Niger Delta Group Questions CDP's 5% Divestment Transparency

The Niger Delta Transparency Forum raised concerns about the alleged five percent divestment by Cassa Depositi e Prestiti (CDP) in Nigeria. The Secretary General of the forum, Ebikad Mose, called for CDP to provide clarity on the transaction, particularly regarding disclosure and due diligence processes.

The forum questioned whether CDP's shareholders were adequately informed about the divestment and whether appropriate steps were taken to ensure transparency. They expressed worries about potential reputational damage stemming from the transaction, especially given CDP's role as a state-backed development finance institution.

The forum highlighted the growing public interest in corporate governance standards and the implications of such transactions on Nigeria's economic reputation. They noted that it remains unclear whether CDP has a direct shareholder relationship with Eni.

The Niger Delta Transparency Forum is set to meet with major shareholders of CDP to address these issues and stress the need for transparency in transactions involving economic development.