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CIVIL SOCIETY, LEGAL EXPERTS BACK KING DAKOLO’S SUIT AGAINST SHELL’S UNJUST NIGER DELTA SELLOFF
CIVIL SOCIETY, LEGAL EXPERTS BACK KING DAKOLO’S SUIT AGAINST SHELL’S UNJUST NIGER DELTA SELLOFF
By: Michael Mike
A coalition of civil society organisations – Social Action Nigeria, the Health of Mother Earth Foundation (HOMEF), the International Working Group on Petroleum Pollution and the Just Transition in the Niger Delta (IWG), the Bayelsa State Non-Governmental Organisations Forum (BANGOF), HEDA Resource Centre, Kebetkache Women Development and Resource Centre, and others – stands in firm solidarity with His Royal Majesty, King Bubaraye Dakolo, Agada IV of Ekpetiama Kingdom and Chair of the Bayelsa State Council of Traditional Rulers, as the Federal High Court, Yenagoa, convenes today for the first hearing of the suit filed against Shell, the Minister of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Attorney General of the Federation.
The suit challenges Shell’s attempt to divest its onshore oil assets and exit the Niger Delta without first decommissioning obsolete infrastructure, remediating environmental damage, and compensating the Ekpetiama people for long-standing harm. It raises fundamental issues about the constitutional and environmental rights of the Niger Delta’s indigenous communities, Shell’s corporate liability, and the Nigerian government’s responsibility to protect its citizens.
A struggle for justice and dignity in the Niger Delta.
In the statement of claim, King Dakolo outlines how Shell’s operations in the Gbarain oil fields – located within the Ekpetiama Kingdom in Yenagoa Local Government Area of Bayelsa State -have led to massive oil spills, gas flaring, and the destruction of fishing and farming livelihoods. The community’s rivers, forests, and farmlands have been rendered toxic and unsustainable for life and livelihoods.
The plaintiffs argue that Shell’s planned divestment of its interest in the Shell Petroleum Development Company (SPDC) without fulfilling its environmental obligations in accordance with the Nigerian Constitution and laws is illegal and unjust, and that the Nigerian state, through the Minister of Petroleum Resources, NUPRC, and the Attorney General, has failed in its duty to prevent such corporate evasion of responsibility.
King Dakolo and the Ekpetiama people seek to stop Shell’s planned divestment until Shell accounts for its environmental devastation, remediates polluted sites, decommissions obsolete infrastructure, and compensates the host communities affected by over six decades of irresponsible oil extraction.
This suit represents a stand for the rights of host communities and the rule of law in Nigeria. The plaintiffs are asking the court to:
- Declare that Shell’s proposed divestment without environmental remediation and decommissioning is unlawful;
- Compel the NUPRC and federal authorities to fulfill their constitutional and statutory responsibilities;
- Uphold the constitutional rights of affected communities under the Nigerian Constitution (right to life and dignity);
- Prevent the transfer of assets and liabilities to successor companies without legal and environmental accountability.
According to Barrister Chuks Uguru, lead counsel for the plaintiffs, “this action against SPDC, Shell Corporation, Renaissance Group, and federal agents is over the unlawful divestment of oil assets in Ekpetiama Kingdom whose members have the fundamental right to a clean and healthy environment under the Nigerian Constitution and the African Charter.”
Backed by facts: the Bayelsa Commission report
This case is grounded in the extensive findings of the Bayelsa State Oil and Environmental Commission (BSOEC), composed of experts from Europe, North America, and Africa. The Commission revealed that:
- Bayelsa State suffers from some of the worst oil pollution levels in the world, resulting from the operations of Shell and other international oil companies;
- Over 1.5 million people in Bayelsa are impacted by hydrocarbon pollution;
- Communities have been exposed to Chromium, benzene and other cancer-causing chemicals far exceeding World Health Organisation safety limits;
- Oil spills have contaminated nearly all primary water sources, forcing residents to rely on visibly polluted creeks and ponds;
- Soil samples revealed extremely high levels of Total Petroleum Hydrocarbons (TPH), rendering lands unfit for agriculture;
- Air quality measurements near Shell facilities recorded particulate matter and soot far above permissible health thresholds;
- In some communities, fish stocks have declined by over 70%, impacting food security and livelihoods;
- Shell and other oil companies have failed to carry out proper decommissioning and cleanup, leaving rusting, leaking pipelines and abandoned wellheads that continue to pollute.
