Impact of Corporate Social Responsibility Practices on the Earnings Quality of Listed Oil and Gas Companies in Nigeria

Impact of Corporate Social Responsibility Practices on the Earnings Quality of Listed Oil and Gas Companies in Nigeria

TAIBAT, Adebukola Atoyebi., ABDULLAH, Ayodele Zakariyah., TUBOSUN, Najim Oladosu

University of Abuja, Abuja, Nigeria.

DOI: https://dx.doi.org/10.47772/IJRISS.2024.808066

Received: 26 June 2024; Revised: 16 July 2024; Accepted: 20 July 2024; Published: 30 August 2024

ABSTRACT

This paper critically examined the impact of corporate social responsibility practices on earnings quality of listed oil and gas companies in Nigeria. Specifically, the study was carried out to evaluate the effect of community health expenses on earnings quality; assess the influence of donation and charitable expenses; identify the influence of education support expenses on earnings quality; appraise the effect of age of firm on earnings quality; assess the impact of external audit quality on earnings quality; determine the effect of firm size on earnings quality; analyze the influence of leverage on earnings quality. The findings of the study showed that community health expenses have a significant positive impact on the earnings quality of listed oil and gas firms in Nigeria. The study also revealed that donation and charitable expenses and external audit quality has a significant negative impact on earnings quality of listed oil and gas companies in Nigeria. Furthermore, the study showed that education support expenses, age of firm, firm size and leverage have no significant impact on earnings quality of listed oil and gas companies in Nigeria. Based on these findings, the study recommends that oil and gas firms should boost and monitor their donation and charitable expenses and external audit quality and observe them closely since they reveal negative impact on earnings quality. The study also recommend that community health expenses should be sustained since they reveal positive significant on earnings quality of listed oil and gas companies in Nigeria.

Keywords: corporate social responsibility, earnings quality, community health expenses, donation and charitable expenses, education support expenses, age of firm, external audit quality, firm size, and leverage.

INTRODUCTION

The oil and gas companies in Nigeria cannot be overemphasized on issues concerning corporate social responsibility (CSR) to the host communities in Nigeria. This shows one of the many reasons modern business environments globally increasingly encourage the application or implementation of the concept of corporate social responsibility (CSR), which would encourage the company to operate transparently, protect the environment, and focus on public welfare (Eckert, 2017). According to Sharma, Sharma, Ali, and Dadhich (2021) corporate social responsibility (CSR) has the potential to make positive contributions to the development of society and businesses. This is one of the reasons why corporate social responsibility (CSR) is becoming important for increasing business and corporate houses, and realizing that a business organization, cannot be successful unless all stakeholders’ interests are protected and promoted. Companies, especially oil and gas companies must not only pursue their main goal (to maximize profits) but also contribute to the well-being of society through voluntary efforts. Gerda and Dalia (2020) assert that the importance of CSR in today’s global world is growing. It is becoming mandatory for companies to engage in socially responsible activities to support the growth of their businesses. It is argued that companies pursuing CSR initiatives can gain a competitive advantage over other competitors due to the creation of a good public image or reputation and generate higher profits and a return on investment. The impact of CSR on the financial results of an organization is a relevant part of the management processes of modern organizations (Melo & Galan, 2011; Boukattaya and Omri, 2021). Therefore, earnings quality cannot be ignored on issues concerning the financial results of an organization. Thus, there are various stakeholders in the oil and gas sector with different interests in making investment decisions using financial statements. Financial statements contain vital information that communicates the affairs of a company to all stakeholders in the company. Financial reports of a company carry vital information required by different stakeholders, such as creditors, regulatory authorities, the government, and professionals (Ibrahim, 2017). Stakeholders have varied components of attentiveness in the financial reports as they focus on the ones that protect their returns (Ekpulu & Omoye, 2018). Despite these differences in stakeholders’ interests, all the various stakeholders are, however, concerned with the relevance, reliability, and financial reporting quality of the financial statement (Lawal, Agbi & Mustapha 2018).

