NNPC Finally Joins EITI: Greener Days Ahead for Investors

NNPC Finally Joins EITI: Greener Days Ahead for Investors

NNPC Finally Joins EITI For Contracts' Transparency
 
By Adedayo Osho
19/08/2020 Abuja
 
Nigerian National Petroleum Corporation (NNPC) has partnered with Extractive Industries Transparency Initiative (EITI) with the aim of enhancing the Corporation's accountability goal.
 
EITI is the global standard for the good governance or judicious administration of oil, gas and mineral resources. All EITI implementing countries will be required to disclose any contracts and licenses that are granted, entered into or amended from 1 January 2021, as per the EITI Standard. They are to also disclose tax and contract beneficiaries.
 
Speaking on its decision to become an EITI partner company, NNPC Group Managing Director, Mallam Kyari said "We are on a journey towards greater transparency and we look forward to deepening our collaboration with the 
EITI to further this work."
 
Kyari assured that "Our partnership with EITI strengthens our commitment towards commodity trading transparency, contract transparency and systematic disclosure of revenues and payments."
 
Uganda is the 54th member country and 26th in Africa to join EITI upon her admission  on August 12, 2020.
 
Upon joining the team, the NNPC would be expected to publicly declare support for the EITI Principles, and by promoting transparency throughout the extractive industries, help public debate and provide opportunities for sustainable development.
 
Reacting to the move, Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Waziri Adio said "NNPC joining the EITI as a supporting company is a major inflection point in the quest for transparency - for the company, for Nigeria's oil and gas sector, and for the country as a whole."
 
"This is so, given how critical NNPC is to the sector and to the country. NEITI welcomes this bold commitment. We will continue to work and walk with NNPC to translate its espoused commitments to transparency and accountability into concrete and sustained actions and results," Adio added.
 
EITI is a global initiative supporting transparency and best practice governance in extractive sectors. Aroud half of countries implementing EITI Standard are in Africa. 
 
EITI Board Chair, former Prime Minister of New Zealand, Helen Clark, commenting, welcomed the company’s commitment to the EITI by saying "NNPC plays a vital role in Nigeria’s economy. Joining the EITI as a supporting company is a welcome step in the NNPC's journey towards achieving greater transparency and to help ensure that Nigeria's citizens benefit from their natural resource wealth."