05 September 2017, Sweetcrude, Lagos — Indications are that over 80 percent ownership of private jets in Nigeria was funded through proceeds from oil and gas.
This was disclosed by Prof. Adeola Adenikinju at the ongoing Master Class in Oil & Gas Reporting organised for journalists by the Natural Institute Governance Institute, NRGI.
Prof. Adenikinju explained in the course of delivering a lecture on an ‘Overview of Nigeria Oil & Gas Sector’, said proceeds from oil and gas sector ought to be for the creation of growth in the country and not for personal enrichment.
“I can authoritatively say that over 80 percent of private jets in Nigeria was funded through money from oil and gas,” he said.
He said corruption in the country boils down to the sector’s lack of good governance and transparency.
“The sector lacks good governance and transparency. And that’s why you would see that some people could do whatever it takes to secure oil blocs because, with it, they are made,” he said.
However, he said there are opportunities the sector can create if well managed.
“With proceeds from oil and gas, Nigeria can build a better place for its citizens”.
“But I continue to wonder how much Nigerians can take before they begin to ask for good governance of their natural resources,” he added.
He then called on the media to perform its role as the watchdog of the society.