Shell, the largest operator, was named as a primary culprit.
“This divestment is a crude attempt by Shell to run away from the disaster it created,” said His Royal Majesty, King Bubaraye Dakolo. “We demand justice, not abandonment. Shell must clean up, compensate, and decommission. Only then can it leave.”
This is a test case for corporate accountability
The case has drawn broad support from national and international civil society groups concerned about environmental justice and a just energy transition.
“Shell wants to exit with profit, leaving behind toxic air, poisoned water, and broken communities,” said Dr. Isaac Asume Osuoka, Director of Social Action Nigeria. “We are here to say: no more. Planned onshore asset selloffs by transnational oil corporations must not become a license to flee environmental accountability in the Niger Delta extraction sites, which is home to human beings.”
“The Niger Delta cannot be a sacrificial zone for fossil fuel greed,” added Reverend Nnimmo Bassey, Executive Director of the Health of Mother Earth Foundation (HOMEF). “We stand in solidarity with King Dakolo and the people of Ekpetiama Kingdom in demanding that Shell pay for the damage it has done before it walks away.”
“The evidence is clear. Seventy years of fossil fuel production in Nigeria’s Niger Delta has destroyed ecosystems, economies, environments and human habitats. If just transition is to be more than just a slogan, clean up, restoration, and repair must be mandatory for oil companies divesting, before they up sticks and leave,” said Dr. Kathryn Nwajiaku‑Dahou, Director of the Politics and Governance Programme at ODI Global and co-Convener of the IWG.
International dimensions: precedent for transition justice
Developments in the Niger Delta, which contains the most polluted oil and gas production sites in the world world, have relevance for the global transition away from fossil fuels. That is why this case poses urgent questions about what a just transition means for communities here and others in the tropical regions of the Global South, which are at the frontlines of fossil extraction.
“This case sets a precedent in Nigeria, the Gulf of Guinea region, and globally,” said Professor Engobo Emeseh, Head of the School of Law at the University of Bradford, United Kingdom, speaking for the Legal and Justice Committee of the IWG. “It says clearly: there can be no just energy transition without corporate accountability, environmental restoration, and community consent.”
Call to the judiciary: uphold the law, defend the people
We call on the Federal High Court to act decisively to:
- Restrain Shell and its partners from finalising any asset sale or divestment until full compliance with environmental and human rights obligations is demonstrated;
- Compel regulators like the NUPRC to enforce the Petroleum Industry Act and protect host communities;
- Affirm the rights of indigenous peoples of the Niger Delta to clean environments, safe livelihoods, and full consultation.
“This is a crucial moment in Nigeria’s environmental and legal history,” according to Olanrewaju Suraju, Director of HEDA Resource Centre. “The court has a unique opportunity to uphold justice, protect the rule of law, and demonstrate that no corporation is above accountability in Nigeria.” - CIVIL SOCIETY, LEGAL EXPERTS BACK KING DAKOLO’S SUIT AGAINST SHELL’S UNJUST NIGER DELTA SELLOFF
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UNFPA, Signify partner to illuminate 10,000 healthcare facilities in seven states
UNFPA, Signify partner to illuminate 10,000 healthcare facilities in seven states
…₦-free solar intervention targets underserved communities, strengthens maternal healthcare, emergency response, safety of women and girls
By: Michael Mike
The United Nations Population Fund (UNFPA) and the Signify Foundation have entered into a three-year partnership to deploy 10,000 solar lighting solutions to healthcare facilities in seven states and the Federal Capital Territory (FCT), in a move to address poor lighting and improve access to essential health services in underserved communities.
