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March 17, 2021
Former National Chairman, Traditional Rulers of Oil Minerals Producing Communities of Nigeria, TROMPCON, HM Charles Ayemi-Botu, has advocated appropriation of not less than 25 per cent equity shareholding in the Petroleum Industry Bill, PIB, for host communities in Niger–Delta to alleviate their troubles.
HM Ayemi-Botu, paramount ruler of Seimbiri Kingdom in Burutu local government area, Delta state, in a statement made available to Vanguard, said the 25 per cent should consequently be increased to 50 per cent over a period of five years to guarantee lasting peace in the oil region.
His words: “The ongoing PIB debate in the National Assembly, NASS, is arguably a litmus test to lawmaking body, hence, it is aptly necessary to caution the lawmakers not to politicize or whip up ethno-religious sentiments due to the overall importance of oil and gas which is the economic live-wire of Nigeria’s existence for the past 63 years from 1958 to date.”
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PIB: N’Delta monarch demands 25% equity shareholding for host communities
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FORMER National Chairman, Traditional Rulers of Oil Minerals Producing Communities of Nigeria, TROMPCON, HM Charles Ayemi-Botu, has advocated appropriation of not less than 25 per cent equity shareholding in the Petroleum Industry Bill, PIB, for host communities in Niger –Delta to alleviate their troubles.
HM Ayemi-Botu, paramount ruler of Seimbiri Kingdom in Burutu local government area, Delta state, in a statement made available to Vanguard, said the 25 per cent should consequently be increased to 50 per cent over a period of five years to guarantee lasting peace in the oil region.
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Sunday Aborisade, Abuja
The Minister of State for Petroleum Resources, Timipre Sylva, has faulted the position of host communities who are insisting on collecting 10 per cent of the operating expenditure of the oil firms to set up a trust fund.
The leaders of the oil rich areas under the aegis of the Host Communities of Nigeria Producing Oil and Gas, had on Tuesday, openly rejected the 2.5 per cent proposed for them in the Petroleum Industry Bill 2020, being considered by the joint Senate Committee on Petroleum Resources, (Downstream, Upstream and Gas).
They insisted that nothing short of the 10 per cent of the operating expenditure they were demanding would be acceptable to them because the proposed 2.5 per cent was grossly inadequate to provide basic social amenities and improve the standard of living of their people.
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Sunday Aborisade, Abuja
The Senate commenced consideration of the Petroleum Industry Bill on Monday with the Women in Energy Network rejecting the 2.5 per cent the host communities are demanding from the investors in the oil and gas sector as annual levies.
The host communities started their demand when they asked for 10 per cent net profit in PIB 2012.
They reduced it to five per cent of actual expenditure in 2018 before they further cut it to the 2.5 per cent of actual operating expenditure in the PIB 2020.
Fresh consideration of the bill resumed on Monday at the opening of a two-day public hearing jointly organised by the Senate Joint Committee on Petroleum Sector (Downstream); Petroleum Resources (Upstream); and Gas.