The Nigerian National Petroleum Corporation (NNPC) and the Nigeria Extractive Industries Transparency Initiative (NEITI) have vowed to ramp up efforts at unravelling actual owners of the country’s oil and gas assets as well as ensuring contracts transparency in the sector.
Group Managing Director of the corporation, Mallam Mele Kyari, who spoke at a stakeholders’ workshop on the Extractive Industries Transparency Initiative (EITI) Annual Progress Reporting (APR), convened by NEITI, noted that his commitment to beneficial ownership in the industry was unwavering.
Kyari, who was represented by the corporation’s Group General Manager, Governance, Risk & Compliance, Mr. Chris Akamario, said the NNPC will make sure that banks both at the local and international levels are involved in the renewed attempt to embrace the culture of openness in the sector.
“We are going to continue to work with NEITI to deepen beneficial ownership disclosure in Nigeria’s oil and gas sector, beyond statutory ownership in the Corporate Affairs Commission (CAC) records. “We are also going to work with NEITI to implement contract transparency in the sector and cooperate with NEITI to broaden Nigeria’s annual progress reporting in line with the requirements of the global EITI,” Kyari stated.
