Business A.M
No Result
View All Result
Monday, February 23, 2026
  • Login
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
Subscribe
Business A.M
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us
No Result
View All Result
Business A.M
No Result
View All Result
Home Frontpage

Nigeria PIB: Group warns against reduction of communities’ equity to 2.5%

by Admin
January 21, 2026
in Frontpage, National: Governance, Policy & Politics, Oil and Gas

By Onome Amuge

 

  • Says it’s insult to Niger Delta oil communities
  • Threatens peace in region
  • Calls for restoration of initial 10% fund

 

The Centre for Human Rights and Anti-corruption Crusade (CHURAC) has described the 2.5 per cent equity voted for oil-producing community in the recently revised Petroleum Industry Bill (PIB) as an insult to the oil communities and a threat to peace in the Niger Delta region.

Nigeria PIB: Group warns against reduction of communities’ equity to 2.5%

The not-for-profit organisation noted its discontentment in a statement by Cleric Alaowei, the national president.

Alaowei stated that when UmaruYar’Adua, erstwhile Nigerian president, granted amnesty to the former Niger Delta militancy group, 10 per cent equity share from the production sharing quota was voted for the oil-producing communities in line with the demands of the ‘freedom fighters’.

The statement explained the 7th National Assembly reintroduced the bill of which 10 per cent host communities’ share was returned, but they couldn’tpass it into law and afterwards, it was reintroduced by the 8th National Assembly, which reduced the host communities’ fund to five per cent.

It was also noted that the initial reduction was met with little resistance as the communities were anxious to have the bill codified.

The group accused President Buhari of refusing to sign the bill into law during his first term in office, which it said is a sinister agenda targeted at removing the host communities’ share in the production sharing quota.

“We are again surprised that the revised executive bill sent to the national assembly by Buhari has reduced the host communities’ fund to 2.5 per cent. This is totally unacceptable to the oil-producing communities. These people suffered the environmental damage occasioned by the unlawful flaring of anthropogenic gas which has caused climate change in the Niger Delta region,” the statement read in part.

The 10 per cent fund in the proposed PIB, according to CHRAC, is the only survival means to rescue the impoverished communities from the economic contraction it is currently facing.

The group disclosed that anything short of the initial 10 per cent equity share is unacceptable to the Niger Delta people.

CHURAC also called on Timipre Sylva, the minister of state, petroleum resources, who it described as a victim of the economic onslaught, to desist from partnering with external forces bent on suppressing the people of the Niger Delta, stating that the initial PIB is a rightful possession of the people.

The Petroleum Industry Bill which was first presented to the national assembly in 2008 during the late UmaruYar’Adua administration is an omnibus law meant to regulate the entire sphere of the Nigerian oil and gas industry.

 

Admin
Admin
Previous Post

VAT pulls N1.53trn into Nigeria’s coffers in 2020, despite pandemic

Next Post

Nigeria banking credit spikes N774.3bn in 30 days on moderately rising minimum LDR

Next Post

Nigeria banking credit spikes N774.3bn in 30 days on moderately rising minimum LDR

  • Trending
  • Comments
  • Latest
Igbobi alumni raise over N1bn in one week as private capital fills education gap

Igbobi alumni raise over N1bn in one week as private capital fills education gap

February 11, 2026
NGX taps tech advancements to drive N4.63tr capital growth in H1

Insurance-fuelled rally pushes NGX to record high

August 8, 2025

Reps summon Ameachi, others over railway contracts, $500m China loan

July 29, 2025

CBN to issue N1.5bn loan for youth led agric expansion in Plateau

July 29, 2025

6 MLB teams that could use upgrades at the trade deadline

Top NFL Draft picks react to their Madden NFL 16 ratings

Paul Pierce said there was ‘no way’ he could play for Lakers

Arian Foster agrees to buy books for a fan after he asked on Twitter

MISR Insurance eyes Nigeria following talks with NAICOM

MISR Insurance eyes Nigeria following talks with NAICOM

February 23, 2026
MultiChoice enters new era as Canal+ finalises $3bn acquisition

MultiChoice hits pause on price hikes to focus on subscribers retention

February 22, 2026

IHS Towers agrees $6.2bn sale to MTN with 239% premium for shareholders

February 22, 2026
Unilever Nigeria expands social investment with Ogun school upgrade

Unilever Nigeria expands social investment with Ogun school upgrade

February 22, 2026

Popular News

  • Igbobi alumni raise over N1bn in one week as private capital fills education gap

    Igbobi alumni raise over N1bn in one week as private capital fills education gap

    0 shares
    Share 0 Tweet 0
  • Insurance-fuelled rally pushes NGX to record high

    0 shares
    Share 0 Tweet 0
  • Reps summon Ameachi, others over railway contracts, $500m China loan

    0 shares
    Share 0 Tweet 0
  • CBN to issue N1.5bn loan for youth led agric expansion in Plateau

    0 shares
    Share 0 Tweet 0
  • Glo, Dangote, Airtel, 7 others prequalified to bid for 9Mobile acquisition

    0 shares
    Share 0 Tweet 0
Currently Playing

CNN on Nigeria Aviation

CNN on Nigeria Aviation

Business AM TV

Edeme Kelikume Interview With Business AM TV

Business AM TV

Business A M 2021 Mutual Funds Outlook And Award Promo Video

Business AM TV

Recent News

MISR Insurance eyes Nigeria following talks with NAICOM

MISR Insurance eyes Nigeria following talks with NAICOM

February 23, 2026
MultiChoice enters new era as Canal+ finalises $3bn acquisition

MultiChoice hits pause on price hikes to focus on subscribers retention

February 22, 2026

Categories

  • Frontpage
  • Analyst Insight
  • Business AM TV
  • Comments
  • Commodities
  • Finance
  • Markets
  • Technology
  • The Business Traveller & Hospitality
  • World Business & Economy

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy
Business A.M

BusinessAMLive (businessamlive.com) is a leading online business news and information platform focused on providing timely, insightful and comprehensive coverage of economic, financial, and business developments in Nigeria, Africa and around the world.

© 2026 Business A.M

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Technology
  • Finance
  • Comments
  • Companies
  • Commodities
  • About Us
  • Contact Us

© 2026 Business A.M