3rd February, 2017
Abuja, Nigeria…The Africa Network for Environment and Economic Justice, ANEEJ, has strongly condemned the repeal of Section 1504 of the Cardin-Lugar anti-corruption rule of the United States 2010 Dodd-Frank Financial Reform Act which requires any oil, gas or mining company to file an annual report which discloses what the oil companies pay to host governments annually.
‘What this obnoxious repeal translates to is that it promotes impunity, is a huge boost for corruption to thrive in Africa, and assists international oil companies to be opaque. Prospecting oil companies in Nigeria have allegedly sexed-up what accrues to them, and therefore this repeal by the US Congress further encourages them to shortchange oil-based economies of Africa’, ANEEJ executive director, the Rev David Ugolor has said in a statement released to the press today.
Under the repealed section, international oil companies in host communities are required to disclose the balanced amount of their accruals from prospecting oil and what they have paid to their host communities. These companies were expected to disclose project level information for all payments of $100,000 or more to host countries. These disclosures would include total amounts of payments for projects, type and amount made to each government including information of the geographical location of that government, the currency and financial periods such payments were made. Repealing that section is a license for corruption and hands a Father Christmas gift to dictatorial regimes in Africa.
‘The repeal clearly demonstrates that the US government has abdicated its role as leader in the fight against corruption in Africa, and is resolute with siding with big multinationals for profit, against the poorer economies of the world where resources are mined. Unfortunately, since corruption takes basic welfare and livelihood from the economies of Africans, ANEEJ foresees a rise in the number migrants from Africa seeking greener pastures abroad. We call for a global coalition of stakeholders to put pressure on the US President Mr. Trump to set aside this unfortunate action of the US Congress’, the Rev Ugolor has said.
Find here links: http://www.resourcegovernance.org/news/2016-dodd-frank-ruling