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House of Reps Halts Oil Company Divestments Over Unresolved Liabilities
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Additionally, the House is pushing for the creation of an Environmental Restoration Fund, funded by the IOCs, to tackle the estimated $100 billion in damages outlined by the United Nations Environment Programme (UNEP) and the Bayelsa State Commission. Legislators also demand the introduction of profit-sharing arrangements to ensure host communities receive direct benefits from oil and gas revenues.
The Upstream Petroleum Regulatory Commission has been directed to strictly enforce the Petroleum Industry Act (PIA) by scrutinizing all divestment applications, ensuring corporate accountability, and thoroughly assessing the financial, technical, and environmental capacity of new operators before approvals are granted.
These resolutions followed a motion of urgent national importance sponsored by House Minority Leader, Rep. Kingsley Chinda, titled “The Need to Protect Environmental Integrity, Community Welfare, and Regulatory Independence in the Niger Delta by Halting Divestments of International Oil Companies, including Shell and TotalEnergies.” The motion was debated and adopted during Thursday’s plenary session.
Speaking on the motion, Chinda emphasised the federal government’s responsibility to safeguard the rights and welfare of its citizens, particularly Niger Delta residents, who have suffered decades of environmental degradation and socio-economic hardship due to oil exploration. He warned that approving divestments without resolving these long-standing issues would set a dangerous precedent.
Lawmakers who spoke in support of the motion acknowledged the federal government’s ongoing efforts to address oil industry challenges through relevant agencies.
Chairman of the House Committee on Petroleum Upstream, Rep. Alhassan Ado Doguwa, emphasized that legislative intervention would enhance these efforts, ensuring a more comprehensive approach to managing oil sector transitions.
“This motion not only allows us to tackle the pressing issues affecting our people, but it also provides an opportunity to revisit existing legal frameworks. We must introduce permanent statutory provisions to address gaps that were overlooked during the enactment of the Petroleum Industry Act (PIA),” Doguwa stated.
He further clarified misconceptions about divestment, explaining that International Oil Companies (IOCs) are not physically exiting Nigeria but rather shifting investments from shallow-water to deep-sea operations.
“Divestment, in this context, does not mean these companies are leaving Nigeria entirely. They remain committed to their corporate, commercial, and economic responsibilities within the sector. It is essential that this distinction is understood,” he added.
Deputy Chairman of the House Committee on Environment, Rep. Tersee Ugbo, noted that multiple committee sessions and retreats had revealed a critical oversight: the PIA lacks clear provisions on how divestments should be handled.
“We discovered that divestment was completely omitted from the PIA, and there are no proper legal guidelines for how IOCs should exit their investments. This gap has led to discussions on the need for a Divestment Act to establish a structured framework for such transitions,” Ugbo explained.
Lawmakers stressed that without a well-defined regulatory structure, unchecked divestments could pose significant economic and environmental risks to host communities and the country at large.
The Federal Government has declared Wednesday, May 27 and Thursday, May 28, 2026, as public holidays to mark Eid-el-Kabir.
Minister of Interior Olubunmi Tunji-Ojo announced the holidays on Monday in a statement signed by the ministry’s Permanent Secretary, Magdalene Ajani.
Tunji-Ojo congratulated Muslims in Nigeria and abroad, calling Eid-ul-Adha a festival of sacrifice, obedience to God, and compassion. He urged Nigerians to use the period for prayer and reflection on peace, security, and national prosperity.
“The Federal Government urges all Nigerians to use this period for prayer and sober reflection, asking for divine see guidance as it continues its pursuit of peace, security, and prosperity for every citizen,” the statement read.
World oil prices tumbled on renewed optimism about an agreement, after top US diplomat Marco Rubio suggested a deal could be reached within the day.
Iran warned Monday that, while some progress had been made, it was not yet close to striking a deal with the United States to end the Middle East war, after a weekend of mixed messages from Washington and Tehran.
World oil prices tumbled on renewed optimism about an agreement, after top US diplomat Marco Rubio suggested a deal could be reached within the day — but Iran’s foreign ministry spokesman responded: “No one can make such a claim.”