The initiative, which targets hard-to-reach communities, is designed to tackle one of the often-overlooked challenges confronting healthcare delivery in Nigeria: inadequate and unreliable electricity, particularly in facilities providing maternal and reproductive healthcare services.
Under the partnership, 4,170 Philips Essential SmartBright solar streetlights and 5,830 solar floodlights will be installed across selected healthcare facilities in Borno, Yobe, Lagos, Ogun, Sokoto, Akwa Ibom and the FCT.
The first consignment of 3,334 units, comprising 1,390 solar streetlights and 1,944 solar floodlights, is expected to arrive in Nigeria before the end of 2026.
The intervention is expected to improve the safety, accessibility and operational capacity of health facilities, particularly those serving women, girls, adolescents and other vulnerable populations.
Facilities to benefit include safe spaces, youth-friendly centres, obstetric fistula centres and MAMII health facilities, where reliable lighting is critical to ensuring that patients can access services in secure and dignified environments.
The partnership also comes against the backdrop of persistent electricity challenges in underserved communities, where inadequate lighting can constrain the delivery of healthcare, particularly at night, and expose patients and health workers to additional safety risks.
For maternal healthcare facilities, the availability of reliable lighting is particularly important for emergency deliveries, obstetric interventions and other situations requiring immediate medical attention outside normal working hours.
UNFPA Resident Representative in Nigeria, Ms Muriel Mafico, said reliable electricity remained one of the strongest enablers of quality healthcare, describing the partnership as an important intervention towards improving health outcomes in both development and humanitarian settings.
She said the provision of solar lighting would strengthen healthcare delivery by improving local infrastructure and enabling communities to extend service hours.
“This partnership will strengthen Nigeria’s healthcare delivery system by improving local lighting infrastructure.
“Reliable lighting will enable communities to extend service hours, strengthen emergency and maternal health responses, and improve confidentiality and safety for survivors in designated safe spaces. It will also create opportunities for youth engagement,” Mafico said.
She added that illuminating critical community facilities would support safer environments, strengthen community resilience and contribute to better outcomes for vulnerable populations.
Beyond healthcare delivery, the initiative is expected to improve protection and dignity for women and girls, particularly survivors of gender-based violence who require access to confidential support services in safe spaces.
The lighting intervention will also benefit adolescents and young people accessing youth-friendly centres, where a secure and welcoming environment is essential to encouraging them to seek information and essential health services.
Director of the Signify Foundation, Yue Cui, said the partnership reflected the importance of providing healthcare facilities with the infrastructure required to deliver services safely and effectively.
She said quality healthcare depended not only on medical personnel, medicines and equipment but also on creating safe and adequately lit environments for patients and health workers.
“Solar lighting is a practical solution, it is easy to install and maintain, and can serve communities for years.
“At a time when humanitarian resources are stretched, we hope this partnership shows how our interventions can make essential healthcare services safer and more accessible,” Cui said.
The partnership builds on previous interventions by the organisations in Syria and Sudan, extending their collaboration on sustainable lighting solutions to underserved communities in Nigeria.
The three-year programme also highlights the growing role of renewable energy interventions in strengthening essential social infrastructure, particularly in communities where conventional electricity supply remains unreliable or inaccessible.
UNFPA, the United Nations’ sexual and reproductive health agency, works towards a world where every pregnancy is wanted, every childbirth is safe and every young person’s potential is fulfilled.
The Signify Foundation, an independent non-profit organisation primarily funded by Signify, works to expand access to lighting among underserved communities across the world.
With the first consignment expected before the end of 2026, the partnership is expected to provide an additional layer of support to healthcare facilities, particularly those operating in difficult humanitarian and development environments.
