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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   ..... NATIONAL NEWS Nigeria, Sao Tome assure of transparency on JDZ By Emma Ujah Tuesday, August 10, 2004 ABUJA—THE Federal Government and the Government of Sao Tome and Principe have signed a joint declaration, committing themselves to full transparency over the development of the jointly-owned off-shore oil field, the Joint Development Zone (JDZ), which is located between the two countries in the Gulf of Guinea. Presidents Olusegun Obasanjo and Fradique de Menezes announced that all payments for exploration licences in the JDZ would be made public, and that accounts of the joint development authority would be regularly audited and published. The Publish What You Pay (PWYP) Nigeria, on its website, quoted the two presidents as declaring that their commitment to quarterly and annual publication of payments made by individual oil companies in the JDZ as well as civil society involvement in monitoring its implementation, consistent was with the Extractive Industry Transparency Initiative (EITI) principles. PWYP said it endorsed the nine-point Abuja joint declaration signed by the governments of Nigeria and Sao Tome and Principe to implement transparency and good governance in the zone. Already, the government of Sao Tome has established a law to ensure the transparent utilisation of the oil revenues expected from the JDZ. The legal framework prepared by the Director of the Earth Institute of Columbia University, Mr. Jeffery Sachs, and his team of Columbia Oil Group stipulates that all oil proceeds must be paid into the National Oil Account to be maintained at the Central Bank of the country.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact © 1998- 2004. Vanguard Media Ltd.

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