{"id":112434,"date":"2024-06-06T19:50:23","date_gmt":"2024-06-06T18:50:23","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=112434"},"modified":"2024-06-06T19:50:23","modified_gmt":"2024-06-06T18:50:23","slug":"csos-urge-fg-to-publish-50-million-settlement-with-glencore","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/other-news\/csos-urge-fg-to-publish-50-million-settlement-with-glencore\/","title":{"rendered":"CSOs urge FG to publish $50 million settlement with Glencore"},"content":{"rendered":"
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A broad coalition of civil society organizations in Nigeria has called on the Federal Government to publish details of its $50 million settlement with Glencore International A.G., a transnational commodity and mining company, and ensure transparency in applying the fund to benefit the populations affected by the sleaze.<\/div>\n
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\nRev. David Ugolor, Executive Director, Africa Network for Environment and Economic Justice (ANEEJ); Monday Osasah, Executive Director, African Centre for Leadership, Strategy and Development (CENTRE LSD; Tijani Abdulkareem, Executive Director, Socio-Economic Research and Development Centre (SERDEC);\u00a0 Tijah Bolton Akpan, Executive Director, Policy Alert;\u00a0 and Edem Edem, National Coordinator, Green Concern for Development (GREENCODE) made the call in a communiqu\u00e9.<\/p>\n

The CSOs posited: \u201cTo ensure the credibility of Nigeria\u2019s $50 million compensation deal with Glencore, there must be full transparency on the agreement, the Attorney General, Prince Lateef Fagbemi (SAN) announced. It is also essential to have robust safeguards to ensure the fund benefits communities affected by corruption.\u201d<\/p>\n

\u201cWe, therefore, urge the Federal Government to engage with a wide range of stakeholders, including civil society and affected communities, to develop mechanisms for the transparent and accountable disbursement of funds to redress the harms of Glencore\u2019s corruption.<\/p>\n

\u201cGlencore\u2019s agreement to pay $50 million as a \u2018penalty and compensation\u2019 is a welcome recognition of the company\u2019s obligation to repair the harms caused by the corruption of public officials in Nigeria.<\/p>\n

\u201cThis settlement comes two years after Glencore\u2019s global coordinated resolution with US, UK, and Brazilian authorities for its vast bribery scheme, which spanned over a decade and affected more than seven countries on two continents.<\/p>\n

\u201cIn Nigeria alone, Glencore and its subsidiaries paid more than $52 million to intermediaries to bribe officials to secure special oil deals.<\/p>\n

\u201cWhile Glencore has paid over $1.1 billion in financial penalties globally, justice is not complete without reparations for the corrosive harms of corruption. To date, none of the authorities in the UK, US, or Brazil, which had issued major fines against Glencore, have offered compensation to affected countries like Nigeria, and should urgently take steps to do so.\u201d<\/p>\n

Executive Director of ANEEJ), Rev David Ugolor told Vanguard: \u201cWe have consistently insisted that Glencore and other corrupt foreign companies using bribery and corruption to undermine our country\u2019s development take the responsibility,\u00a0 and the Nigerian government should, in line with the Global Forum on Asset Recovery (GFAR) principles, disclose any settlement with Glencore.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A broad coalition of civil society organizations in Nigeria has called on the Federal Government to publish details of its $50 million settlement with Glencore International A.G., a transnational commodity…<\/p>\n","protected":false},"author":1,"featured_media":79045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-112434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-news"],"yoast_head":"\nCSOs urge FG to publish $50 million settlement with Glencore - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/other-news\/csos-urge-fg-to-publish-50-million-settlement-with-glencore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CSOs urge FG to publish $50 million settlement with Glencore - 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