UNFPA, Signify partner to illuminate 10,000 healthcare facilities in seven states
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Nigeria, India Sign Human Rights Agreement as Fagbemi Pledges Support for Implementation
Nigeria, India Sign Human Rights Agreement as Fagbemi Pledges Support for Implementation
…AGF calls for stronger institutional independence, practical safeguards for citizens amid emerging AI-related human rights challenges; NHRC records 384,196 complaints in October
By: Michael Mike
Nigeria and India have signed a bilateral agreement to strengthen human rights protection, institutional capacity and access to justice, with the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, pledging the Federal Government’s support for its implementation.

Fagbemi described the agreement as a strategic partnership between the two countries, stressing that its success would ultimately be measured by its impact on ordinary citizens, particularly vulnerable and marginalised groups seeking justice.
The agreement, executed between Nigeria’s National Human Rights Commission (NHRC) and its Indian counterpart, is designed to deepen institutional cooperation, facilitate knowledge transfer, promote technical exchanges and strengthen operational capacity in addressing human rights violations.
The Attorney-General stated the Federal Government’s position when he received a joint delegation of the two commissions at the Federal Ministry of Justice in Abuja, describing the partnership as timely in an increasingly interconnected world where effective human rights protection requires stronger legal frameworks, institutional collaboration and respect for the rule of law.
The development followed an engagement between the two commissions and the Chief Justice of Nigeria (CJN) at the Supreme Court Complex, Abuja, as part of a working visit by the Indian delegation.
The Nigerian delegation was led by the Executive Secretary of NHRC, Chief Tony Ojukwu, SAN, OFR, FICMC, while the Indian delegation was headed by the Chairperson of India’s NHRC, Justice V. Ramasubramanian, accompanied by the Commission’s Joint Secretary, Mr Samir Kumar.
Fagbemi said the partnership brought together two major democracies with shared common-law traditions, diverse populations and dynamic constitutional frameworks. He also expressed satisfaction with the thematic areas identified for cooperation under the agreement.
He specifically highlighted access to justice and the protection of digital rights as critical areas requiring urgent attention, particularly as emerging technologies, including Artificial Intelligence (AI), continue to reshape society and create new human rights concerns.
According to him, both countries must develop legal safeguards to protect data privacy, prevent algorithmic bias and safeguard civic space, while ensuring that technological advancement does not undermine fundamental freedoms.
He said the Ministry of Justice expected the two commissions to produce actionable research and policy recommendations capable of addressing these emerging challenges.
Beyond emerging technologies, the Attorney-General stressed that Nigeria’s commitment to human rights must be reflected in the practical implementation of constitutional guarantees and international obligations rather than merely in the existence of legal provisions.
He cited the African Charter on Human and Peoples’ Rights, which Nigeria domesticated through the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act, Cap. A9, Laws of the Federation of Nigeria 2004, as a major instrument underpinning the country’s human rights jurisprudence.
The Charter provides important protections relating to non-discrimination, human dignity, fair trial and personal liberty, reinforcing the fundamental rights guaranteed under Nigeria’s Constitution.
Fagbemi maintained that the true measure of a country’s commitment to human rights was its ability to translate constitutional provisions into accessible institutions, accountable public authorities and an independent judiciary.
He assured the Indian delegation that the Federal Ministry of Justice fully supported the bilateral initiative and was prepared to facilitate technical engagements, joint legal reviews and policy consultations aimed at improving the efficiency of the justice sector.
The Attorney-General also reaffirmed the institutional independence of Nigeria’s National Human Rights Commission, stressing that its autonomy was essential to its credibility and effectiveness.
He specifically drew attention to Section 6(3) of the National Human Rights Commission (Amendment) Act, 2010, which provides that the Commission, in exercising its statutory functions, shall not be subject to the direction or control of any other authority or person.
According to him, the administration has continued to respect and protect the Commission’s statutory independence, describing it as fundamental to institutional integrity.
