstrikes from northern Iraq to the Red Sea and from southern Lebanon to Pakistan.

In recent days, a U.S.-led coalition has carried out strikes against Iran-backed Houthi rebels in Yemen. The U.S. military launched more strikes on 14 Houthi missiles deemed an “imminent threat” by U.S. Central Command as the Houthis continue attacks on commercial and military ships. A bomb-carrying drone launched from a Houthi-controlled area hit a U.S.-owned ship in the Gulf of Aden Wednesday.

Iran has struck what it described as an Israeli spy headquarters in northern Iraq and anti-Iran militants in Pakistan and Syria. Israel and Lebanon’s Hezbollah have escalated the intensity of their fighting across the border, raising fears of another war.

 

AP

RUSSIAN PERSPECTIVE

Russian forces hit over 40 Ukrainian artillery units in Krasny Liman area

Russia’s Battlegroup Center has hit more than 40 Ukrainian artillery units in the Krasny Liman area, the battlegroup’s spokesman Alexander Savchuk told TASS.

"In the course of counterbattery activities, more than 40 enemy artillery units were spotted and hit. Air defense systems destroyed an unmanned aerial vehicle of the Ukrainian army. Ukraine’s losses amounted up to 210 troops, a tank, two armored combat vehicles, two cars, and a D-30 howitzer," he said.

** Russian forces hit Ukrainian stronghold with over 20 soldiers in southern Donetsk area

Artillery units of Russia’s Southern Military District hit a Ukrainian stronghold in the southern Donetsk area, killing more than 20 Ukrainian soldiers, the Russian defense ministry said.

"Crews of 2S1 Gvozdika self-propelled howitzers of the artillery unit of the 49th army neutralized more than 20 Ukrainian soldiers inside a stronghold in the southern Donetsk area in the zone of the special military operation," it said.

According to the ministry, the stronghold was used for attempting another attack. "Reconnaissance unmanned aerial vehicles of the Battlegroup South detected a throng of servicemen of Ukrainian nationalist units in a forest, which indicated that they were forming an assault group for another attack attempt," the ministry said, adding that Russian artillery crews hit several dugouts with troops. "Artillery fire was adjusted in real time from unmanned aerial vehicles," it noted.

 

WESTERN PERSPECTIVE

Russian attack outside Ukraine's Kharkiv kills one, regional governor says

Russian missiles on Wednesday struck a town outside Ukraine's second largest city, Kharkiv, killing one person and damaging an educational institution, the regional governor and the military said.

Governor Oleh Synehubov, writing on the Telegram messaging app, said there were two strikes on the town of Chuhuiv, southeast of Kharkiv.

A woman employee of a heating and power plant was killed. Another person was injured.

Another Telegram channel overseen by the commander of the Kharkiv military garrison said the attack was carried out using S-300 missiles.

On Tuesday, two Russian missiles struck a residential district of Kharkiv, injuring 17 people.

The city is a frequent target of Russian attacks, but has not fallen into Russian hands over the course of Russia's 22-month-old invasion of Ukraine.

Synehubov also reported a woman had died in the shelling of a village near Kupiansk -- scene of months of battles further east in Kharkiv region. Two children were injured.

Authorities in the southern region of Kherson said a man died in his car in near-constant shelling of the region's largest town, also called Kherson.

Russia's Defence Ministry said its forces had carried out a precision strike a day earlier on a building which housed "foreign fighters", most of them French, in the city of Kharkiv. It said more than 60 people were killed.

The Russian ministry provided no evidence.

Reuters could not verify battlefield claims from either side.

 

Tass/Reuters

Business leaders in Davos this week discussed a new Fast Company survey in which some participants said they reacted negatively to the word capitalism.

People under the age of 40 are more negative about capitalism than their older counterparts, according to a recent survey from Fast Company. But these younger generations aren’t defined simply by a story of “just complete anti-capitalism,” argues Megan Holston-Alexander, a partner at Andreessen Horowitz. Rather, they’ll be more excited about the future if they feel like they’re included and have ownership in the companies they help to build and grow.

