NEITI raises committee to provide protection to Nigeria’s hobby in oil, gas, mining contracts

The Nigeria Extractive Industries Transparency Initiative (NEITI), has location up a Joint Inter-Company Committee on public disclosure of the contents of oil, gas and mining contracts with exploration companies.

The committee’s accountability is to administration Nigeria’s interests in a amount of funding preparations in the oil, gas and mining sectors as dominated by contractual obligations.

Dr. Orji Ogbonnaya Orji, the Govt Secretary of NEITI, announced the committee besides its obligations all thru a assembly on Contract Transparency for participants of the NEITI Nationwide Stakeholders Working Team (NSWG).

The committee is anticipated to request of disclosure on phrases and conditions of contracts awarded for the exploration and exploitation of Nigeria’s oil and gas sources by merchants.

Dr. Orji explained that the joint committee participants are drawn from connected authorities agencies with inform responsibilities of managing Nigeria’s interests completely.

The Federal Ministry of Justice, Ministry of Petroleum Resources and the Nigerian Nationwide Petroleum Company (NNPC) Ltd, the Nigeria Upstream Petroleum Regulatory Commission and the Mining Cadastral Workplace are to attend as participants of the committee.

The Joint Inter-Company Committee on Contract Transparency is additionally anticipated to build a Nationwide Roadmap for the implementation of contract disclosures in the extractive industries.