Niger Delta Leader Backs IOC Divestments, Cites Local Benefits

Niger Delta youth leader, Monoyo Edon has expressed support for the ongoing onshore divestment of International Oil Corporations (IOCs) in the region, despite growing concerns from a coalition of local and international Civil Society Organisations (CSOs).

His comments came after the group called on President Bola Tinubu to halt divestment requests from major IOCs such as Shell, Total, and ENI, warning that an approval could weaken Nigeria’s regulatory framework and harm the interests of local communities. The coalition also argued that such moves could exacerbate environmental damage and deepen existing conflicts in the region.

Speaking in a recent television interview, Edon stated that the divestments present a unique opportunity for local oil companies to take control of the assets and ensure that the benefits of oil production are more directly felt by Niger Delta communities.

“If these oil installations in the Niger Delta are managed by people from this region or from Nigeria, they will have that indigenous feel of the pains of the people,” Edon said.

Edon added that local companies, which have a deeper understanding of the needs of the people, can better address the region’s issues, such as unemployment and marginalization.

He further advocated for these indigenous firms to take over the divested oil assets, suggesting that they would be more inclined to engage in meaningful corporate social responsibility (CSR) initiatives aimed at improving the lives of local residents.

The Niger Delta has long been plagued by environmental degradation, including oil spills, gas flaring, and widespread pollution. These issues have contributed to a cycle of poverty, unrest, and dissatisfaction among local communities, despite the region’s vast oil wealth.

While the federal government has expressed support for empowering local businesses and increasing their participation in the oil sector, the move by IOCs to reduce their presence in the Niger Delta has sparked concerns over its long-term impact.

Edon, however, remains optimistic that with the right local leadership and responsibility, the divestments could usher in a new phase of economic development for the Niger Delta.