Part of the responsibilities is to ensure environmental justice and restoration of livelihoods in impacted communities.
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The new bill obtained by the News Agency of Nigeria revealed that the companies are expected to engage with the communities to understand their specific needs.
From excerpts in the new Petroleum Industry Bill (PIB) obtained by the News Agency of Nigeria in Abuja, the aim of the trust is to foster sustainable prosperity within the host community.
Okoi Obono-Obla, Chairman, Special Presidential Investigation Panel for the Recovery of Public Property, says oil companies are contributing to the economic adversity of the country.
In a statement by its Director, Communications and Advocacy, Dr. Orji Ogbonnaya Orji, on Sunday, the agency said the call for the review of the obsolete legislation was in view of the revenue losses to the nation.
Mahamudu Bawumia said tax exemptions claimed by some resources companies were not transparent and in some cases not backed by records.
The agreement was signed in Abuja at the Ministry of Petroleum Resources between the Federal Government and Shell, Chevron, Agip, Total, Oando
According to Mark, Nigeria is conscious of the fact that there are frustrations in the oil industry, but said it is only temporary as things are getting better