Street Journal’s findings have revealed that some of Nigeria’s top class traditional rulers have vested interests in the oil and gas sector with some of them linked with the ownership of oil blocs. It was also found out that ownership cuts across all the geo-political zones, though the South West seems to have a high percentage.Most of the monarchs were gathered to have applied for oil blocs through their different companies, being well established businessmen before they became traditional rulers. Findings also revealed that some might have been offered oil blocs as a form of patronage by the Federal Government for their roles in helping to stabilize the country. Some however became proud owners of oil blocs by taking the advantage of having their kinsmen in charge of oil; using that leverage, they applied for oil blocs and licenses to lift crude oil.
Though there are no laws forbidding traditional rulers from doing legitimate business, many have insinuated that political considerations and some other factors might not be ruled out in the award of the blocs, especially going by the frequency of distribution.
Street Journal found out that in 1999, seven blocs were sold while only one was sold in year 2000. Nine were sold in 2001 and the same figure in 2002 while only seven were sold the following year. The figure rose to 34 in 2004, in 2005, a total of 25 oil blocs were sold while 8 and 7 were sold in 2006 and 2007 respectively.
