‘Restore 5% Equity Right Granted to Liberians by Petroleum Law’

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The Grassroots Alternative Movement (GAM) has officially joined the coalition of Liberian organizations and interest groups to demand the 54th Legislature to restore the 5% equity right granted to Liberians by the Petroleum Law enacted by the 53rd Legislature in 2016. Section 31.6 and Sub-section 36.7 of the 2016 Petroleum Law exclusively set aside 5% equity for Liberians for every oil contract signed. Unfortunately, the 54th Legislature in 2019, amended this provision of the Law to grant the very 5% equity right to Liberian Businesses as reflected in Section 36 A, B and C of the new Petroleum Law of Liberia.

The Grassroots Alternative Movement says it takes serious exception to this overnight amendment of Section 31.6 and Sub-section 36.7 of the 2016 Petroleum Law. The amended version, 36 A, B and C of the new Petroleum Law of Liberia completely deprives Liberians of the just benefits from their own oil resource. Absolutely, there were no credible public hearings and nationwide consultations to ascertain the professional inputs of relevant experts, and most importantly, the inputs of the Liberian people. In fact, there was no need for such unacceptable change in the Petroleum Law.

“The 54th Legislature acted in bad faith by granting the 5% equity right to ‘so-called Liberian organizations’, which is only intended to benefit the elite few, particularly cronies of the government,” says Josiah F. Joekai, Executive Chairman, Diaspora Branch, GAM. “As such, the Grassroots Alternative Movement has joined the coalition of Liberian organizations and interest groups to demand the 54th Legislature to return to status quo ante. Restoring the 5% equity right directly to the Liberian people, not a rich few is nonnegotiable. GAM will stop at nothing to ensure that the citizens benefit from their own oil resource.”

The Grassroots Alternative Movement is an advocacy, political and social justice institution committed to establishing a just society in Liberia with the tenets of fair play, equality and justice.

2 COMMENTS

  1. You too, are not proposing anything good either.
    So, are you telling us that it is fair, according to GAM, to discover oil off the coast of Liberia and then Liberians benefit from only 5% of the equity?

    Whether the 5% equity goes to Liberian businesses or to the Liberian government, it is what we called “FOUTAISE!” It’s better no one exploit the oil then dashing it out cheaply like that to people.

    The same unsanitary agreement was reached in Cote d’Ivoire. When GBAGBO became president, he called them for renegotiation. The rate was later augmented to 15% equity, which may have been one of the factors for his demise.
    Ghana will NEVER accept such nonsense. Nigeria’s mainstay is oil. We need to think positively for our people.

    If you are a leader of a political group, learn to think for the people. You can offer nothing better to Liberia with such mentality, Mr. Joekai Jr.
    Think Big!

  2. Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha !
    Think Big ? That’s the problem ! They Don’t .
    Why asked the lawmakers, when the constitution can be used to unconstitutionalized the law written by them ?
    Article 7: The Republic shall, consistent with the principles of individual freedom and social justice enshrined in this constitution, manage the national economy and the natural resources of the Liberia in such manner as shall ensure the maximum feasible participation of Liberian citizens under conditions of equality as to advance the general welfare of the Liberian people and the economic development of Liberia.
    The so-called 5% spoken of does not represent what the constitution called for the the maximum feasible participation of equality as to advance the general welfare of the Liberian people. And not the general welfare of some Liberian elites of society. The so-called 5% should be 10% to the counties for the benefit of the full participation of the citizens in advancing their general welfare through the participation of their counties. This is also an age old political culture that is practiced exclusively that has enriched the political powerful politicians.
    It is a shame that the so-called opposition are allowing this level of self rewarding political corruption to go ahead because of the illiteracy of the citizens.
    As someone said, This Too Is Liberia.
    That God Forsaken Country To No Where.
    Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha !

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