The current global financial crisis has necessitated a questioning of some of the fundamental theories and assumptions, particularly the free-market theory, on which regulation of business enterprises, including multinational corporations (MNCs), have been based. Specifically, in the area of corporate social responsibility (CSR), this paper explores two crucial issues. The first is the implication for our understanding of the obligations of corporations to CSR in light of the scale of impacts on ordinary citizens, and their role in bailing out failed banks which owed them no direct legal obligations. The second is the continued reliance on a voluntary framework for CSR. Just as the financial crisis resulted from the largely unregulated nature of global financial institutions, this paper demonstrates, through various country examples in the resources sector, that the unregulated nature of CSR obligations on MNCs has had dire effects, comparable to that of the financial crisis, on populations. If corporations have, through personal greed and irresponsibility, evidently failed to effectively regulate themselves even in their core areas of business necessary for their own survival, how much less do we expect of effective self-regulation in the area of CSR?

Purpose -The purpose of this paper is to determine the level of corporate social responsibility (CSR) that is expected of oil-multinationals by the host-communities in which they operate in Nigeria's oil-rich Delta region. It also suggests how the aggressive opposition of the host-community to the oil exploration activities of oil companies may be curbed. Design/methodology/approach -The method is purely review of extant literatures and deductive arguments that will give insights to how conflict situations arising from denial of rights can be resolved through CSR and stakeholder's perspective. Findings -The paper concludes that the major determinant of success of most companies in the world rest in the performance of their CSR to the host-community, stakeholders and the society in general. Practical implications -The oil-companies operating in the Niger Delta region have to re-assess their CSR objectives towards improving their delivery to the intended beneficiaries otherwise the pervasive violent conflicts in the region will persist with adverse consequences on the corporate image, reduced profits of the oil-companies and high cost of the product due to disruptions in production. Originality/value -The paper usefully points out that the Niger Delta region that hosts Nigeria's oil upstream sector has been enmeshed in violent conflicts essentially due to the adverse socio-environmental effects the industry has on their communities. The companies however assert that they operate as responsible corporate entities and as such their operations and activities benefits their host-communities rather than induce violent conflicts.

Nigeria's delta region was famous for its role in the trade and supply of palm-oil to the then industrialising world. Th ereafter, its high quality crude-oil made it a signifi cant player in the global oil market. However, the region has become (in)famous for the spate of violent confl icts that threaten both local and international economic stability and security. Th is paper highlights the correlations between these two eras, the parties and fundamental causes of the violent confl icts that beset the area. It argues that the underlying factor for restiveness in both periods is the exclusion of the local communities from participating in the exploitation and benefi ts of the resources. Th e paper theorises the causes of confl icts during the two periods based on social justice concepts of distribution and recognition. It suggests that the actualisation of normative elements of distribution and recognition that quelled the fi rst of these confl icts has a fundamental role to play in resolving the multifarious confl icts that currently pervade the Niger Delta region. Consequently, it suggests that initiatives that recognise public participation in the crude-oil industry be extended to resolve the present confl icts.

Commercial exploration and exploitation of Nigeria's petroleum resources began in 1956 when large deposits of hydrocarbon were discovered at Oloibiri in the present Rivers State of Nigeria. Since the delivery of the first consignment of crude oil to Europe in 1958, activities in Nigeria's oil industry have witnessed a dramatic increase. As the sixth largest producer in OPEC, Nigeria contributes nearly two million barrels of crude petroleum to the global oil market. Petrodollars from the sale of crude oil in the last four decades have brought a phenomenal change in the country's economy. Ironically, the oil industry, which has brought development to many parts of Nigeria, has become a source of misery to the people of oil-producing communities whose existence is now threatened by the scourge of oil pollution.