OILPRODUCERS SEEK END TO RISING COST OF DOING BUSINESS, OTHERS

of them are being addressed,” he said.

On the regulatory environment, he noted that with the passage of the Petroleum Industry Bill (PIB), some degree of certainty will be restored to the Nigerian business space.

Earlier in his industry address, Deputy Managing Director, Deep Water, Total E & P Nig. Limited, Mr. Victor Bandele, stressed that the company’s upstream branch now plays a significant economic and social role in Nigeria, operating nearly 15 per cent of the country’s production.

“Nigeria, as one of our core areas of activities, is also crucial to the TotalEnergies Group, accounting for 12 per cent of its equity production. In the last few years alone, TotalEnergies has invested approximately $10 billion in the country.

NEITI, LAWMAKERS MOVE TO STRENGTHEN EXTRACTIVE INDUSTRIES REGULATIONS

on the roles of the legislature in the implementation of the global Extractive Industries Transparency Initiative (EITI).

Orji informed the committee that an in-house review of the NEITI Act is currently ongoing, noting that “Once we are able to establish the areas that require amendment, we shall approach the executive and subsequently the National Assembly for action”

The NEITI boss while giving update on the Act stated that the National Assembly as a law making body, believes and shares NEITI’s vision that the current NEITI Act was passed in 2007 when focus was on oil and gas, but has since then moved to solid minerals and the law needs to be strengthened to cover these areas.

“We are also moving to emerging issues including contract transparency and beneficial ownership to track illicit financial flows, terrorism financing and financial malfeasance through capital flight so our law needs to be strengthened in these areas.