Tagged:

Nigerian Firms to Lose Licences for Neglecting Oil Communities

Oil communities are outraged at how governors have managed the 13% derivation fund. They said that governors have disappointed the oil-bearing states with their distressing performance over the years. Now, the new proposed Petroleum Industry Bill is proposing that any oil and gas company that failed to incorporate the Host Communities Development Trust would have its license revoked. The bill further proposes that the objectives of the trust shall include financing and executing projects for the benefit and sustainable development of host communities. The bill revealed that the power to revoke the licenses is vested on the Minister of Petroleum Resources in the new bill.

InFocus

Pixabay

(file photo).

Follow AllAfrica

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.