The Nigerian Extractive Industries Transparency Initiative (NEITI) has said with the reforms being carried out in the oil and gas industry by President Muhammadu Buhari, the government can recover over $7 billion owned by oil companies.
“These disclosures are contained in NEITI audit reports as cases of under payments, under assessments arising from subjective interpretation of MoUs and tax laws. We have no doubt that our contributions will add value to the work of the committee.”
According to a statement from the NEITI’s Director Communications, Dr. Orji Ogbonnaya Orji, the measures taken so far largely inspire hope and confidence. The measures are also consistent with the findings and recommendations of NEITI in its various Independent audit reports. These reports were ignored in the past.
“We are therefore delighted that the much needed political will required to boldly implement the NEITI recommended reforms is now provided, available and accessible under the leadership of President Muhamadu Buhari.”
“In this direction, NEITI applauds the recent appointment of Dr. Ibe Kachikwu, a renowned industry expert with the needed global exposure, competence and integrity as Group Managing Director of NNPC. The careful decision made to appoint Dr. Kachikwu is already evident in the on-going dismantling of the unwieldy structure of the NNPC that made it impossible in the past for the organization to respond to increasing public demands for reforms.”
NEITI also welcomes President Buhari’s decision to set up a Presidential Committee on Anti-Corruption led by Prof. Itsay Sagay, SAN.
“The work of this Committee is not only timely but very useful. It is a good platform for all the 21 anti-corruption agencies co-ordinated by the Technical Unit on Governance and Anti-Corruption (TUGAR) under the Chairmanship of NEITI to share information, and offer informed advice based on experiences over the years.”
It is our expectation that Prof Sagay’s Committee will provide NEITI and all the agencies under the Inter – Agency Task Team (IATT) an opportunity to make presentations.