The operational activities of the oil and gas industry in the oil-rich nations have bedeviled the surroundings in the form of air pollution, water pollution, greenhouse gasoline emissions, and loss of biodiversity. In Nigeria, human and aquatic lives in Ogoni land and other parts of the Niger Delta had been threatened by ingesting contaminated water and cancer-causing agents (Oti & Mbu-Ogar, 2018; Nwaiwu & Oluka, 2018). This is one of the major reasons a Dutch court in the UK on the 29th of January 2021 ruled that compensation should be paid to victims by Oil companies for destroying their farms, rivers, and land in the Niger Delta, Nigeria (Adonteng-Kissi, oke, Meribe & Ayentimi, 2021). Thus, oil and gas companies are expected to be fully engaged in various corporate social responsibilities to their host countries and communities.

The researcher noted a scarcity of research on the relationship between corporate social responsibility and earnings quality in Nigeria, specifically in the oil and gas sector. Despite the significance of this sector in the Nigerian economy and society, few studies have been conducted on this topic, such as those by Bariweni (2024) and Dattijo et al. (2024). Empirical analyses indicate that a significant number of research focus on the relationship between corporate social responsibility and financial success, rather than profits quality. Consequently, there is a recognised need to address this gap in knowledge. Nevertheless, the crucial inquiries to make are: What is the influence of corporate social responsibility (CSR) policies on the financial performance of oil and gas businesses listed in Nigeria, starting from 2010 when the Nigerian Oil and Gas Industry Content Development Bill was enacted? Additionally, how have the expenses related to Community Healthcare, Donations and Charity, and Education support affected the overall quality of revenues in the oil and gas sector listed in Nigeria following the approval of the Nigerian Oil and Gas Industry Content Development Bill? In order to address the aforementioned inquiries, this study aims to investigate the influence of corporate social responsibility initiatives on the financial performance of publicly traded Oil and Gas firms in Nigeria.

The main objective of this study is to investigate the impact of corporate social responsibility on the earnings quality of listed oil and gas companies in Nigeria. The specific objectives are to.

1. examine the impact of Community Healthcare expenses on earnings quality of listed oil and gas companies in Nigeria.
2. investigate the impact of Donation and Charitable expenses on earnings quality of listed oil and gas companies in Nigeria.
3. find out the extent to which Education support expenses impact on earnings quality of listed oil and gas companies in Nigeria.
4. examine the impact of age of firm on earnings quality of listed oil and gas companies in Nigeria.
5. assess the impact of external audit quality on earnings quality of listed oil and gas companies.
6. determine the impact of firm size on earnings quality of listed oil and gas companies in Nigeria.
7. evaluate the impact of leverage on earnings quality of listed oil and gas companies in Nigeria.

This study will attempt to test the validity or otherwise of the following hypotheses at a 0.05 level of significance.

H₀₁: Community Healthcare expenses have no significant impact on the earnings quality of Nigeria’s listed oil and gas companies.

H₀₂: Donation and Charitable expenses have no significant impact on the earnings quality of listed oil and gas companies in Nigeria.

H₀₃: Education support expenses have no significant impact on the earnings quality of listed oil and gas companies in Nigeria.

H₀₄: Age of firm have no significant impact on the earnings quality of listed oil and gas companies in Nigeria.

H₀₅: external audit quality has no significant impact on the earnings quality of listed oil and gas companies in Nigeria.

H₀₆: firm size has no significant impact on the earnings quality of listed oil and gas companies in Nigeria.

H₀₇: leverage have no significant impact on the earnings quality of listed oil and gas companies in Nigeria.

The findings of this study would be of great benefit to managers. Since they are charged with day-to-day responsibility and to maximize the profit of oil and gas sector. To strengthen investors decision making in the oil and gas sector, help policymakers in formulation of policy, shareholders, host communities, practitioners, and researchers.

REVIEW OF LITERATURES

Corporate Social Responsibility (CSR)

Corporate social responsibility refers to the relationship between a company or organisation and the surrounding environment or society in which it operates (Dattijo et al., 2024). Crowder and Aras (2018) define corporate social responsibility as the dynamic relationship between a firm and its stakeholders. The level of knowledge and focus on corporate social responsibility (CSR) initiatives has been increasing in recent decades (Khan, Malik, Ali & Rasheed 2022). Currently, corporations are increasingly revealing information on Corporate Social Responsibility (CSR), which helps to create a favourable perception in society, meet the expectations of stakeholders, and enhance investors’ trust (Yusoff, Mohamad & Darus 2013).

