The chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Nuhu Ribadu has pledged total support to the actualization of the mandate of the Nigeria Extractive Industries Transparency Initiative (NEITI).

“EFCC shall give NEITI enforcement support,” said Mr. Ribadu when the chairman of NEITI, Dr. Siyan Malomo paid him a courtesy call recently. “The law setting up EFCC gives us the power to get involved. And we are very much ready to participate fully to ensure the continued success of NEITI.”

Mr. Ribadu said EFCC was ready to prosecute any erring companies or individuals, in addition to collaborating with NEITI in other areas to ensure the realization of its mandate.

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By Gilbert da Costa
Abuja

An audit to enhance accountability and transparency in Nigeria's oil industry has been launched. For VOA, Gilbert da Costa reports that while oil firms and politicians have benefitted from oil revenues, the wealth has not trickled down to ordinary citizens.

The United Nations says despite hundreds of billions of dollars in oil revenues, about 70 percent of Nigeria's population of 140 million live on less than $2 per day. ThThat the Nigeria Extractive Industries Transparency Initiative (NEITI) is determined to act on the audit report of the Hart Group on the petroleum industry, after over a year of its submission to ex-President Olusegun Obasanjo, is most reassuring, especially in the light of apprehension that the Initiative had lost steam since the exit of its pioneer and immediate past Chairperson, Mrs. Oby Ezekwesili.

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By Gilbert da Costa
Abuja

An audit to enhance accountability and transparency in Nigeria's oil industry has been launched. For VOA, Gilbert da Costa reports that while oil firms and politicians have benefitted from oil revenues, the wealth has not trickled down to ordinary citizens.

The United Nations says despite hundreds of billions of dollars in oil revenues, about 70 percent of Nigeria's population of 140 million live on less than $2 per day. The World Bank estimates about $300 billion of government oil funds are unaccounted ...

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has constituted a strategy committee to work out modalities that would bring its operations in line with enabling law.
The Committee set up last Tuesday by the National Stakeholders Working Group (NSWG), the governing board of the agency, at its first meeting after receiving the statutory backing, is also expected to devise strategies for increased transparency in the management of oil, gas and mining revenues in Nigeria.

Former President, Olusegun Obasanjo signed the NEITI Act on May 28, 2007 after it was passed by the National Assembly.

"With the law in place, there is need to strategize on how to move forward, while sustaining the momentum for extractive revenue transparency in Nigeria," said NEITI Chairman, Dr. Siyan Malomo, who added: "It is important to keep Nigeria in the exalted leadership position in this vital area."

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Jamda Akhir

The Nigeria Extractive Industries Transparency Initiative (NEITI) has set up a strategy committee to evolve modalities for bringing its operations in line with its enabling law and to devise strategies for increased transparency in the management of oil, gas and mining revenues in Nigeria.

The committee was set up Tuesday night by the national stakeholders’ working group, the governing board of NEITI, at its first meeting after the agency received statutory backing. It would be recalled that former President Olusegun Obasanjo signed the NEITI Act on May 28, 2007 after it was passed by the National Assembly.

“With the law in place, there is need to strategize on how to move forward while sustaining the momentum for extractive revenue transparency in Nigeria,” said Dr. Siyan Malomo, Chairman of NEITI. “It is important to keep Nigeria in the exalted leadership position in this vital area.”

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Obinna Ezeobi, Abuja

The Nigeria Extractive Industry Transparency Initiative said on Wednesday that it would convene a roundtable with key government agencies that would focus on remediation efforts on the lapses identified in Nigeria’s petroleum industry.

The lapses had been detected from the first comprehensive audit of Nigeria’s petroleum industry.

Agencies expected at the meeting include the Nigerian National Petroleum Corporation, its marketing arm, Pipelines and Products Marketing Company Limited, Central Bank of Nigeria and Federal Inland Revenue Service.

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Waziri Adio
Lagos

It seems counter-intuitive, but it is true: countries blessed with abundant mineral resources rarely use such resources to enable abundant life for their people. Rather, resource-rich countries are prone to corruption and conflicts, misrule and misery.

This supremely ironic development has given birth to two disturbing but familiar phrases: 'the paradox of plenty' and 'the resource curse'. Yet, there is nothing pre-ordained about this terrible turn of things. As the examples of Norway, Indonesia, Botswana and a few other countries have shown, a different path is possible.

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