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Oil: Nigeria earn $800bn in 50 years

Kupolokun, who disclosed this in Lagos on Friday night at the 10 year anniversary of Bell Oil and Gas Limited, regretted that in spite of…

Kupolokun, who disclosed this in Lagos on Friday night at the 10 year anniversary of Bell Oil and Gas Limited, regretted that in spite of the huge revenue the country has generated, it has not added much value to the lives of Nigerians.

He attributed the development to the dominance of the nation’s oil sector by foreign companies.

Kupolokun said with the passage of the local content bill into law by President Goodluck Jonathan, Nigerians will begin to reap the fruit of the lucrative oil industry.

According to him, Nigerian banks should assist indigenous companies with needed funds to enable them to take charge of the industry.

He said the success story of the Bell Oil and Gas Limited is the beauty of the local content law as well as the resilience and determination of its founders to take the country to greater height.

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