The Niger Delta Transparency Forum has demanded answers from Cassa Depositi e Prestiti, an Italian state-backed development finance institution, over a reported five per cent divestment in Nigeria that the group says shareholders may not know about.
Ebikade Moses, the forum's secretary-general, issued a statement yesterday asking CDP's management to explain the transaction and whether proper disclosure and due diligence were followed. The core question is straightforward: do shareholders know what is happening with their money?
"Are the shareholders aware of the five 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?" Moses said in the statement.
The forum also wants clarity on whether CDP has any direct relationship with Eni, the Italian oil and gas company, and whether such a connection relates to the reported divestment. The group noted that this matters because CDP is not just any investor. It is a state-backed development finance institution with global reach, meaning its actions carry weight beyond ordinary commercial transactions.
Moses highlighted growing public concern about corporate governance and accountability in international financial operations. When institutions like CDP move money around in developing economies, the stakes are high. Economic consequences can ripple across entire regions, and reputational damage can affect trust in international finance.
The forum revealed it knows of a major shareholders meeting scheduled for today, and it is calling on that gathering to address the Nigeria divestment directly. The group wants the issue on the agenda and wants answers in the open, not in boardrooms.
Transparency in these transactions is not a luxury, the forum said. It is essential, especially when developing economies are involved. What happens in Lagos, Abuja, or Port Harcourt when international investors suddenly pull money out can reshape entire sectors and affect thousands of livelihoods.
The statement signals that the Niger Delta Transparency Forum will not let this matter slide quietly. With a shareholders meeting happening today, the pressure on CDP to respond publicly is immediate and direct.