“We think participation in a capitalist culture as a consumer, an investor, or as talent is really important,” Holston-Alexander said Tuesday during a panel discussion hosted by Fast Company at the annual meeting of the World Economic Forum in Davos, Switzerland.

She heads up the firm’s cultural leadership fund, which is dedicated to creating Black wealth generation. Including different voices and points of view—and reimagining educational requirements to get in the door—will offer a competitive edge, she added.

But before a new group of leaders can transform the future of capitalism, today’s corporate leaders need to do a better job of building trust.

“There may be this fear of capitalism or distrust of capitalism, but I think part of that distrust and how we alleviate some of that distrust is by creating trust and creating credibility and creating openness,” said Rima Qureshi, the chief strategy officer of Verizon and the deputy chair of the Edison Alliance.

Communicating how companies are effective at solving problems also helps to engender trust, said Anthony Tan, the cofounder of Grab, a Singapore-based superapp that encompasses delivery and ride-hailing, along with financial services and mapping. That’s especially important in reaching younger generations—be it employees or customers—who are “high truth-seekers” and want information that’s clear, upfront, and honest, he added.

Finally, the future of capitalism depends on disruption—and both big business and entrepreneurs need to embrace change, noted Florian Hoffman, founder and CEO of The DO School.

“I think what really will change and needs to change is the question of what’s a valuable company? How do we talk about value when we talk about a company?” he asked. “We have to acknowledge that there isn’t a joint story and narrative anymore of what good looks like in the future and what capitalism means.”

 

Fast Company

The world’s five richest men have more than doubled their vast wealth since 2020, according to an Oxfam report, as the charity calls for curbs on “corporate power.”

The report found that the combined fortune of the world’s wealthiest people — Tesla CEO Elon Musk, LVMH boss Bernard Arnault and family, Amazon founder Jeff Bezos, Oracle founder Larry Ellison, and veteran investor Warren Buffett — has jumped from $405 billion in March 2020 to $869 billion in November 2023. Oxfam used data from Forbes and Wealth X which has not been independently verified by CNBC.

Oxfam’s report was published Monday to coincide with the start of the latest World Economic Forum Annual Meeting, which sees the so-called global elite of top business and political leaders meet in Davos, Switzerland, although the five billionaires named in the report are not due to attend.

Seven of the world’s ten biggest companies have a billionaire as their CEO or main shareholder, the report found. Meanwhile, the world’s richest 1% of people own 43% of global financial assets, according to the research, such as publicly listed instruments like stocks and bonds, along with stakes in privately-held businesses.

“If current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years,” Oxfam said.

The charity also highlighted that net profit among 148 of the world’s biggest companies jumped 52% in the year to June 2023, versus their average profits between 2018 and 2021.

“Extreme poverty in the poorest countries is still higher than it was pre-pandemic, yet a small number of super-rich men are racing to become the world’s first trillionaire within the next ten years,” Aleema Shivji, Oxfam’s interim chief executive, said.

The charity called on governments to reduce the gap between the ultra-rich and the rest of society by “reining in corporate power,” including by breaking up monopolies, capping CEO pay and adding new taxes on permanent wealth and excess profits.

 

CNBC

Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion.

The British energy giant pioneered Nigeria's oil and gas business beginning in the 1930s. It has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.

Since 2021, Shell has sought to sell its Nigerian oil and gas business, but will remain active in Nigeria's more lucrative and less problematic offshore sector.

Shell's exit is part of a broader retreat by western energy companies from Nigeria as they focus on newer, more profitable operations. Exxon Mobil(XOM.N), Italy's Eni and Norway's Equinor (EQNR.OL) have struck deals to sell assets in the country in recent years.

The British major will sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, it said in a statement, while the buyers will make an additional payment of up to $1.1 billion relating to prior receivables at completion.

"This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions," Shell head of upstream Zoë Yujnovich said.

The buyer, the Renaissance consortium comprises ND Western, Aradel Energy, First E&P, Waltersmith, all local oil exploration and production companies, and Petrolin, a Swiss-based trading and investment company.

The sale, which Renaissance confirmed, requires the approval of the federal government.

SPILLS AND LAWSUITS

Renaissance will take over the responsibility for dealing with spills, theft and sabotage, said Shell, which has faced in recent years multiple lawsuits for compensation over damage caused as a result of spills in the Niger delta.

