Chairman of the Independent Corrupt Practices and other related offences Commission (ICPC),Prof. Bolaji Owasanoye, yesterday, tasked the Federal Government and the National Assembly on the need to completely discard the confidential clauses that forbid the operators of the extractive industry, especially oil and gas industry from disclosing terms negotiated with Multinational Corporations.
The ICPC Chairman gave the charge during the Legislative Transparency & Accountability Summit’, in Abuja, which was held at the instance of the House of Representatives’ Committee on Anti-Corruption, chaired by Hon. Dachung Bagos.
Prof. Owasanoye averred that despite the passage of the Petroleum Industry Act (PIA) and the privatisation of Nigerian National Petroleum Corporation (NNPC), Nigeria remains vulnerable to corruption of the process, illegal exploitation of natural resources and of course, tax evasion.
While giving a vivid account of the level of impunity being perpetuated in the industry, Owasanoye underscored the need to ensure transparency and accountability of the commonwealth in the extractive industry.
The ICPC helmsman maintained that the theme of the conversation is appropriate because corruption and opacity of operations, incompetent governance, fraudulent revenue management and insensitive treatment of environmental and host community issues have over the years undermined the benefit of the God-given natural resource to the host communities in particular, and Nigeria in general.
In his address, Speaker of the House of Representatives, Hon. Femi Gbajabiamila affirmed that the oil and gas industry has played a critical role in the economy of Nigeria over the past six decades.
According to him, the industry has provided thousands, perhaps even millions, of jobs directly and indirectly. Income from oil and gas has funded the administration of government, national defence and the development of public infrastructure to the tune of hundreds of billions of dollars over the years.
