Nigeria: U.S. Mandates Oil Companies to Disclose Payments Abroad

24 August 2012

United States-listed oil, gas and mining companies would henceforth be required to reveal all payments they make to foreign governments, including those for drilling or exploration licences.

The new rules adopted yesterday by the US Securities and Exchange Commission was aimed at increasing transparency of payments made by the companies to a government for the purpose of the commercial development of a country's natural resources.

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