IOCs Divesting from Nigeria Due to Heavy Taxation, NDDC
Dr. Samuel Ogbuku, the Managing Director of the Niger Delta Development Commission (NDDC), provided insights into the reasons behind the divestment of international oil companies (IOCs) from onshore operations in Nigeria. Speaking at the NDDC Law Development Summit held in Port Harcourt, he stated that the divestment is not primarily due to pipeline vandalism but rather the heavy taxation and substantial compensation payments that IOCs are required to make following court judgments.
Ogbuku emphasized that these financial burdens significantly impact the operational viability of these companies. He noted that the NDDC aims to engage legal experts to discuss the role of law in driving sustainable development in the Niger Delta region.
Ogbuku also highlighted the importance of legal frameworks in ensuring societal discipline and development, referencing social contract theories by philosophers like John Locke and Thomas Hobbes to underline the necessity of law in civil society.
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