Thursday, June 13, 2024
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Tinubu inaugurates NEITI governing board

President Bola Tinubu on Tuesday inaugurated the 6th National Stakeholders Working Group also known as the Governing Board of the Nigeria Extractive Industries Transparency Initiative (NEITI).

Inaugurating the 15-member committee, Mr Tinubu said he was proud of the board with the members carefully selected, based on their diverse competencies, skills, knowledge, integrity and track record of service in their previous assignments.

Represented by Secretary to the Government of the Federation (SGF), George Akume, who also chairs the new NEITI Board, the president said prudent management of Nigeria’s resources was central to this administration’s economic agenda and anti-corruption policies.

Mr Tinubu reaffirmed Nigeria’s commitment to the implementation of the principles and standards of the global Extractive Industries Transparency Initiative (EITI) in Nigeria.

“The present administration is passionate and remains fully committed to the global EITI, the work of NEITI and the visible impacts which the EITI process has achieved so far in Nigeria.

“Nigeria is, therefore, irrevocably committed to the implementation of EITI in the oil, gas, and mining industries,” he said.

He said NEITI had demonstrated a high degree of competence, integrity and commitment to the values that the country required to achieve economic growth and development in the sector.

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The president added that the effort was through the availability of reliable information and data required for national planning and reforms.

“As members of this board, your job is clearly and specifically evolving strategic policy direction and oversight that supports NEITI management and the secretariat to continue to implement its activities smoothly without any distractions or interference.

“It is also very important that the board supports NEITI to preserve its corporate values, remain focused and committed to its values of transparency and accountability for the benefit of all of us present here today and our future generations,” he said.

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Addressing the Board shortly after the inauguration, Mr Akume said his appointment demonstrated the federal government’s prompt response to the recent EITI assessment of Nigeria’s implementation of the initiative which stressed the urgent need to reconstitute NEITI’s Board to avoid sanctions.

He said the new NEITI Board would take steps to address outstanding issues raised by the EITI validation report which the NEITI secretariat has already prepared a detailed corrective action plan for the Board to consider.

“This Board has the responsibility to understand the issues and provide policy support to the secretariat to successfully implement the plan. Nigeria scored 72 points in that global Assessment.

“And it is my hope that Nigeria will score 100 points at the next validation due in January 2026 under this Board and my chairmanship.

`We must support the ongoing independent audits of the industry, reforms in the oil and gas sector being driven by the Petroleum Industry Act 2021, the reforms in the solid minerals sector and the proposed amendments of the NEITI Act,’’ he said.

Earlier, Ogbonnaya Orji, executive secretary of NEITI, while expressing gratitude to the president over his approval for the inauguration, said global EITI was also delighted over the decision for Nigeria to get a new board.

The 15-member NEITI Board also include the Executive Chairperson of the Federal Inland Revenue Service (FIRS), representing the government, while the Group Chief Executive Officer, Nigeria National Petroleum Company Limited (NNPC Ltd.) is representing the National Oil and Gas Company.

The Board also has a representative of the Oil Producers Trade Section (OPTS), Lagos Chamber of Commerce and the President of Miners Association of Nigeria, representing Extractive Companies (Oil, gas and mining companies), among others.


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