Northern cabals and their shady oil deals Exposed

By Amako Nneji February 10, 2016 15:59

Northern cabals and their shady oil deals Exposed

The shady deal in the oil sector has come to the limelight as the Nigerian Extractive Industries Transparency Initiative, NEITI, disclosed that the organization was finding it pretty difficult to unmask the owners of oil blocks, as well as, oil and gas assets in the country.

NEITI added that powerful owners of oil blocks had manipulated their records with the Corporate Affairs Commission, CAC, in order to hide their true identity.

Its Acting Executive Secretary, Ogbonnaya Orji, who spoke in Abuja, on Tuesday, February 9, during a meeting with delegates from the global Extractive Industries Transparency Initiative, EITI, noted that the issue of beneficial ownership as contained in EITI’s standards, requires the identity of the true owners of oil blocks.

“Beneficial ownership requires us to explain or provide information on the owners of certain oil blocks. But Nigeria is one kind of country; that is why I say nobody is going to suspend us; when you think we are going down, we tend to rise up and surpass expectations,” Orji said.

He added that records of the companies with the CAC are shrouded in secrecy and do not provide correct information about the true owners.

He said this has been a challenge in implementing specific requirement of EITI, and appealed to EITI to understand the peculiarities in the Nigerian environment.

Recall that 2 days before former President, Goodluck Jonathan handed over power to President Muhammadu Buhari, he had called for a probe into the way oil wells and fields were allocated in the past.

Related:  Probe how oil wells were allocated in past administrations too – Jonathan dares Buhari

The former Chairman of the Senate Committee on Business and Rules and now Special Adviser to Buhari on National Assembly matter, Senator Ita Enang, had previously made a shocking revelation that 83 percent of oil blocks in the country were owned by Northerners.

“There should be equity and federal character in the allocation of oil blocks in this country. Eighty-three percent of all present oil blocks are held by northerners,” Enang had let the cat out of the bag.

Enang’s disclosure came a day after the debate on the Petroleum Industry Bill, PIB, which sparked controversy amongst legislators, splitting senators along North-South lines.

The senators from the North had strongly opposed the provision of a 10 percent charge to Host Community Fund in the bill.