Nigerian oil tycoons and major oil exporting companies have developed cold feet over plans by the federal government to adopt and partner the United States on a new bill introduced by the U.S.
The bills seeks among other things, to bring to book corrupt oil exporters.
LEADERSHIP gathered yesterday that the Nigerian government through its embassy in the United States is already tracking the new legislation introduced late last month in the U.S that would require oil, gas and mineral companies traded on the U.S. stock exchange to publish details of their deals with foreign governments.
The bill, according to reports will not be limited to American firms only, but would cover any foreign company that is traded on the U.S. exchange or raises capital in the U.S and is thus required to file SEC reports.
Over 100 top oil companies would be affected by the bill designed to promote transparency, particularly in the oil industry, where corruption often keeps profits from trickling down to the local population.
Inside the 1970s British Black Panther movement
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