Reps to Review NEITI Act to engender transparency in oil and gas sector.

The House of Representatives as part of its Legislative Agenda, on Thursday said it has secured the partnership, support, and commitment of over seventy lawmakers as co-sponsors for a critical bill that seeks to review some provisions of the NEITI Act, which will help to fully realize the objective of the agency to expand and achieve the desired transparency in the oil and gas industry.

The Chairman House Committee on Petroleum Downstream,  Hon Ikenga Imo Ugochinyere,  gave the assurance during a visit by a delegation from the  Extractive Industry Transparency Initiative to the National Assembly.

He commended the work and vision of the Global Extractive Industries Transparency Initiative (EITI) in promoting transparency, accountability, and good governance in revenues from natural resources in resource-rich countries like Nigeria.

” The Nigeria Extractive Industries Transparency Initiative (NEITI), has recorded giant strides in ensuring transparency and accountability in the management of Nigeria’s oil, gas, and mining revenues.I also commend NEITI for your giant strides and courage in pursuing your mandate and mission in our extractive sector. The openness, transparency, and partnership we enjoy with NEITI have never been seen in the National Assembly”. Hon Ugochinyere said.

He also said that the NEITI 2021 Oil and Gas Report: has greatly improved the work of the National Assembly.

“In truth to our partnership and for the first time in the history of the House of Representatives, we successfully laid the NEITI 2021 Oil and Gas Industry Report on the floor of the House of Representatives on Wednesday the 25th of October, 2023, via a Motion which I sponsored, in compliance with the provisions of Section 4 (3) of the NEITI Act.

 The House, through its Petroleum Resources Committees, has commenced its consideration, investigating, and working on all the recommendations from the Report. The outcomes of this review will be made public and implemented accordingly”. He said.

He noted that as a Committee,  its agenda is targeted at introducing key amendments to the Petroleum Industry Act, so as to ensure stronger provisions for clean energy transition.

He said that the committee also focused on reviewing the NEITI Act, to grant NEITI statutory powers to implement the findings of their investigation, and possibly execute the recommendations of their Report.

“We are also considering granting NEITI powers to prosecute those found to be in breach of extant laws; strengthening the governance structure of NEITI; placing more emphasis on crucial disclosure requirements of EITI especially as it relates to contract transparency and beneficial ownership; independent funding for NEITI; timely review and action on reports by the National Assembly, among others. Agenda of our Committee(s) contd.: We are also working with sister Petroleum/Oil and Gas Committees to ascertain those who operate extractive industries in Nigeria, to deepen transparency and public oversight of the industries through the House.  We also seek 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.

Similarly, the Chairman Senate Committee on Petroleum Upstream, Senator Eteng Williams, said that Nigeria deserves to reap the gains in in the petroleum industry.

“Here, we work like a team. In the National Assembly, we work like one National Assembly, especially in the oil and gas industry. We are particular about how Nigeria will move forward.” Senator Williams said.

He said that the National Assembly was not pleased with what it had seen and wanted Nigeria to be better off.

He added ” We need to work and ensure that Nigeria and Nigerians are better off than what we met. And we need to leave a legacy and we can not do that alone. We have to partner to see how our industry and Nigerians will celebrate in the next few months to come.”

Responding on behalf of the delegation, the Deputy Director of the Extractive Industry Transparency Initiative, Mr Bady Barde, applauded Nigeria’s achievements in the extractive industry.

He said that the mission was pleased to meet with the lawmakers, despite their recess.

” For this mission, we were attacked by an international board which is led by its chair. Helen Clark, who mandated us to travel to Nigeria to covey the outcome of the last validation which is the quality assurance, as applies to all member countries to verify the extent to which they are agreeing to the commitment of EITI principles and requirements in terms of transparency. And also stakeholders participation in dialogue to help foster and improve the governance of the sector.” Mr Badde said.

He said that Nigeria remains unbeatable in the implementation of a new provision known as Transparency Beneficial Ownership.

He also gave Nigeria some tips on how to stay on top.

The Executive Secretary of the Nigeria Extractive Industry Transparency Initiative, Dr. Orji Ogbonnaya Orji, said that the agency has conducted a lot of investigations on the issue of transparency in the oil sector

He said that ” Reports are just documents except they are implemented”

He also urged members of the National Assembly to assist in disrupting the reconstruction of the NEITI structure as it affects the image of the agency internationally.