By Oscarline Onwuemenyi
ABUJA – The Nigeria Extractive Industry Transparency Initiative, NEITI, on Tuesday hailed the plan by the Federal Government to re-introduce the Petroleum Industry Bill to the National Assembly, noting that only the passage of the bill will truly usher the reform and growth expected in the industry.

The Executive Secretary of NEITI, Mrs. Zainab Ahmed, who noted this at a press briefing to announce the forthcoming of the National Conference on Implementation of Extractive Industries Transparency Initiative (EITI), in Abuja, also defended the methods used by the initiative in the selection of two indigenous firms to carry out audit of the oil and gas industry (2009-2011) as well as the solid minerals sector (2007-2010).

She said, “NEITI has welcomed the renewed efforts by the Federal Government to review and re-introduce the PIB for consideration and passage into law at the National Assembly. the on-going move by government is commendable in view of the strategic importance of the PIB in improving sector governance, transparency and accountability on the oil and gas sector.”

Ahmed noted, however, that in reviewing the PIB document, all efforts should be made to guarantee substantial improvement in the fiscal regimes, sector governance and to ensure that the oil and gas industry conform to the tenets of NEITI Act 2007.

“NEITI is ready and willing to provide any information and data that will ensure that the PIB meets international best practice. NEITI is delighted that the nation and the National Assembly have been sensitized on the importance of the PIB,” she stated.

She stressed that as an agency set up to, among other things, develop a framework for transparency and accountability in the Nigerian extractive industries, and to ensure conformity with the principles of EITI, NEITI has a stake and a legitimate interest in the PIB.

“NEITI therefore wishes to use this opportunity to strongly advise the National Assembly to ensure that, in its consideration of the Petroleum Industry Bill, nothing but Nigeria’s overriding national interest (optimization of revenue flows to Nigeria, protection of the operational environment, transparency, accountability and inter-generational equity) is held supreme,” she added

The NEITI boss has also defended the recent selection of two indigenous firms, Sada Idris & Co. and Haruna Yahaya & Co, to carry out audits of the oil and gas industry and the solid minerals sector, stressing that the exercise followed all laid down laws, rules and regulations guiding public procurement.

She noted that, “NEITI is proud that two firms owned and managed by Nigerians competed favourably with foreign firms and on the bid strictly on merit.”

The oil and gas industry audit is to be conducted by Sada Idris & Co. for the sum of N226.6 million while Haruna Yahaya & Co. is to conduct the first Nigeria’s solid minerals sector audit at the cost of N137 million.

Speaking on the planned National Conference on EITI, the anti-graft agency boss explained that since the country signed up to the EITI in 2003 and the establishment of NEITI a year later, the agency is yet to create a national forum to bring together in one room, governments all levels, companies in the extractive sector, the legislature, civil society organizations, the media, among others, to dialogue, debate and discuss on implementation of the initiative.

“This is precisely what this first NEITI National Conference is all about.

The conference is coming at a time that issues of transparency, accountability and corporate governance in the extractive sector, especially oil and gas industry, has become a matter of national concern.

“The NEITI National Conference is therefore planned to provide a national platform for the extractive sector to dialogue, examine, discuss, debate and share ideas on the EITI implementation in Nigeria,” she stated.

Ahmed added that it is a forum for companies, civil society organizations, investors and government to examine the potentials and opportunities in the Nigerian oil and gas industry as well as the solid minerals sector.