CSR, or Corporate Social Responsibility, refers to the expectation that a company’s business strategy should prioritise social responsibility and environmental sustainability (Bouraoui, Bensemmane, Ohana & Russo, 2019). Corporate Social Responsibility (CSR) encompasses society’s economic, legal, ethical, and political expectations at any given time. CSR, as described by Khuong, Rahman, Meero, Anh, Liem, Thuy, and Ly (2022), focuses on the company’s stakeholders, who have a direct or indirect influence on, or are affected by, the company’s actions. More precisely, the company’s yearly reports include comprehensive information on the business’s economic, environmental, and social issues, which are collectively referred to as CSR (Corporate Social Responsibility) reports. CSR has emerged as a crucial determinant in corporate decision-making, prompting numerous organisations to strategically plan, execute, and oversee their CSR initiatives with the aim of publicly disclosing them.

Earnings Quality (EQ)

Hamza et al. (2024) defines earnings quality as the company’s reported profits that accurately represent the underlying financial operations and economic essence of its operational activities, without any interference from management. Put simply, the company’s reported profits are backed by real, physical cash and do not include any inflated or uncertain figures. Bose & Yu (2023) examine the causal relationship between earnings quality and CSR performance, highlighting the reciprocal influence of these two dimensions of business conduct (Bose & Yu, 2023). Their empirical evidence emphasises the significance of taking into account both elements when evaluating a company’s financial and social performance.

According to a study by Putra et al. (2024), it is the responsibility of management to fulfil the expectations of investors and creditors by delivering earnings of superior quality. High-quality earnings refer to earnings that are accurate and transparent, providing users of financial reports with reliable and trustworthy information.

THEORETICAL FRAMEWORK

The Stakeholders’ Theory

This study is based on stakeholder theory. This hypothesis is employed due to its pertinence and significance to the present investigation. Stakeholder theory is a pivotal concept in management and corporate governance, highlighting the need of taking into account the interests and relationships of different stakeholders in the decision-making processes of an organisation. The notion posits that organisations should not exclusively prioritise the maximisation of shareholder value, but should also take into account the demands and expectations of other stakeholders, encompassing employees, customers, suppliers, communities, and society as a whole. Stakeholder theory has undergone development, with authors such as Donaldson and Preston classifying it into normative, descriptive, and instrumental viewpoints (Dmytriyev et al., 2021).

Empirical Review

Fassas, Nerantzidis, Tsakalos, Asimakopoulos (2023) finds a positive significant relationship between firm valuation and earnings quality based on four component (accruals, cashflow, operating efficiency and exclusions). The study made use of regression model and examined if country level governance and market development are important determinant of firm valuation.

Amin and Firmansyah (2023) examine the influence of cash holding, leverage and political connections (CSR) on earnings quality. The study made use of multiple linear regression analysis and obtained a positive association between leverage and earnings quality.

Wang, Saat, Wang, and Luan (2022) investigated the influence of corporate social responsibility on earnings management. The study used multiple regression statistical tool for data analysis and conclude that there is no significant relationship between corporate social responsibility and earnings management. The study also recommended that firms should take corporate social responsibility seriously to improve earnings management, firm value, and development.

Michelle and Siswanto, (2022) examined the effects of external audit variables, independent commissioners, and firm size on earnings quality among manufacturing companies. The result of the study concludes that External Audit has a significant effect on earnings quality, Independent Commissioners has no significant effect on earnings quality, and Firm Size has no significant effect on earnings quality as well.

Ibrahim and Onyekachi (2021) examined effect of corporate social responsibility (CSR) on investment efficiency of quoted oil and gas firms in Nigeria. The study employed Multiple Regression Model as the technique of data analysis. Analysis of findings showed that CSR charitable donation expenditure, CSR expenditure on education and CSR societal expenditure reveal significant relationship with investment efficiency of oil and gas firms in Nigeria. Nevertheless, CSR health expenditure and CSR environmental expenditure show insignificant effect on investment efficiency of oil and gas firms in Nigeria. The study also reveals that there is significant relationship between CSR sports expenditure and investment efficiency of oil and gas firms in Nigeria.

Ambarwati and Dwi Hastuti (2021) analyzed the effect of liquidity, firm age, firm size on earnings quality. The Data analysis tools used was classical assumption test method, multiple linear regression analysis test, and hypothesis testing. The results showed that the liquidity of the firm size had no effect on earnings quality, while firm age influenced earnings quality.

