Divestment: Set up Remediation Bond Now- ERA/FoEN Tells FG
Imó Etim
Environmental Rights Action/Friends of the Earth Nigeria (ERAFoEN), an environmental human rights advocacy organisation has called for an environmental remediation bond to be set up by the government to forestall the issues that will stem from the ongoing divestment by International Oil Corporations from the Niger Delta.
Prince Chima Williams Esq, the Executive Director of ERA/FoEN made the call on Saturday, June 10, 2023 during the Town Hall meeting on IOCs divestment from the Niger Delta held in Uyo.
Prince Williams noted that the practices of International Oil Corporations have had adverse effects on the Niger Delta people, ranging from gas flaring to oil spillage, as such, it was irrational for the IOCs to contemplate divestment without engaging with members of the communities on ways to correct and compensate them for the damages incurred from the oil exploration.
He pointed out the need for the Federal Government to set up an environmental remediation bond that will set aside funds to tackle environmental issues when such needs come up without waiting for a budgetary approval.
He said: “Government should design an environmental remediation bond, put money into that bond and set up structures to manage those resources on behalf of the Nigerian people.
Williams recommended that representation should come from government agencies, investing and divesting companies, community representatives and Civil Society representatives who have understanding of the issues.
“What will the bond do? If such a bond is in place, if there is any mishap, the government will not wait for the Oil Companies or to do it via budget because there would be money set aside through the bond”, he said.
The environmental activist pointed out that ERA is not calling for IOCs to leave the Niger Delta, but to ensure that Niger Delta people receive the same kind of treatment extended to their citizens abroad.
The Executive Director of ERA said if they must leave, certain needs must be met, one of which is leaving the communities better than they met before oil exploration. He added that the indigenous companies interested in acquiring facilities from IOCs lacked the requisite capacity to take over.
Apostle Ufot Phenson, President General of Akwa Ibom Oil Producing Community Development Network (AKIPCON), while presenting a paper on the topic; ” The Policy of International Oil Corporation (IOCs) Disinvestment in the Niger Delta Region: A wider perspective of Crude Oil extraction in Akwa Ibom State”, decried the system of neo-colonialism deployed by IOCs to continually grow the economy of western countries at the detriment of African countries, citing evasion of remediation and other responsibilities to the polluted Niger Delta region, operating by proxy, profit maximization as some of the major reasons of IOCs disinvestment in the region.
The AKIPCON President General called the government to overhaul all IOCs monitoring and regulatory bodies to make it more effective.
Also speaking was Comrade Mfat Friday from Ikot Ada Udo who applauded the efforts made by ERA in making it a reality that one of the IOCs was in talks with Ikot Ada Udo community in Ikot Abasi local government area towards compensation for the damages done to their community due to oil spillage.
Mr. Ebong Ekanem from Policy Alert, stressed the need for the government to put in place regulatory agencies to look into the issue of divestment.
Mr Mfon Gabriel from Policy Alert also cited the issue of decommissioning by Oil companies as one of the reasons causing the IOCs to want to let out their facilities to indigenous companies, facilities he pointed were not in their best state.
Other members who contributed to the discourse included, Rhoda Peter from Ibeno who decried the worsening state of living in Ibeno due to oil extraction.
She said the soil and water bodies and aquatic lives have been negatively affected.
Mr Koko Udo, also pointed out the need for the government to look into providing basic amenities to host communities beyond what oil companies can provide.