The House of Representatives Committee on Petroleum Resources (Downstream), has assured the Nigerian Extractive Industry Transparency Initiative, the the parliament will hrant it powers to prosecute offenders in the oil and gas sector.
The assurance was given on Thursday by Chairman of the Committee, Hon. Ikenga Ugochinyere, while playing host to officials of the agency.
The lawmaker explained that the parliament is working on the review of NEITI’s establishment Act, with a view to granting it powers to implement all findings of its investigations, and possibly execute its recommendations.
According to him, 70 lawmakers have already consented to co-sponsor legislative instruments to realise this 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.
“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 said.
Deputy Head of the International Secretariat of NEITI, Bady Balde, at the meeting earlier stressed the need for a review of the NEITI Act 2007, to ensure conformity with current realities, while Executive Secretary of the agency, Ogbonnaya Orji, said that the agency has conducted a lot of investigations with reports therefrom unimplemented.