METHODOLOGY

This study used ex-post facto research design. The study utilized secondary data that already exist, and which cannot be controlled or manipulated by the researcher. The population of the study consist of the entire 10 oil and gas companies on the Nigeria exchange group from 2012 to 2022.

This study used Panel data from secondary sources which was collected from the quoted oil and gas companies’ annual reports. The data to be collected are for both corporate social responsibility and earnings quality, which are Community Healthcare Expenses (CHE), Donation and Charitable Expenses (DCE), Education Support Expenses (ESE), Control Variables that is, Age of oil and gas companies (AGE), BIG4 (external audit quality), FRS (Firm Size) and LEV(Leverage). Multiple regression analysis was adopted as the technique of data analysis for the study.

The data were analyzed using STATA 14 statistical package, and the result was used in testing the hypotheses formulated for the study after carrying out other essential statistical tests. The study also conducted other various tests like tests for multi-collinearity between the explanatory variables for improving the validity of the results of the study. Under the prior studies, the researcher adapts the model of Siueia & Wang (2019) which was used to investigate corporate social responsibility and earnings quality with little modification.

DAC_i,t = β₀ + β₁CSR_i,t + β₂LEVi,t + β₃SIZEi,t + β₄ROAi,t + β₅BIG4i,t + β₆GROWTHi,t + εi,t

Model for this current study is specified as follows:

EQ_it = f (CHE_it, DCE_it, ESE_it, AGE_it, BIG4_it, FRS_it, LEV_it,)                                        (1)

Model above in its econometric form becomes:

EQ_it = β₀ + β₁CHE_it + β₂DCE_it + β₃ESE_it + β₄AGE_it + β₅BIG4_it + β₆FRS_it + β₇LEV_{it +} μ_it

Where:

EQ = Earnings Quality, CHE = Community Healthcare Expenses, DCE = Donation and Charitable Expenses, ESE = Education Support Expenses, AGE = Age of the firm, BIG4 = Firm is audited by Big4, FRS = Firm Size, LEV = Leverage

Decision Rule: accept Ho if P-value is greater than 5% level of significance otherwise reject Ho

RESULT AND DISCUSSION

This section shows the results from the analysis of data and its interpretation.

Table 1. Descriptive Statistics

Source: Output from STATA 14

Table 1 revealed that the mean value of earnings quality (EG) is 0.1354545 with standard deviation of 0.1346735 which showed that the standard deviation is concentrated around the mean because the standard deviation is lower than the mean while the maximum and minimum values are 0.62 and 0.01, respectively. The maximum and minimum community health expenses are 8.15 and 0 respectively, the minimum of zero signifies that there are some years where the listed oil and gas companies did not pay community health expenses. Furthermore, the standard deviation of community health expenses (CHE) is 3.051172 while the mean value is 1.854862 which showed that standard deviation is not concentrated around the mean because the standard deviation is higher than the mean. Furthermore, the mean of donation and charitable expenses (DCE) of the sample companies is 4.365 with standard deviation of 3.427661, which showed that standard deviation is concentrated around the mean because the standard deviation is lower than the mean, the maximum and minimum values are 8.32 and 0 respectively, the minimum of zero signifies that there are some years where the listed oil and gas companies did not incur donation and charitable expenses. Furthermore, the mean of education support expenses (ESE) of the sample companies is 2.067455 with standard deviation of 3.266937, which showed that standard deviation is not concentrated around the mean because the standard deviation is higher than the mean. the maximum and minimum values are 8.1 and 0, the minimum of zero signifies that there are some years where the listed oil and gas companies did not incur education support expenses Moreso, The maximum and minimum age of firm is 1 and 0 respectively, while the standard deviation is 0.2827947 and the mean is 1.554 which implies that the standard deviation is concentrated around the mean because the standard deviation is lower than the mean. Likewise, the mean of big4 is 0.6636364 with standard deviation of 0.4746273 while the maximum and minimum proportion values are 1 and 0, respectively. However, the table showed that the mean of firm size (FRS) of the sample companies is 6.818636 with standard deviation of 2.349391 while the maximum and minimum proportion value are 9.14 and 0, respectively. The result from table 4.1 also revealed that the mean value of leverage (LEV) is 0.6362727 with standard deviation of 0.3594054 while the maximum and minimum values are 2.48 and 0, respectively.

