Niger Delta lawmakers insist on 65% ownership of Oil wells

Niger Delta lawmakers have called on the Federal Government to review the ownership structure of oil wells in the country to allow for 65 per cent ownership by the people of the region. This should be done to in order to facilitate development in the South-East and South-South of Niger Delta region. 

In the statement made by some principal officers and members of the House, they said :

“The people of the Niger Delta region should possess at least 65 per cent of the oil wells contrary to the present ownership structure where less than 10 per cent of the oil blocks belong to our people.” “There is an urgent need for the Federal Government of Nigeria to put in place adequate machinery that would ensure direct payment of derivative oil funds into the hands of Niger Delta benefiting communities,” “Legislators of the Houses of Assembly in the South-South and South East can no longer watch helplessly as our region drifts aimlessly while our people walk the razor edge under the strain of impoverishment, environmental degradation, insecurity and uncertainty on the one hand and the destruction of oil/gas installations and the attendant consequences including their impact on the eco-system and the economy on the other hand.”“They must embrace dialogue and diplomacy and channel their grievances through various constituted platforms.”

Source: Vanguard