In a recent meeting with a delegation from the global Extractive Industries Transparency Initiative (EITI), Ugochinyere Ikeagwuonu, Chairman of the Committee on Petroleum Resources Downstream, extended commendations to EITI for its instrumental role in fostering transparency, accountability, and good governance in resource-rich countries, particularly Nigeria.
During the working visit to Nigeria, Hon. Ugochinyere expressed the committee’s dedication to strengthening the regulatory framework governing natural resources.
He emphasized the ongoing efforts to review the Nigeria Extractive Industries Transparency Initiative (NEITI) Act, with a focus on granting NEITI statutory powers to implement investigation findings and execute recommendations outlined in their reports.
Hon. Ugochinyere stated, “We are 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.”
Furthermore, the Chairman highlighted the committee’s consideration of endowing NEITI with the authority to prosecute individuals found in breach of existing laws.
He emphasized the importance of reinforcing NEITI’s governance structure and placing increased emphasis on disclosure requirements, especially concerning contract transparency and beneficial ownership, in alignment with EITI standards.
Other key areas under consideration include ensuring independent funding for NEITI, expediting the review and action on reports by the National Assembly, and addressing various governance-related aspects.
Hon. Ugochinyere underscored the significance of timely and comprehensive responses to reports, underscoring the committee’s commitment to enhancing the effectiveness of NEITI in promoting good governance.
In reference to the NEITI 2021 Oil and Gas Industry Report, Hon. Ugochinyere informed the delegation that the report had been successfully laid on the floor of the House of Representatives in October of the preceding year.
He further conveyed that the House, through its Petroleum Resources Committees, had commenced the consideration, investigation, and deliberation on all recommendations put forth in the report.
The Chairman concluded by affirming the committee’s unwavering commitment to advancing the objectives of NEITI and collaborating with global partners like EITI to ensure a transparent, accountable, and well-governed natural resources sector in Nigeria.
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