Nigeria–São Tomé and Príncipe Joint Development Authority
The Nigeria – São Tomé and Príncipe Joint Development Authority is an organization established in 2001 by treaty between Nigeria and São Tomé and Príncipe to regulate a joint Development Zone along the two countries maritime border in the Bight of Bonny .
Background
[edit]The Nigeria–São Tomé and Príncipe Joint Development Authority (NSTPJDA) is an organization established in 2001 by treaty that regulates the two countries' Joint Development Zone in the Bight of Bonny, along the maritime Nigeria–São Tomé and Príncipe border.
The Joint Development Zone is an area speculated to be rich in oil and gas reserves. Because neither country could have explored the resources in the zone without interfering with the maritime territory of the other country, the countries agreed in a treaty to create a joint development authority which would assist both countries in benefitting from the economic potential of the zone.
The Treaty between the Federal Republic of Nigeria and the Democratic Republic of São Tomé and Príncipe on the Joint Development of Petroleum and other Resources, in respect of Areas of the Exclusive Economic Zone of the Two States was signed in Abuja on 21 February 2001. The Joint Development Authority head office is located in Abuja, Nigeria, whose bill for the development of the building in 2013 was inflated.[1]
In 2015, Nigeria considered pulling out of the joint venture, saying it had paid the bills for the last 5 years and the expected 100 million US$/year were not materializing. Sao Tome and Principe had changed interests of the joint venture to fishing, since oil prospects were dim.[2]
As of 2016, the JDA had a budget of around US$12 million per year and there were allegations of financial irregularities. Since 2004, it had not organised a licensing round.[1]
As of 2018[update] the Nigeria-Sao Tome Joint Development Authority had funding problems and could not pay staff for months, "despite raking in a total of $300 million in signature bonuses from exploration and exploitation of natural resources in 2001".[3]
In 2019, the Extractive Industries Transparency Initiative International Secretariat requested "reconciliation of revenues and disclosure of contextual information" which it had already asked for in 2015/2016.[4]
References
[edit]- ^ a b "São Tomé-Nigeria Joint Development Authority under scrutiny". The Economist Intelligence Unit. May 4, 2016. Retrieved 2022-11-30.
- ^ "Nigeria may quit Joint Oil Venture with Sao Tome - Minister". The Nation Newspaper. 2014-03-20. Retrieved 2022-11-30.
- ^ Fidelis Mac-Leva (22 August 2018). "Nigeria: Lack of Funding Cripples Nigeria, Sao Tome Agency". Daily Trust (Abuja). Retrieved 2022-11-30.
- ^ "Assessment of the request for adapted implementation of São Tomé and Príncipe". Extractives Industries Transparency Initiative. 20 March 2019. Retrieved 2022-11-30.
External links
[edit]- Official site (latest snapshot by Archive.org on 2018-04-25)
- Full text of treaty (alternative link - provided by the United Nations)
- Joint Development Zone references at the website of the Extractive Industries Transparency Initiative
- Luis Prazeres (2017-07-22). "Why Nigeria-Sao Tome JDA needs restructuring". Retrieved 2022-11-30.
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