A Review of the Nigerian Energy Industry

Fashola slams govt delayed investigation of oil subsidy scam

Olasunkanmi Akoni & Monsur Oloowopejo

10 November 2012, Sweetcrude LAGOS – GOVERNOR Babatunde Fashola of Lagos state has criticised the presidency over delay in the investigation of the oil subsidy scandal.

Fashola who made the remarks in Lagos at the two-day Kuramo Conference, 2012 themed: ‘The Global Common Wealth’, said the federal government failed to do its job on the fuel subsidy scandal.

He stressed that the legislature should not have been the first to look at the report but rather, the executive had the responsibility to conduct investigation on the scandal.

“This is because the executive has the responsibility for law enforcement in Nigeria. And anyone found to be implicated during the investigation should have been dismissed immediately. That was why I said that any public office holder that abuses his office should face severe punishment that is available by law,” he said.

The governor emphasised that the oil sector was the most vulnerable sector of the country’s economy, adding, “it is where the major source of revenue of the country comes from.”

On Trade, Fashola advised African countries to engage themselves more in trade in order to fast track the development and prosperity of the continent.

He said that the continent needed to look inwards for answers to some of her economic challenges.

The governor observed that most African countries preferred doing business with the West and Asia, saying the situation had not really helped the economic development of the continent.

Speaking earlier, Collier said that the Federal Government has a huge challenge in managing the country’s oil sector effectively, adding “there are three features lacking in the management of oil sector in the country.”

Soyinka, who chaired the conference, said the downturn in the economies of a number of developed countries should serve as an opportunity for Africa to develop her economy.

He urged leaders to address some of the factors responsible for the economic woes over the years, and begin to reposition the continent for greatness.

Soyinka said if China was able to transform her economy to the second largest in the world in a decade, it was possible for Africa to do the same.

Speaking earlier, Collier said that the Federal Government has a huge challenge in managing the country’s oil sector effectively, adding “there are three features lacking in the management of oil sector in the country.”

Collier explained that the three features which would make the management of the oil sector effective in the country are its rules, institutions and the students.

According to him, “It is the responsibility of the Federal Government to generate the rules and the institution. The rules and institutions are just written on paper, without the critical mass, the citizens understanding the issues, the rules and institutions are dead.”

“Why don’t we promote the United States of Africa in Trade? Why don’t we support the idea of an Afro-zone?

“The integration of Africa in trade will no doubt impact positively on the economies of African countries. This is what we should be thinking about. It is good for our collective prosperity,” he said.

Fashola said Africa was strategic to global economic development, saying the natural and human resources had over years been used to drive the development of western economies.

The governor said it was time for Africa to exploit her resources to develop herself, charging leaders to create the right atmosphere for development to take place in the continent.

Soyinka, who chaired the conference, said the downturn in the economies of a number of developed countries should serve as an opportunity for Africa to develop her economy.

He urged leaders address some of the factors responsible for the economic woes over the years, and begin to reposition the continent for greatness.

The Lagos Kuramo conference is a biennial international summit of multi-disciplinary experts and knowledge aimed at covering emerging legal and economic issues tailored to address advocacy and policy required for shaping governmental decision making.

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  • Let’s hope the presidency doesn’t misconstrue this as another attempt by its enemies to undermine it and send Doyin Okupe, aka, ‘Attack Lion’ afterall those who spoke, especially Babatunde Raji Fashola.