Why couldn't the companies, which have been repatriating profits to their home countries over the years, be given some funds
Why couldn't the companies, which have been repatriating profits to their home countries over the years, be given some fundsWhy couldn’t the companies, which have been repatriating profits to their home countries over the years, be given some funds to get them through the rough patch caused by the ongoing reforms in Nigeria that have made it slightly more difficult to repatriate funds, if they were facing difficulties due to their high cost structure or restricted access to foreign exchange...
However, from the way those opposed to the ongoing reforms present the conglomerates’ exit, it appears as though the companies were charity organisations founded by USAID or Oxfam to protect Nigerians from starvation, similar to how Sir Bob Geldorf founded Band-Aid in the 1980s to help raise money to aid starving people in the Horn of Africa.
Following the successful privatisation, American and European businesses have been vying for a share of the pie. A similar situation occurred in the energy sector when no significant European businesses expressed interest at the time it was unbundled. But because of the industry changes brought about by the 2023 Electricity Act, companies like Siemens of Germany, who previously shied away from making large investments in Nigeria’s power sector, are now keeping a close eye on our nation.
When Shell Nigeria perpetrated the crimes on Ogoni territory that the international court in The Hague eventually managed to force it to clean up and is still pursuing, was it not obligated by the highly regarded corporate governance rules in its home countries of England and the Netherlands? In any case, the Nigerian Stock Exchange is doing a fairly good job of regulating publicly quoted firms, and Nigerian extractive industries regulatory agencies in the oil and gas sector are expected to keep a close eye on industries in that sector to ensure that there is not a corporate governance void left by exiting firms with origin in Western countries.
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