Granting Authority to Prosecute Oil Thieves and Offenders-Empowering NEITI
The Chairman of the House of Representatives Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere, has announced that the parliament is considering granting the Nigerian Extractive Industry Transparency Initiative (NEITI) powers to prosecute offenders in the oil and gas sector.
During a meeting with NEITI officials in Abuja, Ugochinyere explained that the legislature is working on the review of the NEITI Act to empower the agency to implement its findings and execute recommendations. He mentioned that 70 lawmakers have already agreed to co-sponsor legislative instruments to achieve 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 to ascertain those who operate extractive industries in Nigeria, to deepen transparency and public oversight of the industries through the House,” he said.
Ikeagwuonu Ugochinyere also stated that the House of Representatives is aiming to pursue the recovery of public funds that were either mismanaged, wasted, or have not been remitted from the extractive industries.
This suggests a broader focus on accountability and financial transparency within the extractive sector, aligning with NEITI’s mandate to promote transparency and accountability in the management of Nigeria’s extractive resources.
“It is also our desire to ensure that there is accountability on the part of state-owned extractive industries, 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.
Bady Balde, the Deputy Head of the International Secretariat of NEITI, emphasized the importance of reviewing the NEITI Act of 2007 to ensure that it aligns with current realities.
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This call for a review reflects the ongoing efforts to enhance the effectiveness and relevance of NEITI’s regulatory framework in promoting transparency and accountability in Nigeria’s extractive industries.
Also, the executive secretary of the agency, Ogbonnaya Orji said NEITI had conducted a lot of investigations, adding however that “reports are just documents except they are implemented.”
