Reps Considering Review Of NEITI Act

As part of efforts for Transparency and Accountability in the Extractive Industry, the House of Representives is considering the review of the Act that established the Nigeria Extractive Industry Transparency Initiative, NEITI.

NEITI is saddled with the statutory mandate to ensure transparency in the extractive industries. The extractive industries in Nigeria comprises mainly of the petroleum & mining sectors.

The chairman, House Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere stated this at a meeting with a delegation of the Global Leadership Extractive Industry Transparency Initiative, IETI— and officials of the Nigeria Extractive Industry Transparency Initiative, NEITI, in Abuja.

According to the Lawmaker, the move will grant NEITI powers to prosecute offenders in the oil and gas sector, implement the findings of its investigation, and possibly execute the recommendations of their report among other powers.

He disclosed that already, 70 lawmakers had consented to co-sponsor legislative instruments to achieve that objective.

“We are considering granting NEITI powers to prosecute those found to be in breach of extant laws. We are also considering strengthening the governance structure of NEITI, placing more emphasis on crucial disclosure requirements of NEITI, especially as it relates to contract transparency and beneficial ownership.

“We are also looking at independent funding for NEITI, timely review and action on reports by the National Assembly, among others. We are also working with sister Petroleum/Oil and Gas Committees with a view to ascertaining those who operate extractive industries in Nigeria, so as to deepen transparency and public oversight of the industries through the House,” he said.

Ugochinyere further said the House is seeking to pursue the recovery of public funds that were either mismanaged, wasted or yet to be remitted from the extractive industries.

“It is also our desire to ensure that there is accountability on the part of state-owned extractive industries, so as to ensure that greater value and revenue is derived from the sector for the good of the nation and to foster a sustainable energy transition,” he added.

Responding, the Leader of the delegation and also the Deputy Director of the Extractive Industry Transparency Initiative, Mr Bady Balde, commended Nigeria’s achievements in the extractive industry and urged the Federal Government to seek more stakeholders input to improve the sector.

Mr. Balde also stressed the need for a review of the NEITI Act 2007, to ensure that it meets international best practices.

The Executive Secretary of the Nigeria Extractive Industry Transparency Initiative, Mr. Orji Ogbonnaya Orji, who said the agency has conducted a lot of investigations with findings and recommendations stressed the need for effective oversight function to monitor activities in the industry.

Oduyemi Odumade, Edited By Grace Namiji