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NEITI sets up committee on public disclosure of extractive contracts

NEITI sets up committee on public disclosure of extractive contracts
December 03
10:24 2021

Nigeria Extractive Industries Transparency Initiative (NEITI) has set up a joint inter-agency committee on the public disclosure of the contents of oil, gas, and mining contracts. 

Orji Ogbonnaya Orji, the executive secretary of NEITI, announced this in Lagos at a recent training on Contract Transparency for members of NEITI’s National Stakeholders Working Group (NSWG). 

The contracts, including the terms and conditions in exploration and exploitation of Nigeria’s oil and gas assets under the joint operating agreements, production sharing contracts, service contracts, and sole-risk contracts are to be disclosed. 

The disclosures would also focus on contracts in the solid minerals sector, among others. 

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Orji said that the joint committee was carefully selected from relevant government agencies with direct responsibilities on managing Nigeria’s interests in various funding arrangements in the sector governed by contractual obligations.

The agencies include the federal ministry of justice, ministry of petroleum resources, Nigerian National Petroleum Corporation (NNPC) Ltd, Nigeria Upstream Petroleum Regulatory Commission, and the Mining Cadastral Office, with NEITI, expected to serve as the secretariat.

The NEITI executive secretary added that the joint inter-agency committee on contract transparency would be expected to develop a National Roadmap and a Work-plan for the execution of contract disclosure in the extractive industry. 

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Orji also said that Nigeria was thoroughly ready to assume leadership of the global Contract Transparency Network comprising 20 member countries, with effect from January 2022.

The global Contract Transparency Network will be chaired by Orji Ogbonnaya Orji, the executive secretary of NEITI, on behalf of Nigeria, with a tenure of four years. 

He took over from Alexandria Walls of Mexico who had led the global body from inception in 2018. 

The network would comprise countries across the globe, including Indonesia, Philippines, Mexico, Armenia, Cameroun, Chad, the Democratic Republic of Congo, Ghana, Malawi, Guinea, Mongolia, Mozambique, Myanmar, Senegal, Sao Tome and Principe, Togo, Zambia, and Tanzania. 

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Olusegun Adekunle, the chairman of the National Stakeholders Working Group (NSWG), reaffirmed the commitment of the NEITI board to provide the leadership and strategic administration required by the agency to implement contract transparency disclosures and other Extractive Industries Transparency Initiative (EITI) emerging issues.

He commended the joint inter-agency committee for already working to develop a National Roadmap. 

Adekunle assured that the roadmap will be included in the 5-year strategic plan of NEITI.

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