Nnimmo Bassey, Executive Director of Nigerian advocacy group Health of Mother Earth Foundation said: "Shell must own up to its responsibility."

"This means full payment for the remediation and restoration of the polluted areas as well as reparations to the host communities. They cannot walk away from the virtually irreparable harm they have caused," Bassey said in a statement.

Shell's SPDC Limited operates and has a 30% stake in the SPDC joint venture that holds 18 onshore and shallow water mining leases. Shell's resources in SPDC reached around 458 million barrels of oil equivalent by the end of 2022.

Other partners in the joint venture are the state's Nigerian National Petroleum Corporation (NNPC), which holds 55%, TotalEnergies, with 10% and Italy's Eni with 5%.

Apart from its operations and stakes in several fields deep offshore, Shell still has a liquefied natural gas plant and other assets in Nigeria.

SPDC, which remains the operator, was formed in 1979, incorporating assets of the older Shell-BP consortium, with its current partners entering at later stages.

 

Reuters

No fewer than 10 persons were feared killed and 15 others hospitalised on Tuesday at the University College Hospital, Ibadan, Oyo State, following an explosion that rocked the Ibadan metropolis.

There was serious panic in the ancient city around 8 pm over the explosion, whose cause could not be confirmed on Tuesday night.

Among the affected areas were a section of the Governor’s Office, Secretariat, Oyo State House of Assembly, the residence of the former Attorney General and Minister of Justice, Bola Ige, some buildings at Ologuneru, Apete, New Garage, Bashorun, Akobo, Sango and Eleyele.

One of our correspondents, who was at the scene of the explosion that occurred at Adeyi Avenue, Bodija Estate, Ibadan, Oyo State capital on Tuesday,  reported that no fewer than 10 bodies were recovered from the site and taken away in ambulances.

As of press time, rescue workers believed that some persons were still trapped under the rubble and efforts were ongoing to rescue them.

A social worker at UCH, who did not want his name in print because he had no authority to speak on the matter, told one of our correspondents that the hospital had received no fewer than 15 victims.

“The victims will not be less than 15,” he said.

Glass windows, doors and ceilings were shattered in the affected areas.

Major roads were deserted while residents were forced indoors by security operatives, including the police, Western Security Network, code-named Amotekun, and local vigilantes, who took over the affected areas.

The cause of the blast could not be confirmed. Some residents of the affected areas claimed it was caused by earth movement while others described it as a blast of an Improvised Explosive Device.

Thick smoke rented the air in the affected areas which resulted in the hospitalisation of the victims in various hospitals.

Security vehicles were sighted conveying the victims to some selected hospitals in the state capital for medical attention.

Also, it was gathered that at least three buildings collapsed as a result of the explosion.

In videos shared on social media, a white pickup van with the inscription Bodija Patrol van was seen conveying what was suspected to be the dead bodies of some of the victims, though the state police command told our correspondent via a WhatsApp message that casualties could not be ascertained.

Another short video also showed some of the places affected by the explosion, with an accompanying male voice calling for help.

“Please, we need help here. These are the people. We need help. Police, Army, and everybody else should come and rescue people here,” the male voice pleaded.

In a video currently in circulation, a yet-to-identified lady said the apartment her mother lived in collapsed as a result of the impact of the loud bang.

The distraught lady said, “I was not there, but my mum stays in Adeyi with my sister and my son. They are badly injured. The house collapsed on them. They are stitching their legs and arms. They are in the hospital beside Ace Mall.”

Another person, who claimed he escaped with his wife and two daughters, recounted how the house they were in practically caved in due to the explosion.

Also seen at the supposed site of the explosion was a mangled body as the sympathisers around the victim lamented the absence of police and emergency responders.

In a statement, the state government, through the Commissioner for Information, Dotun Oyelade, confirmed the explosion.

He said, “There are various interpretations of the incident but it is important for us to state categorically that the state government has taken over and is in full control of the unfortunate occurrence in order to mitigate the incident.

“All security service chiefs, including paramilitary chiefs and fire service operatives, have been deployed by the governor to reign in the spillover from the explosion.