Table 2. Collinearity Statistics

Source: Output from STATA 14.

Multicollinearity was diagnosed to confirm that there is not multicollinearity among the independent variables included in the multiple least square method. Multicollinearity is a high degree of correlation (linear dependence) among the independent variables in a multiple least square model Vatcheva et al., 2016). Through the use of the correlation matrix and Variation Inflation Factor (VIF), multicollinearity can be assessed.

Based on the result from table 4.3, it is obvious that the tolerance value for this study is in the amount of 0.450007 to 0.893064 which is above the threshold value of 0.10. while the highest VIF is 2.22 which is less than the threshold value of 10, Vatcheva et al., 2016). Since all the VIF value is below 10, there is no evidence of existence of multicollinearity between the variables of the study. Thus, collinearity does not appear to have a significant impact on the independent variable in this study, allowing for standard interpretation of the regression coefficient.

Breusch-Pagan / Cook-Weisberg Test for Heteroskedasticity

Source: Output from STATA 14

The above result was obtained from the test for heteroskedasticity. The probability value of 0.450 emanating from the heteroskedasticity test shows that the model does not contain unequal variance. This indicates that the probability values for concluding the significance level are reliable and valid. The panel regression model result was validated by the absence of heteroskedasticity. This means that there is no call for a robust or weighted least square regression.

Test of Hypothesis

Table 3: Summary of Multiple Least Square Results

Source: Output from STATA 14

Table 3 reveals that community health expenses (CHE) have a coefficient of 0.00952998 and T – Value of 2.35 with P – Value of 0.020 which is lower than 5% level of significance. This implies that, community health expenses (CHE) have a positive significant impact on the earnings quality of the sampled listed oil and gas companies in Nigeria. This result suggests that increase in unit of community health expenses of oil and gas companies will lead to 0.00952998 increase in earnings quality of listed oil and gas companies in Nigeria. As a result of this, the study rejects null hypothesis one (H₀₁) which states that community health expenses do not have significant impact on the earnings quality of listed oil and gas companies in Nigeria.

The result in table 3 shows that donation and charitable expenses (DCE) inversely influences earnings quality of listed oil and gas companies in Nigeria with a negative coefficient of -0.0101385 and T – Value of -2.40 with P – Value of 0.018. this result indicates that one unit of increase in donation and charitable expenses (DCE), would result in 0.0101385 decrease in earnings quality of listed oil and gas companies in Nigeria. Therefore, the study fails to accept null hypothesis two (H₀₂) which states that donation and charitable expenses does not significantly impact the earnings quality of listed oil and gas companies in Nigeria.

Table 3 also shows that education support expenses (ESE) have a coefficient of 0.0068162 and T – Value of 1.59 with P – Value of 0.114 which is greater than 5% level of significance. This implies that, community health expenses (CHE) have no significant relationship with earnings quality of the listed oil and gas companies in Nigeria. As a result of this, the study accepts null hypothesis one (H₀₃) which states that education support expenses do not have significant impact on the earnings quality of listed oil and gas companies in Nigeria.

Table 3 also show that age of firm (AGE) has a coefficient of 0.0324519 and T – Value of 0.70 with P – Value of 0.483 which is greater than 5% level of significance. This implies that, age of firm (AGE) has no significant relationship with earnings quality of the listed oil and gas companies in Nigeria. As a result of this, the study accepts null hypothesis one (H₀₄) which states that age of firm does not have significant impact on the earnings quality of listed oil and gas companies in Nigeria.

The result in table 3 reveals that external audit quality (BIG4) inversely influences earnings quality of listed oil and gas companies in Nigeria with a negative coefficient of -0.0887909 and T – Value of -3.34 with P – Value of 0.001. this result indicates that external audit quality has significant relationship with earnings quality of listed oil and gas companies in Nigeria. Therefore, the study fails to accept null hypothesis five (H₀₅) which states that external audit quality does not significantly impact the earnings quality of listed oil and gas companies in Nigeria.

Table 4.5 also shows that firm size (FRS) has a coefficient of 0.0091439 and T – Value of 1.23 with P – Value of 0.222 which is greater than 5% level of significance. This implies that, firm size (AGE) has no significant relationship with earnings quality of the listed oil and gas companies in Nigeria. As a result of this, the study accepts null hypothesis six (H₀₆) which states that age of firm does not have significant impact on the earnings quality of listed oil and gas companies in Nigeria.