Meanwhile, Pakistan’s Prime Minister Shehbaz Sharif — whose government is spearheading efforts to mediate a negotiated agreement between the United States and Iran — met China’s President Xi Jinping in Beijing.
US and Iranian forces have observed a ceasefire since April 8 while diplomats push for a negotiated settlement, although Iran has maintained controls on Gulf shipping through the Strait of Hormuz and the US Navy has sought to blockade Iran’s ports.
“We thought we might have some news last night, maybe today,” US Secretary of State Rubio told reporters during a visit to New Delhi, referring to hopes for a deal.
“We have what I think is a pretty solid thing on the table in terms of their ability to open up the straits, get the straits open,” he said.
“We’re either going to have a good agreement or we’re going to have to deal with it another way. We’d prefer to have a good agreement,” he said.
But in Tehran, foreign ministry spokesman Esmaeil Baqaei poured cold water on hopes for a quick final settlement.
‘Certain fees’
“It is correct to say that we have reached a conclusion on a large portion of the issues under discussion,” he told a weekly news briefing.
“But to say that this means the signing of an agreement is imminent — no one can make such a claim.”
Baqaei stressed that Iran would continue to manage maritime traffic through the Strait of Hormuz by charging service fees — arguing that this did not amount to Tehran “seeking to collect tolls”.
“The services that are provided — navigational services in addition to the measures necessary to protect the environment of the Strait of Hormuz, the Persian Gulf and the Sea of Oman — require the collection of certain fees,” he said.
Earlier, President Donald Trump had said that he had told his negotiators “not to rush into a deal, in that time is on our side”, and warned that the US naval blockade would remain in place until a deal was reached.
A post on Trump’s Truth Social read: “If I make a deal with Iran, it will be a good and proper one,” adding that: “It isn’t even fully negotiated yet.”
Israel’s Prime Minister Benjamin Netanyahu said Sunday that he and Trump had agreed that “any final agreement with Iran must eliminate the nuclear threat entirely.”
‘Lasting peace’
Iranian officials have stressed that, despite the long-standing US demand for an end to its uranium enrichment, talks on the issue of Iran’s contested nuclear programme have been deferred until after an initial agreement.
The war, which erupted after the United States and Israel attacked the Islamic republic on February 28 and saw Iran respond with missile and drone attacks across the region, drove energy prices higher.
Crude oil remains expensive by recent standards, but prices have see-sawed and Monday’s mood of relative optimism caused prices to plunge by almost five percent.
The price of North Sea Brent crude and West Texas Intermediate slipped to $99.00 and $92.10 a barrel respectively.
On Saturday, leaders from Saudi Arabia, the United Arab Emirates, Qatar, Egypt, Jordan and Bahrain, as well as representatives from Turkey and Pakistan, joined a call with Trump to discuss the deal.
The focus of international efforts moved to Beijing on Monday, where Pakistan’s Sharif and army chief Asim Munir, who visited Tehran on Saturday, met senior leaders including Xi and Premier Li Qiang.
Speaking to Chinese leaders, Sharif said “the world is passing through a critical moment”, Pakistan’s state-run PTV channel showed.
“Things are moving in the right direction. I would like to thank China’s support to promote peace.”
AFP
A young politician and community mobilizer in Ebubu, Eleme Local Government Area of Rivers State, Samuel Obe Ngobe, has been killed by gunmen suspected to be assassins.
It was gathered on Monday that the incident occurred on May 22 when the assailants invaded a hotel in the community owned by the deceased and shot him dead.
The two suspects, who were masked, invaded the area on a motorbike and went straight to the politician and opened fire on him.
It was also gathered that the assailants carted away cell phones from the hotel workers to prevent them from raising an alarm.
When contracted on Monday, the Police Public Relations Officer of the Rivers State Command, Agabe Blessing Kaborlo, confirmed the killing.
The PPRO said, “Investigation is ongoing on the matter”.
FG declares May 27-28 Public holiday to markEid-el-Kabir
Iran Warns Deal With US Not Yet Close, Despite Minimal Progress
Sad: Two hooded men gun down politician in his Rivers State hotel
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