He further noted that the relationship between the NHRC and the Federal Ministry of Justice had been characterised by constructive institutional synergy, mutual respect and a shared commitment to advancing human rights.
The Attorney-General commended Ojukwu and the Nigerian commission for spearheading the bilateral initiative, while expressing appreciation to the Indian delegation for bringing its expertise and institutional experience to the partnership.
Meanwhile, Ojukwu has disclosed that the National Human Rights Commission recorded 384,196 complaints across its 38 locations nationwide in October 2026, representing an increase of more than 45,000 complaints, or 14 per cent, compared with September.
Presenting the Commission’s October 2026 Human Rights Situation Dashboard, the NHRC Executive Secretary said the monthly report remained an important part of the Commission’s commitment to transparency, accountability and evidence-based human rights protection.
He explained that the dashboard provides an opportunity to assess the country’s human rights situation, identify emerging patterns of violations and draw the attention of relevant authorities and stakeholders to issues requiring intervention.
Ojukwu stressed that the dashboard was more than a statistical report, noting that every complaint represented a person, family or community whose rights and dignity deserved protection.
According to him, the increase in complaints could partly reflect greater awareness of human rights and improved access to the Commission’s complaint mechanisms, while also underscoring the continuing challenges confronting individuals and communities across the country.
The October data showed that complaints relating to freedom from discrimination constituted the largest thematic category, with 217,243 complaints.
Of this figure, 184,624 were recorded under the protection of internally displaced persons, highlighting the scale of protection needs among displaced populations and the importance of ensuring that displacement does not deprive individuals and families of their dignity, security and access to basic rights.
Ojukwu said the figures reinforced the need for public institutions to remain responsive, accountable and guided by their human rights obligations.
The NHRC Executive Secretary also highlighted persistent insecurity as a major human rights concern during the reporting period, citing reports of killings, armed attacks and abductions across different parts of the country.
He said the Commission’s Human Rights Observatory documented incidents involving attacks on farming communities, travellers, students, traditional leaders and security personnel.
Particularly concerning were reports of mass killings and abductions in parts of Taraba, Borno, Zamfara, Niger and Plateau States, among other locations.
According to Ojukwu, the incidents have direct human rights implications, affecting the rights to life, liberty, dignity and security of person, disrupting livelihoods, restricting freedom of movement and exposing children and other vulnerable persons to further risks.
He urged relevant security agencies to intensify efforts to protect affected communities, rescue abducted persons and ensure that perpetrators were brought to justice in accordance with the law.
The Commission also expressed concern over the continuing vulnerability of women and children to sexual and gender-based violence, exploitation and abuse.
Ojukwu disclosed that the October Observatory recorded several incidents involving alleged rape and sexual abuse of children, trafficking, domestic violence and other forms of abuse.
Reports of children subjected to severe physical violence, abandonment and neglect further demonstrated the need for stronger child protection mechanisms.
He called for stronger preventive measures, prompt and effective investigations, support for survivors and improved access to justice.
The Commission also documented alleged violations by public authorities and security personnel, alongside concerns relating to freedom of expression and civic space.
Ojukwu reiterated that democratic participation must be protected and disagreements must not be resolved through violence or intimidation. He also stressed the importance of investigating allegations of abuse by public officials through appropriate accountability mechanisms.
The Executive Secretary further raised concerns over electoral violence and political intolerance ahead of the January elections, calling on political actors to exercise restraint and conduct themselves within the provisions of electoral laws and human rights standards.
He emphasised that elections, both in process and outcomes, reflected the interplay of various human rights, with the right to participation serving as a cornerstone of constitutional democracy.
However, he observed that the playing field of the electoral process had not been level, inclusive or peaceful.
Ojukwu said the Commission had witnessed rising electoral violence and political intolerance in recent weeks, urging political actors to respect human rights and the law.
He also reiterated the Commission’s call for the prosecution of persons who had incited hateful and divisive speeches.
