The House of Representatives has begun consultations with the Nigeria Extractive Industries Transparency Initiative (NEITI) on ways to strengthen the existing law setting up the body, describing the organisation as exemplary.
Deputy Chairman of the House Committee on Petroleum Resources Upstream, Preye Oseke, who spoke when he led the members of the committee on monitoring and oversight visit to the NEITI secretariat in Abuja, pledged to continue to partner NEITI in ensuring that all government public finances are managed transparently.
Members of the committee also requested NEITI to forward its law for amendment with a view to widening the scope of its operations and powers.
Last Thursday, the National Assembly finally passed the much-talked-about Petroleum Industry Bill, after a tortuous two decade-long sojourn. Emmanuel Addeh asks if the bill, now awaiting the assent of President Muhammadu Buhari, after harmonisation by the lawmakers, would see the light of the day
From all indications, it appears that the Petroleum Industry Bill (PIB) may finally see the light of day and eventually serve as the framework for operations in the oil and gas industry, having suffered several setbacks for close to 20 years, from the period the entire process first started.
Although, in the past, there had been several attempts to pass the law, such moves, in the end, have always ended in utter failure. Even in some cases when the national assembly succeeded in passing it, the president wouldn’t give his assent.
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If anything, the extractive industries in Nigeria, have always donned the toga of being some of the least open in the world. Emmanuel Addeh writes that with the ongoing efforts of the Nigeria Extractive Industries Transparency Initiative, which appears to be pushing the frontiers of transparency in the sector, a lot appears to be changing.
It would be stating the obvious to say that Nigeria has a poor track record when it comes to operations in the oil and gas as well as the country’s mining industries.
Indeed, whether in the award of oil blocks, exploratory activities or even in basic matters like how many litres of petrol the country consumes daily, it is mostly discussed in hushed tones, with various agencies of government releasing conflicting figures.
Stories by Emmanuel Addeh in Abuja
The Nigerian National Petroleum Corporation (NNPC) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have vowed to ramp up efforts at unravelling actual owners of the country’s oil and gas assets as well as ensuring contracts transparency in the sector.
Group Managing Director of the corporation, Mallam Mele Kyari, who spoke at a stakeholders’ workshop on the Extractive Industries Transparency Initiative (EITI) Annual Progress Reporting (APR), convened by NEITI, noted that his commitment to beneficial ownership in the industry was unwavering.
Kyari, who was represented by the corporation’s Group General Manager, Governance, Risk & Compliance, Mr. Chris Akamario, said the NNPC will make sure that banks both at the local and international levels are involved in the renewed attempt to embrace the culture of openness in the sector.