NEITI Wants More Powers

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Stakeholders in the extractive industry has advise that more powers should be given to the Nigerian Extractive Industries Transparency Initiative (NEITI).
The stakeholders called for the assessment of the law setting up the NEITI at a roundtable on review of NEITI Act of 2007.
In a press statement made available to Naij.com by the Director of Communication, Orji Ogbonnaya, the stakeholders were of the view that NEITI needs more powers to “effectively police and monitor the oil, gas and mining industry given the present commitment to reform the sector”, and also “enthrone transparency and accountability.”
The review, according to participants at the roundtable is even more necessary considering the courage, competence, integrity and professionalism with which NEITI has executed its mandate over the years.
The participants made of members of the National Assembly, the Media and the Civil Society and also development experts proposed a review of various areas in the NEITI law such as provisions for funding, access to information, structure of the governing board, the powers of the Executive Secretary, ability for NEITI to enforce sanctions amongst others.
This review, the participants argued will put NEITI in a stronger position, better equipped to implement the global principles of extractive industries transparency initiative.
The Roundtable specifically proposed that NEITI’s activities should be financed directly through the natural resources development fund. It also suggested that a certain percentage of the revenues recovered from oil, gas and mining companies as a result of NEITI’s intervention be granted to NEITI to finance its operations. Another recommendation was that the composition of NEITI Board should be made up of experienced professionals with track record of competence and integrity.
The Roundtable was organised by NEITI with the support of the United Nations Office on Drug and Crime (UNODC). It was chaired by Senator Ahmed Lawan.
In attendance were a one-time chairman of NEITI Board, Professor Assisi Asobie, Senator Shehu Sani, other former members of the Board, representatives of companies, donors and multi-lateral organisations.
Meanwhile, the controversial offshore dispensation and oil swap agreements launched by the government of Goodluck Jonathan. The deal initiated in January 2015 was due to last till December 2016.
Oil exchange originates from the fact that Nigeria’s four refineries work mostly below 50% installed capacity and since 2003, the NNPC has continued to allocate them 445,000 barrels of crude oil per day, which links to 100% capacity.
The oil exchanges have come under criticism after claims that they have lacked transparency and the administration has been short-changed in the agreements.

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