National Principles for Responsible Petroleum Industry Divestment - The Federal Government of Nigeria (FGN) and the

National Principles for Responsible Petroleum Industry Divestment National Principles for Responsible Petroleum Industry Divestment The Federal Government of Nigeria (FGN) and the oil industry should agree to a new set of principles for responsible oil industry divestment, called the National Principles for Responsible Petroleum Industry Divestment. [...] The FGN shall confirm that the seller has informed the proposed buyer of all pollution events and other environmental liabilities within the OML area to be divested, including pending litigation, as part of the checklist for statutory consent to be granted for divestment. [...] This shall be funded by the seller, and the buyer shall be part of the process to ensure they are satisfied with the review process and report. [...] Prior to FGN consideration of a divestment application, all environmental damage due to the seller’s prior operations shall be cleaned up and fully remediated (as required by Nigerian law) to the satisfaction of Host Communities, Local Governments, State Governments, and the FGN, and an Environmental Bond should be posted by the seller to cover any damages unknown/undisclosed at the time of sale. [...] Prior to FGN consideration of a divestment application, all financial liabilities of the seller – including payments due to contractors, Host Community Development Trusts, the Decommissioning and Abandonment Fund, and liabilities related to past environmental damage – shall be fully resolved to the satisfaction of the Host Communities, Local Governments, State Governments, and the FGN.