Niger Delta group queries CDP over alleged 5% divestment, seeks shareholder clarification
A civil society organisation, the Niger Delta Transparency Forum, has raised concerns over an alleged 5 per cent divestment in Nigeria involving Cassa Depositi e Prestiti (CDP), questioning whether shareholders
A civil society organisation, the Niger Delta Transparency Forum, has raised concerns over an alleged 5 per cent divestment in Nigeria involving Cassa Depositi e Prestiti (CDP), questioning whether shareholders of the institution are fully informed about the development.
In a statement issued on Tuesday, the Secretary-General of the group, Ebikade Moses, called on the management of CDP to provide clarity on the transaction, particularly in relation to disclosure and due diligence processes.
The group queried whether the institution’s shareholders are aware of the reported divestment and if adequate steps were taken by management to ensure transparency.
“Are the shareholders aware of the 5 per cent divestment in Nigeria? Has the management done their due diligence and disclosed the details to the shareholders? Is the Board worried about potential reputational damage?” the statement read.
The Forum also noted that it remains unclear whether CDP has any direct shareholder relationship with Eni, urging greater transparency around any potential links that may relate to the reported divestment.
The Niger Delta Transparency Forum further expressed concern over the implications of the transaction, especially given CDP’s role as a state-backed development finance institution with significant global investments.
According to the group, there is growing public interest in the matter, particularly as it relates to corporate governance standards and accountability in international financial operations.
The Forum disclosed that it is aware of a scheduled meeting of major shareholders of CDP expected to hold on Wednesday, urging that the issue of the Nigeria divestment be addressed at the meeting.
It stressed the need for transparency in transactions involving developing economies, noting that such actions could have far-reaching economic and reputational consequences.
Efforts to obtain official comments from CDP on the matter were unsuccessful as of the time of filing this report.
