Reliability Of The Oil And Gas Contracts

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Contrary to the results obtained from the two statements on transparency presented in 10.5.5.1 and 10.5.5.2 above, the majority of the stakeholders have a neutral opinion on this statement, (median = 3.00) (table 7.5). Although it may be understood that the oil and gas contracts may contain commercially sensitive information, information on core aspects of local content should be released to the stakeholders (NGRI, Publish What You Pay, Global Witness, & others, 2012). Where such information is confidential, there should be an explanation of that fact (Lahn, 2007). For example, there are no full and detailed information or facts and figures on the level of local value-added achieved. Stakeholders were only presented with summaries that the…show more content…
One such reason was given by participant IPC02 that the board might have been avoiding to hurt the interests of the IOCs. Another critically important accountability aspect close to transparency is engagement which is discussed below. 10.5.6 Stakeholder Engagement Stakeholder participation or engagement with organizations is essential in any accountability relations (Rixon, 2010) as it involves eliciting the support of, and consultation with stakeholders on issues relating to their relationships with the entity (Cornwall et al., 2000; Fang- Jing, 2000; Adams and Evans, 2004; Friedman and Miles, 2006). This is the rationale for modifying the stakeholder-accountability model (figures 17 and 18) to incorporate the ‘network of roles’ element. Empirical evidence has shown the importance of engagement, support and commitment to the execution of the NCDMB’s accountability. Although some stakeholders have shown contrary views, the majority opinion was that the level of engagement of the board was satisfactory (see section 8.3.2). Two statements were generated to assess the adequacy of stakeholder engagement practices of the NCDMB. 10.5.6.1 Perceptions of whether the NCDMB engages all the key stakeholders in major decisions concerning the implementation of the provisions of the Nigerian Content Development Act The majority of the respondents have either
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