✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Ogoni clean up: Oil firms pay N64.8bn into Escrow account

International Oil Companies (IoCs) have so far contributed about $180 million (about N64.8 billion) of the expected $200m into the London escrow account of the Standard Chartered Bank for the $1 billion Ogoni clean up.

The Programme Manager, Civil Society Legislative Advocacy Centre (CISLAC), Kolawole Banwo, who spoke in Lagos yesterday, said it was separate from the $10million released by Shell Petroleum Development Company (SPDC) to Hydrocarbon Pollution Restoration Project (HYPREP) for initial administrative expenses.

Speaking on the United Nation Environmental Report (UNEPR) on Ogoniland released in August 2011, Banwo said the multinational oil companies, Shell JV, which comprise of NNPC, Total, Agip Oil Company (NAOC) are expected to contribute 90 percent of the $1 billion clean-up fund in the first five years while Port-Harcourt is expected to contribute $300 million into the fund. The Clean -up exercise will take 25-30 years to accomplish, the report noted.

SPONSOR AD

“Sequel to ground-breaking ceremony for the Integrated Contaminated Soil Management Centre in February 2017 performed in Bori by the Vice President, Yemi Osinbajo, the federal government had incorporation of the Ogoni Trust Fund and Escrow Account opened in Standard Chartered Bank of London for the board of trustee of HYPREP and credited with $180m in 2018. Mobilization of contractor and hand-over of sites to contractors handing over 16 polluted sites to companies that would clean them up in December 2018,” he noted.

Despite the contributions from the oil firms, according to Banwo there is nothing on ground adding that there is  absence of the integrated contaminated soil management centre which comprising an incinerator, thermal unit, soil washing unit and a contaminated water treatment unit

He called on HYPREP to immediately commence the implementation of the livelihood component of the United Nations Environmental Programme (UNEP) report.

However, reacting to the Ogoni Restoration Fund contributions update, spokesperson for the SPDC, Bamidele Odugbesan, said the SPDC JV actually contributed a total of $180million at the end of 2018.

He said: “SPDC actively supports the clean-up process as a member of the Governing Council and Board of Trustees to oversee HYPREP to implement the UNEP Report in Ogoniland.

“The SPDC JV provided $10 million in 2017 to help set up the HYPREP office. $170 million was deposited into an escrow account in 2018 and $180 million will be allocated by the JV to fund HYPREP’s activities each year from 2019 to 2022”, he stated.

According to the HYPREP Gazette, a copy of which was made available to our correspondent, the SPDC JV comprising SPDC, NNPC, Total and Agip, are to contribute 90 percent of the $1billion cleanup fund for the first five years of the exercise. Refineries and other local operators are to contribute 5 percent each.

Sponsored

Discover the latest trends on Temu! Shop mobile phones, fashion, beauty, home essentials & more. Start exploring now!


Click here to learn how it works.

Sponsored

Unlock AI's potential! Get top prompts for content, blogs, social media, research, draft proposals and more. Boost creativity start using AI tools today!


Click here to learn how it works.

Sponsored

Start Affiliate Marketing Today! Learn step-by-step how to set up a blog, find programs, create links, and earn money—beginner-friendly guide inside!


Click here to learn how it works.

Sponsored

Join our FREE WEBINAR! Discover the 3-step formula to turn WhatsApp into a cash-generating machine. Sign up now and start earning!"


Click here to learn how it works.

Sponsored

Master Facebook Ads! Learn to set up Business Manager, run campaigns, optimize budgets, and drive sales. Start your journey to ad success today!"


Click here to learn how it works.

Sponsored

Unlock your confidence and attract the love you deserve! Learn how to become irresistible to women—start your transformation today!"


Click here to learn how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.