Despite the challenges, Ojukwu acknowledged developments during the reporting period that demonstrated the continuing relevance of institutions and processes in advancing human rights protection.
He cited decisions of the ECOWAS Community Court of Justice, including cases concerning the rights of persons in detention and the protection of communal land rights, as examples of the importance of access to justice and regional human rights accountability.
He also highlighted the Commission’s advocacy for economic and social rights during Nigeria’s 66th Independence Anniversary, when it called for rights-based development and equal justice for all.
Similarly, during World Teachers’ Day, the Commission emphasised the need for increased investment in teachers, schools and learning facilities, recognising that the right to quality education required safe learning environments and adequately supported teachers.
Ojukwu also highlighted the Commission’s collaboration with the Centre for Human Rights, University of Pretoria, and BAOBAB for Women’s Rights on the protection of women’s rights.
The Commission convened a two-day stakeholders’ engagement on Nigeria’s implementation of the Protocol to the African Charter on Human and Peoples’ Rights on the Rights of Women in Africa, popularly known as the Maputo Protocol.
The engagement brought together government representatives and civil society organisations to discuss implementation of the Protocol, including the responsibilities of government institutions and the contribution of civil society through monitoring, documentation and shadow reporting.
The Commission also welcomed the participation of the Special Rapporteur on the Rights of Women in Africa, Honourable Commissioner Janet Ramatoulie Sallah-Njie.
Earlier, during the engagement with the Chief Justice of Nigeria, Ojukwu emphasised the complementary responsibilities of the judiciary and national human rights institutions in protecting fundamental freedoms, upholding the rule of law and ensuring access to justice.
He identified complaint management, Alternative Dispute Resolution, security sector accountability, comparative legal research, digital rights, Artificial Intelligence ethics and environmental justice as priority areas for cooperation between both countries.
The Chief Justice reaffirmed the commitment of the Nigerian Judiciary to human rights protection and encouraged both commissions to exchange experiences and adopt best practices, particularly in strengthening safeguards for vulnerable groups, including women, children and persons with disabilities.
The Indian delegation described the engagement as significant to relations between the two countries, noting that the MoU represented a first-of-its-kind institutional partnership for India’s National Human Rights Commission.
According to Ojukwu, the agreement provides a framework for cooperation in the exchange of expertise and best practices, capacity building, joint research and publications, as well as engagement on regional and international human rights issues.
He said the partnership would provide an opportunity for both institutions to learn from each other’s experiences, deepen institutional capacity, broaden their knowledge base and strengthen their respective approaches to the promotion and protection of human rights.
The NHRC Executive Secretary expressed the Commission’s commitment to translating the agreement into practical programmes and sustained cooperation through deliberate planning, regular engagement and the implementation of mutually agreed activities.
The agreement is expected to promote sustained institutional exchanges, strengthen complaint-handling mechanisms, improve professional capacity and encourage comparative research into legal and policy approaches to human rights protection.
Ojukwu also stressed that human rights protection could not be achieved by the Commission acting alone, requiring the commitment of government institutions at all levels, security and law enforcement agencies, the justice sector, civil society organisations, development partners, the media and citizens.
He said the NHRC remained committed to strengthening its monitoring and reporting mechanisms, improving the handling and resolution of complaints, and ensuring that documented concerns informed policy, institutional reforms and appropriate interventions.
He maintained that the Commission’s objective was not merely to record violations after they occurred, but to contribute to a system in which violations were prevented, victims obtained justice and public institutions were held accountable.
Fagbemi, however, cautioned that the ultimate benchmark of the agreement must go beyond official engagements and institutional exchanges to deliver tangible improvements in the lives of citizens, especially those most vulnerable to violations and denied access to justice.
He expressed confidence that the partnership would advance the shared commitment of both countries to human dignity, justice and the protection of fundamental rights.
