NEITI sets up committee to probe oil, gas contracts

The 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 in the country.

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

Executive Secretary of the agency, Dr Orji Ogbonnaya Orji made the disclosure in a statement on Thursday.

According to him, the contracts to be disclosed include the terms and conditions set out in the contracts for exploration and exploitation of Nigeria’s oil and gas assets under the Joint Operating Agreements, Production Sharing Contracts, Service Contracts, and Sole- Risk Contracts.

“The agencies include; the Federal Ministry of Justice, Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation (NNPC) Ltd. Other members are the Nigeria Upstream Petroleum Regulatory Commission and the Mining Cadastral Office. NEITI is expected to serve as the secretariat,” he said.

In addition, he said the committee would develop a National Roadmap and a Work-plan for the implementation of contract disclosure in the oil, gas, and mining industries.

He further disclosed that effective January 2022, the country would assume leadership of the global Contract Transparency Network comprising of 20 member countries.

The global Contract Transparency Network to be Chaired by the Executive Secretary of NEITI, on behalf of Nigeria is comprised of the following countries; Indonesia, Philippines, Mexico, Armenia, Cameroun, Chad, Democratic Republic of Congo, Ghana, Malawi, Guinea, Mongolia, Mozambique, Myanmar, Senegal, Sao Tome and Principe, Togo, Zambia, and Tanzania.

Orji whose tenure as the Chair of the network would last for four years will be taking over from Alexandria Walls of Mexico who has led the global body from inception in 2018.

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