Nigeria: EITI Sets Deadline for Publishing New, Amended Contracts, Licenses allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
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From 1 January 2021, all 55 countries implementing the EITI Standard will be required to publish new and amended contracts, licenses and agreements concluded with extractive companies. Countries are encouraged to publish contracts concluded before that date.
The requirement to publish new contracts and contract amendments was introduced in the 2019 EITI Standard and represents a major step forward in extractive sector transparency. Many contracts remain unpublished, increasing the opacity of the extractive sector and making it more vulnerable to corruption.
Large sums are at stake in extractive agreements. Contract transparency creates a powerful disincentive for officials to conclude extractive contracts that are partial or result in personal gain. Subjecting agreements to public scrutiny is more likely to result in fairer agreements, drafted in a way that is consistent with the country’s legal framework.
EITI sets deadline for publishing new, amended contracts, licenses
Only 37 countries have so far committed to disclose some or all extractive contracts. 2 min read
The global transparency group, the Extractive Industries Transparency Initiative (EITI), on Thursday, announced January 1, 2021, as the deadline for compliance with contract transparency requirements by EITI implementing countries.
Under the new guidelines announced in Oslo, all 55 member countries implementing the EITI Standard would be required to publish from that deadline, details of all new and amended contracts, licenses and agreements concluded with extractive companies.
The EITI Chair, Helen Clark, who made the announcement, said EITI member countries are encouraged to publish contracts concluded before that date.