NEITI, EFCC to part­ner on ac­count­abil­ity in ex­trac­tive sec­tor

Daily Trust - - BUSINESS - By Si­mon Echewo­fun Sun­day

The Nige­ria Ex­trac­tive In­dus­tries Trans­parency Ini­tia­tive (NEITI) is to sign a pact with the Eco­nomic and Fi­nan­cial Crimes Com­mis­sion (EFCC) to en­force ac­count­abil­ity in the ex­trac­tive sec­tor.

The Di­rec­tor of Com­mu­ni­ca­tions of NEITI, Dr Orji Og­bon­naya Orji, made the dis­clo­sure on Tues­day in La­gos.

Speak­ing at a ca­pac­ity build­ing train­ing for 25 me­dia prac­ti­tion­ers, spon­sored by the Nat­u­ral Re­source Gov­er­nance In­sti­tute at the panat­lantic Univer­sity, Orji said that NEITI was in­ter­fac­ing with the EFCC and other anti-graft agen­cies to pros­e­cute eco­nomic of­fend­ers in the sec­tor.

“We have gone to bor­row teeth from the EFCC so that we can bite com­pa­nies found want­ing in ac­count­abil­ity and trans­parency is­sues,” he said.

He said that the NEITI and EFCC hoped to fash­ion a smooth work­ing re­la­tion­ship be­tween them.

“To en­sure that any­one found guilty of mis­ap­pro­pri­at­ing the coun­try’s oil rev­enue is pros­e­cuted, NEITI is part­ner­ing with the EFCC to study the au­dit re­ports of com­pa­nies to iden­tify ar­eas where fi­nan­cial crimes have been com­mit­ted against the na­tion,” he said.

“The ex­trac­tive in­dus­try re­mains the back­bone of the Nige­rian econ­omy, which ne­ces­si­tates NEITI’s ef­forts to­ward en­sur­ing ac­count­abil­ity and trans­parency in the sec­tor.”

He stated that in the 2013 au­dit re­port of the ex­trac­tive sec­tor, the fed­eral gov­ern­ment’s to­tal rev­enue into the fed­er­a­tion ac­count stood at $58.07bn while its rev­enue losses stood at $3.8bn.

Orji said 41 oil and gas com­pa­nies and 16 gov­ern­ment agen­cies were in­volved in the 2013 au­dit re­port.

Chair­man, Ster­ling Bank Plc. and Out­go­ing Chair­man, of Nige­rian Bar As­so­ci­a­tion (NBA) Sec­tion on Busi­ness Law (NBA- SBL) Asue Igho­dalo; Past Chair­man, NBA-SBL, Mr. Gbenga Oye­bode; and Min­is­ter of Fi­nance, Kemi Adeo­sun at the An­nual Busi­ness Law Con­fer­ence spon­sored by the Bank and held in Abuja re­cently.

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