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FG Cancels Discretionary Oil Bloc Allocation From Josephine Lohor in Abuja President Olusegun Obasanjo yesterday declared that the era of discretionary allocation of oil blocs in Nigeria was over. Obasanjo who made the declaration while speaking to the Managing Director of NEXEN Petroleum International Limited of Canada, Mr. Richard Owens, at the State House, said such allocation was "absolutely unacceptable." The president said the previous policy of discretionary allocation has been changed to open bidding, based on equity sharing of 50 per cent for government, 40 per cent for the technical partners and 10 per cent for the indigenous company. Obasanjo pointed out that discretionary allocations were contrary to the administration's cardinal policies of transparency, openness and accountability and has been abolished. Owens on his part, told the president that his company had a longstanding relationship with Nigeria, and desired to continue doing business here. Also yesterday, Obasanjo held a forum with stakeholders in the building material sector to assess growth, discuss problems and consider areas of assistance by government to move the sector forward. He told the stakeholders that government was determined to generate employment in all areas, create wealth and eradicate poverty. The sub-sectors under focus were cement, ceramic, galvanised iron roofing sheets, fibre cement, aluminum roofing sheets and iron rods. Others were nail, wire, bolts and nuts, plywood and particle boards, cables and paints. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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