ASSESSING CORPORATE SOCIAL RESPONSIBILITY UNDER THE PETROLEUM INDUSTRY ACT

ABSTRACT

Over the years, the operational activities of oil companies have culminated into serious environmental degradation, deprivation of means of livelihood, distraught protests, and other violent activities in host communities. Many of the multinational corporations (MNCs) have resorted to the practice of corporate social responsibility (CSR) through interventionist agencies. Remarkably, the recently enacted Petroleum Industry Act, 2021, has been regarded as a watershed in the chronicles of the government’s efforts towards meeting international best practices in the oil and gas sector in relation to environmental sustainability and CSR. This paper adopts a doctrinal research method. This paper examines the concept of CSR; that is, how MNCs manage their operational activities to ensure positive impact on the society. The kernel of this paper is the need to further the reassessment of CSR in the sector in light of the host community development trust under the Petroleum Industry Act. 

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UNILAG Law Review, (2022) Volume 5 Edition 2

About the Author

Israel Adekunle Adeniyi is a fourth-year student of the Department of Common Law, Faculty of Law, University of Ilorin. He is a University Scholar and also the erstwhile Director of Litigations of the Equity Chambers, University of Ilorin. He can be contacted via israeladeniyi178@gmail.com