News

October 26, 2017

Industry watchdog calls for NNPC’s restructuring

Global extractive industry watchdog, Publish What You Pay, PWYP, has called for a change in the structure of the Nigerian National Petroleum Corporation, NNPC, for transparency and accountability.

In a statement in Abuja, National Coordinator of PWYP, Mr. Peter Egbule, said restructuring NNPC should be done either through reforms or unbundling, adding that the Federal Government has not done enough to reform the corporation.

Egbule, who spoke on the sidelines of a two-day multi-stakeholders’ workshop for civil societies working in the extractive sector in Enugu, said despite the good intentions of the current administration, a lot still needs to be done to open up NNPC.

He said: “Those intentions must materialise into actions that the ordinary man on the street can feel. For instance, NNPC runs as a govern-ment within a government.

“If you look at the entire value chain, a lot of the operations are very opaque. It is the issue of transparency and openness across board.”

He, however, stated that the country has fared fairly well in the implementation of the Extractive Industries Transparency Initiative, EITI, since the process started about 10 years ago with the NEITI Act of 2007.

He urged the government to wield its political power, stressing that remediation issues cut across several ministries and parastatals.