OIL COMPANIES IN NIGER DELTA DON’T LIVE UP TO EXPECTATIONS IN CSR — Okorocha

A former Governor of Imo State who currently represents Imo West Senatorial District at the National Assembly, Rochas Okorocha, has said that oil companies operating in the Niger Delta region don’t fufil their obligations to their host communities in the area of corporate social responsibility.

Okorocha spoke at the Senate plenary on Wednesday, October 2, after Senator Ifeanyi Ubah (YPP-Anambra South) had said there was urgent need to review and recover additional revenue accruable to the Federal Government from the Production Sharing Contracts.

Ex-Governor Gabriel Suswam who now represents Katsina-Ala/Ukum/Logo on the platform of the Peoples Democratic Party at the Senate commended Ubah for the motion, saying there was the need to understand Production Sharing Contracts.

In his response, Okorocha had said, “It is painful that oil companies do not live to expectations in the area of Corporate Social responsibility (CSR). We must call the oil companies to order and be charged to fulfill their CSR in the Niger-Delta area.”

He urged the senators to support Ubah’s motion “so that we can help fix the mess in the Niger-Delta area.”

The Senate consequently resolved to mandate the Senate Committee on Petroleum Resources Upstream in conjunction with the Committees on Judiciary and Finance to investigate the reasons for the failure to review the salient provisions of the PSC Act.

The committee was also mandated to identify the best fiscal regime for the PSCs and review the provisions of the PSC Act to ensure that the share of the Federal Government of Nigeria in the additional revenue is adjusted in accordance with the provisions of the Act.

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