“The Governor, Seyi Makinde, therefore, implores citizens to calm down and rest assured that their interests are being looked after.”

Also, on its verified X handle, the Oyo State Government urged residents to remain calm, noting that an investigation was underway to unravel the cause of the explosion.

“The Oyo State Government is aware of reports of an explosion in Ibadan. Residents are urged to remain calm as security agencies are investigating this to determine the source and cause of the incident,” the X post read.

The police also confirmed the explosion.

The police spokesman, Adewale Oyefeso, said the explosion happened around Dejo Oyelese Street Bodija Ibadan around 7:44 pm.

He said the cause of the explosion was unknown, and no casualty could be confirmed as the search continued on Tuesday night.

“The Commissioner of Police Oyo State Command, in the company with some senior officers and other responders, is on the ground for on-the-spot assessment and rescue operation.

“The Oyo State Police Command has also deployed armed and plainclothes officers to forestall any breakdown of law and order,” the police spokesman said.

A University of Ibadan student, who spoke with our correspondent on the telephone said, “It is true. We all heard the sound, and it was very loud. The cloud is cloudy with smoke. It happened at Bodija, and we in the UI area could see the smoke. Even those at Sango and Ojo heard the sound. In fact, we are all in a room, scared for our lives.”

Motunrayo Adegboro, another resident of Barika, about 15 minutes away from the site of the blast in Ibadan, confirmed the incident to one of our correspondents on Tuesday night.

An X user, @WillieWinehouse, tweeted, “A f***ing bomb just exploded in Ibadan! My entire house and street are in ruins!! What is going on?”

Another X user, @the_beardedsina, said that there were serious casualties and medical personnel were needed.

He tweeted, “Please retweet if you see this. If you are a medical professional in Ibadan and close by, please; our help and assistance are needed at Adeyi Avenue, Bodija. There are serious casualties there. Please help share.”

Survivors recount incident

Survivors of the explosion claimed that dynamite used by miners triggered the explosion which led to loss of lives and property in the community.

One of the survivors identified only as Mohammed said, “When the spark started, it was from the electricals and I brought out my fire extinguisher trying to help. My neighbour told me that it had passed an extinguisher and we needed to call the fire service. I told my son to bring my phone for me to call the fire service before the fire touched dynamite brought home by some miners in the building.

“The explosion threw me away and I thought I was dead. My children and wife are currently at the hospital receiving treatment.”

Another survivor who identified himself as Olaide, noted that they were called out to help douse a fire when the dynamite exploded.

He said, “We didn’t know that they brought anything home. We were only trying to help when we fell. I didn’t know when I woke up. I just found myself lying on the floor. It was scary.”

Lives, property lost

Our correspondent who was at the scene of the explosion saw no fewer than 20 victims being rescued while some were dead.

However, the total number of casualties remained unknown as of reason time.

Not less than 20 houses were affected in the explosion and at least 10 houses were completely damaged.

Our correspondent counted at least 15 vehicles that were completely damaged and more than five cars partly destroyed.

Search and rescue operations ongoing

As of press time, a rescue operation was still ongoing at the site of the explosion.

Rescue workers believed that some persons were still trapped under the rubble and efforts were ongoing to rescue them.

Officials of the Explosive Ordnance Disposal team are investigating to confirm the type of explosive that triggered the explosion.

Still on the explosion, Special Adviser to Makinde on Security Matters, retired CP Fatai Owoseni, gave the following update:

1. No one could authoritatively say what the nature of the explosion is

2. The impact is felt at about 500m radius

3. The explosion happened around Dejo Oyelese Close, Off Adeyi Avenue, Old Bodija

4. There's no need for anyone to go there to see what's happening. Security operatives are there and rescue workers. It's good that they should have clear access to rescue people as some may be buried under rubbles

5. Oyo State governor has instructed hospitals to admit anyone that's brought in from the explosion site and start attending to them immediately

6. All residents in the affected areas are advised to leave their house this evening, just in case of secondary explosion.

7. All hotels are to allow people who come in from the explosion site and around it. The state government will settle them.

 

Punch/NewsScroll