1 February 2013

Liberia: Oil Revenue Management May Cause Disaster in Liberia If...

The immediate past President and Chief Executive Officer of the National Oil Company of Liberia (NOCAL), Christopher Nyeor, has asserted that the management of Liberia's oil revenue may cause disaster here. He added that if the country's oil revenue management function is taken away from NOCAL and given to the Ministry of Finance, "that will be a prescription for disaster."

He justified that by just turning over the function of oil revenue management from NOCAL to the Ministry of Finance without what he calls a proper structuring of what to do with revenue accrued from Liberia's oil; this would spell a complete disaster for the country.

However, the former NOCAL boss, who fell short of clearly stating the form of disaster that would befall the country, recommended that an oil revenue management commission be set up for the management of the country's oil revenue. He averred that the composition of his proposed oil revenue management commission should be made up of one individual each drawn from the 15 political sub-divisions of Liberia.

He then called on the Government of Liberia (GoL) "to separate the functions of NOCAL being an oil company, NOCAL being a regulator and NOCAL being a revenue collector for the Government and people [of Liberia]."

He indicated that the structure of the Liberian oil sector needs to be redefined in order for corruption to be taken away from the sector, adding that the reform process of the country's oil sector needs to take into consideration the building of human resource capacity.

He intoned that resources expected to be accrued from the nation's oil revenue "is huge, it's unthinkable, and that's why there is so much temptation in this business", noting that: "we have to take those of our citizens with the best integrity to spearhead this, and pay them well." He made these assertions Thursday, 31 January 2013 when he appeared as guest on the populous local radio talk show, Truth Breakfast Show, simulcast on Truth FM radio and Real TV.

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