Governors demand relocation of oil firms’ head offices to SS/SE

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Governors of the South-East and South-South states have urged the Federal Government to prevail on multinational oil and gas corporations to relocate their corporate headquarters to their areas of core operations in the two regions, The Guardian reports.

The governors lamented that despite providing the necessary logistic support to the security agencies, perceptions of insecurity are on the rise, preventing inflow of direct foreign and local investment into the regions. These were contained in a statement endorsed by the Chairman of the South-East and South-South Governors’ Forum and Akwa Ibom State governor, Udom Emmanuel, at the end of its meeting at the Government House, Port Harcourt, Rivers State.

The leaders also said the emerging trend where approvals for investments in the oil and gas industry are granted for siting in locations outside where the resources are domiciled was unacceptable. Vice President Yemi Osinbajo had earlier this year directed all multinationals operating outside the oil producing states to relocate their corporate headquarters there. But this directive is yet to be heeded.