FILE: NDDC MD, Samuel Ogbuku
The Managing Director and Chief Executive Officer of the Niger Delta Development Commission, Dr Samuel Ogbuku, has provided more insight into why International Oil Companies (IOCs) are divesting from onshore operations.
Ogbuku said attacks on pipelines belonging to the IOCs are not the only reason they are divesting, selling off onshore assets, moving offshore, or, in some cases, exiting the Niger Delta region.
He revealed that part of the reason is the huge sums of money these multinational oil companies are made to pay as compensation following court judgments.
Dr Ogbuku made the assertion while speaking at the NDDC Law and Development Summit, themed ‘The Role of Law in Driving Sustainable Development in the Niger Delta Region,’ held in Port Harcourt on Wednesday.
