Nigeria Extractive Industries Transparency Initiative (NEITI) is to sign a pact with the Economic and Financial Crimes Commission (EFCC) to enforce accountability in the extractive sector.
NEITI’s Director of Communications Dr Orji Ogbonnaya Orji said this yesterday in Lagos.
He was speaking at a capacity-building training for 25 media personnel, sponsored by the Natural Resource Governance Institute at the Pan-Atlantic University in Ibeju Lekki.
Orji said NEITI was interfacing with the EFCC and other anti-graft agencies to prosecute economic offenders in the extractive sector.
“We have gone to borrow teeth from the EFCC so that we can bite companies found wanting in accountability and transparency,’’ he said.
Orji said NEITI’s management and the EFCC were fashioning out a memorandum of understanding on the modalities for a smooth relationship.
NEITI chief said to ensure accountability and transparency in the oil and gas sector, NEITI should partner anti-graft bodies to track funds accruing to government.
“To ensure that anyone found guilty of misappropriating the country’s oil revenue is prosecuted, NEITI is partnering EFCC to study audit reports of companies to identify areas where financial crimes have been committed.
“extractive industry remains the backbone of the economy, which necessitates NEITI’s efforts toward ensuring accountability and transparency in the sector.’’
He restated that in the 2013 audit report of the extractive sector, the Federal Government’s total revenue flows to the federation account stood at $58.07 billion while its revenue losses stood at $3.8 billion.
Orji said 41 oil and gas companies and 16 government agencies were involved in the 2013 audit report.
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