The multiple least square result in table 4.5 reveals that leverage has a coefficient of -0.061137 and T – Value of -1.35 with P – Value of 0.181 which is greater than 5% level of significant. This result therefore implies that leverage has no significant relationship with earnings quality of listed oil and gas companies. Based on this result, the study therefore accepts null hypothesis seven (H₀₇) which states that leverage does not have significant impact on earnings quality of listed oil and gas companies in Nigeria.

DISCUSSION OF FINDINGS

The result from multiple least square model showed that community health expenses have a positive relationship with earnings quality of listed oil and gas companies in Nigeria, which means that community health expenses increase earnings quality of listed oil and gas companies in Nigeria. Meanwhile, the study contradicts the findings of Ibrahim and Sylvester Onyekachi, (2021)

The result from multiple least square model showed that donation and charitable expenses has an inverse relationship with earnings quality of listed oil and gas companies in Nigeria. The result of this study contradicts with the findings of Ibrahim and Sylvester Onyekachi, (2021) but agrees with that of Pyo and Lee, (2013) who found negative significant relationship between donation and earnings quality.

This study found that education support expenses have no significant influence on earnings quality of listed oil and gas companies in Nigeria during the period under review,

The result from multiple least square model showed that age of firm has no significant influence on earnings quality of listed oil and gas companies in Nigeria, during the period under review. The findings of this study agree with that of Wijaya et al., (2020) who found no significant between age of firm and earnings quality. Meanwhile, the findings of this study contradict the study of Ambarwati and Dwi Hastuti, (2021) who found a positive significant relationship between age of firm and earnings quality.

The result from multiple least square model showed that external audit quality has negative significant relationship with earnings quality of listed oil and gas companies in Nigeria, during the period under review. The findings of this study agree with that of Pyo and Lee, (2013) who found a negative relationship between external audit quality and earnings quality. Meanwhile, the findings of this study contradict the study of Michelle and Siswanto, (2022) who found a positive significant relationship between external audit quality and earnings quality.

The result from multiple least square model showed that firm size has no significant influence on earnings quality of listed oil and gas companies in Nigeria. The result proves consistent with the findings of (Michelle and Siswanto, 2022) who found insignificant relationship between firm size and earnings quality but contradicts the findings of Pyo and Lee, (2013) who found negative relationship between firm size and earnings quality.

This study found that leverage has no significant influence on earnings quality of listed oil and gas companies in Nigeria during the period under review. The result proves to be consistent with the with the findings of Ramadan, (2015) who found no significant impact of leverage on earnings quality. Meanwhile, the study contradicts the findings of Alatawi, (2020) who found significant relationship between leverage and earnings quality.

CONCLUSION

This study has developed a model on corporate social responsibility and earnings quality where the study concludes that community health expenses have positive significant impact on earnings quality, donation and charitable expenses have negative significant impact on earnings quality, education support expenses have no significant impact on earnings quality, age of firm has no significant impact on earnings quality, external audit quality has a negative significant impact on earnings quality, firm size has no significant impact on earnings quality, leverage has no significant impact on earnings quality of listed oil and gas companies in Nigeria.

RECOMMENDATION

Based on the conclusion of the study, the study recommends that Nigeria oil and gas companies should disclose more corporate social responsibility information in their financial statements to legalize their operations by making the community known about their obligation of business in contributing to sustainable economic development, working with employees, their families, and the local communities.

Similarly, the study also suggests that Nigeria oil and gas companies should have a positive outlook on environmentally friendly practices. They should also disclose more of this information in their financial statements showing the commitment of their business operation in contributing to sustainable economic development. This is because over the years the disclosure level of this information has a significant positive impact on the earnings quality of listed oil and gas companies in Nigeria. The results of this research will greatly benefit managers of oil and gas companies by providing them with valuable insights into the impact of corporate social responsibility reporting on the earnings quality of listed oil and gas companies. Managers in this sector are responsible for daily transactions and maximising profits for shareholders. Additionally, the study will also enhance the decision-making process for investors considering investments in oil and gas companies. Therefore, the findings of this study would furnish investors with pertinent information to facilitate their investment decisions in the Nigerian oil and gas sector.

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