The Nigeria Extractive Industries Transparency Initiative (NEITI), has set up a Joint Inter-Agency Committee on public disclosure of the contents of oil, gas and mining contracts with exploration companies.
The committee’s responsibility is to manage Nigeria’s interests in various funding arrangements in the oil, gas and mining sectors as governed by contractual obligations.
Dr. Orji Ogbonnaya Orji, the Executive Secretary of NEITI, announced the committee as well as its duties during a meeting on Contract Transparency for members of the NEITI National Stakeholders Working Group (NSWG).
The committee is expected to demand disclosure on terms and conditions of contracts awarded for the exploration and exploitation of Nigeria’s oil and gas assets by investors.
Dr. Orji explained that the joint committee members are drawn from relevant government agencies with direct responsibilities of managing Nigeria’s interests fully.
The Federal Ministry of Justice, Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation (NNPC) Ltd, the Nigeria Upstream Petroleum Regulatory Commission and the Mining Cadastral Office are to serve as members of the committee.
The Joint Inter-Agency Committee on Contract Transparency is also expected to develop a National Roadmap for the implementation of contract disclosures in the extractive industries.
NEITI raises committee to protect Nigeria’s interest in oil, gas, mining contracts