Friday, May 31, 2013 8:30 AM / @Webtv-ng
The remarkable activities and impact of the National Extractive Industries Transparency Initiative (NEITI), came to the fore at the Institute of Directors (IOD) evening meeting held at the lush Eko Atlantic Hall, Lagos.
The President of the IOD, Arc. T.C. Awagu, speaking on the impact of NEITI as a strategic agency of government saddled with the responsibility of bringing sanity to the extractive industry and urged the agency to consolidate its position by ensuring that every debt in the petroleum is recovered and wastages curtailed.
The Guest speaker and Executive secretary of the National Extractive Industries Transparency Initiative (NEITI), Mrs. Zainab Ahmed said that the agency in its first full report to the government gave the much needed momentum and political will for the establishing the Petroleum Industry Bill.
Describing the NEITI as a global movement with a current membership of 39 countries; Mrs. Ahmed alluded to the fact that resource rich nations have now understood the importance of having EITIs.
Delivering her presentation on the topic "Extractive Revenues for Government in Nigeria: Implications for Private Sector", she stressed that NEITI had been living up to its mandate of giving authentic audit and report on the revenues accrued from the extractive Industries in the Nation.
Giving further insight into the critical role her agency plays in the Nation, the NEITI boss stated that corruption and decay had been exposed in the petroleum sector for the past 10 years. She decried the complacency and slow level of compliance in remittance of funds by the Nigerian National Petroleum Corporation(NNPC), which was inimical to the growth of the sector.
Mrs Zainab Ahmed throwed her weight behind the PIB and urged the Federal Government and National Assembly to fasttrack the process for full implementation.