Nigeria, India Sign Human Rights Agreement as Fagbemi Pledges Support for Implementation
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19 Nigerian Pension Funds Express Interest in Proposed $750m Infrastructure Fund
19 Nigerian Pension Funds Express Interest in Proposed $750m Infrastructure Fund
…UK-backed FSD Africa partners pension industry to mobilise $600m in domestic capital for energy, transport and digital infrastructure
Michael Olugbode in Abuja
By: Michael Mike
Nigeria’s pension industry is seeking to mobilise approximately $600 million from domestic pension funds for a proposed $750 million infrastructure investment platform, which has already attracted interest from 19 Nigerian pension funds.
The initiative, known as the Pension Industry Infrastructure Platform (PIIP), is being developed by the Pension Industry Leadership Council (PILC) in partnership with UK-funded specialist development agency, FSD Africa, to finance infrastructure projects in Nigeria and selected markets across the region.
The partnership was formalised through the signing of an agreement to support the development of the proposed fund.
Under the agreement, FSD Africa will provide PILC with expert advice and technical support, including assistance in selecting a fund manager through a competitive process, engaging potential investors and Development Finance Institutions (DFIs), building capacity and supporting necessary regulatory reforms.
The initiative, developed by Nigerian Pension Fund Administrators (PFAs), with support from the National Pension Commission (PenCom) and FSD Africa, seeks to bring together pension funds and development finance to provide long-term financing for infrastructure projects.
UK Deputy High Commissioner in Lagos, Jonny Baxter, said the partnership reflected the shared ambition of Nigeria and the United Kingdom to deepen Nigeria’s capital markets, mobilise domestic investment and channel long-term capital into the real economy.
He said the UK was proud to partner with Nigeria’s pension industry and PenCom to advance the investment initiative.
“Both our countries are prioritising tackling the challenge of attracting more domestic capital, including from pension funds, into the real economy. It is great to see Nigeria making concrete progress on its efforts and be a part of those opportunities to turn this ambition into investment, jobs, and economic growth,” Baxter said.
Chair of PILC and Director-General of PenCom, Omolola Oloworaran, described the proposed platform as timely, saying the pension industry was committed to mobilising its long-term savings capital for infrastructure development while safeguarding contributors’ retirement savings.
“The pension industry holds the largest pool of long-term savings capital in the country, and we are committed to mobilising it to deepen infrastructure development, while safeguarding the retirement savings of contributors. This MoU is the first step we are taking as an industry, and it is just the beginning,” she said.
Chief Executive Officer of FSD Africa, Mark Napier, said the proposed investment structure held significant promise for Nigeria and Africa.
He noted that the continent had substantial institutional capital but continued to face major infrastructure funding deficits.
“We have observed for several years now the paradox of Africa having significant institutional capital while at the same time facing big infrastructure funding deficits. We are keen to work with PenCom and the pension industry in Nigeria to address this and unlock the capital they manage towards Nigeria’s priority infrastructure,” Napier said.
The proposed platform is targeting an initial capital mobilisation of $350 million at its first close, expected in 2027, before scaling up to $750 million.
At its final target size, PIIP aims to mobilise approximately $600 million from Nigerian pension funds and at least $150 million from development finance institutions.
An initial assessment of Nigeria’s infrastructure pipeline identified 39 projects with potential relevance to the platform, representing approximately $20 billion in investment needs.
The platform will invest in equity and quasi-equity capital, with at least 60 per cent of its portfolio allocated to projects in Nigeria and the remainder available for selected regional investments.
Its proposed structure will comprise a naira-denominated core investment fund and a separate co-investment vehicle, allowing participating pension funds to invest alongside the core fund in selected projects.
A parallel foreign-currency vehicle may also be established to accommodate international investors.
The structure is designed to provide institutional investors with access to professionally managed, long-term investment opportunities while helping to finance infrastructure projects that improve connectivity, support business growth and contribute to Nigeria’s wider economic development.
19 Nigerian Pension Funds Express Interest in Proposed $750m Infrastructure Fund
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