 |
|
|
|
|
|
|
|
 |
|
||||||
 |
|
||||||
 |
 |
 |
 |
 |
 |
|
|
Niger Delta Fund Initiative: Group urges oil companies to reveal terms of oil deals
By Samuel Oyandongha
Tuesday, August 12, 2003YENAGOA -- A NONGOVERNMENTAL Organisation, Africa Centre for Geo-classical Economics, has called on the Federal Government and oil companies operating in the Niger Delta to strip the secrecy shrouding all oil deals in the country by publishing what they pay out and receive. Director of the Centre, Mr. Gordon Abiama made the call during an interactive session with newsmen in Yenagoa.
Describing the effect of oil exploration on the people of the Niger-Delta as a paradox, Abiama lamented that oil and gas exploitation in Nigeria has brought corruption and strife instead of socio-economic advancement. Africa Centre for Geo-classical Economics, according to Abiama, has thrown its weight behind the "publish what you pay" campaign targeted at oil companies operating worldwide especially in third world countries adding "natural wealth like oil rightly belongs to the people and is entrenched in the constitution of all countries therefore the government which manages such resources should be held accountable on how the oil revenue is spent".
The solution to the level of funds misuse and official corruption, he said, is to make the oil industry transparent. Abiama further suggests that stock exchanges worldwide should compel listed oil and gas companies to publish an annual figure in non-technical terms of the total net payments they make to the countries where they operate.
While he wants all accounting organisations to increase their standards for disclosures to compel non-quoted companies disclose their revenue.
Abiama who noted that though the Federal Government, in theory, supports the extractive industry transparency initiative wants this support to be in practical terms if the over 40 years of woes on the oil communities and the Nigerian people is to become a blessing.
© 2003. Vanguard Media Ltd.
Rev.David Ugolor, President, African Network for Environmental and Economic Justice (ANEEJ)
123 1st East Circular Road
P.O. Box 3864
Benin City Edo State Nigeria
Tel/Fax:234 52 258748
CELL NUMBER: 234 80 23448216
E-MAIL: aneej2000@yahoo.co.uk.
http://www.earthrights.net/nigeria/news/oildeals.html