• Oil & Gas - News
  • Updated: December 19, 2023

NEITI hails Chevron Nigeria, gives reason

NEITI hails Chevron Nigeria, gives reason

Chevron Nigeria Limited has received praise from the Nigeria Extractive Industries Transparency Initiative (NEITI) for its voluntary decision to join as an EITI supporting business.

As a result of NEITI's efforts, Seplat Energy has also proposed to join the EITI, according to Dr. Orji Ogbonnaya Orji, Executive Secretary of NEITI, who was speaking with reporters on Monday in Abuja.

EITI is a global standard created to support public discourse, open and responsible management of oil, gas, and mineral resources, and transparency.

In order to provide legal support for the Initiative's implementation nationwide, the NEITI Act was passed in 2007. Nigeria was the first nation in the world to endorse the implementation of the EITI as a result.

Companies may increase their respect and investor confidence, show that they are committed to accountability and transparency, increase financing availability, fortify their social licence, and lower investment risk by supporting the EITI.

“Many oil and gas companies have given us enormous cooperation; in fact Chevron has informed us of its voluntary willingness to sign on as a supporting company of the EITI.

“Seplat has also offered to join the EITI as a result of the work we are doing. We have given them guidelines of what is required to be a member of the EITI both at the national and international level.

“If you are a member internationally you have to domesticate it by working closer with NEITI,’’ he said.

The executive secretary stated that the organisation had accomplished much in 2023 and that it had undergone a difficult EITI validation process, emerging with a 72% rating that attracted significant attention to the group as a result of its operations.

Orji stated that it was concentrated on enhancing internal procedures and capabilities to EITI implementation, as well as expanding its involvement with civil society, oil and gas firms, and human capacity development. These were some of the observations noted throughout the validation process.

“We have already started by injecting younger ones into our workforce but they require a lot of training while those in the management team and cadre staff need a lot of training.

“Then we strengthen out ethical conduct to practice what we preach,’’ he said.

He thanked the media for the quality engagement and support on its 2021 oil, gas and solid mineral reports as well as the fiscal allocation and statutory disbursement report.

“We equally published a lot of policy briefs and guidance notes to government, we find a lot of interest that we are able to do all these with your supports,’’ he said.

He conveyed his appreciation to the administrations of the past and present for their support of NEITI, which made its advancement necessary.

“As a transparency institution we are open to constructive, balance and fair criticism, advice and engagement.

“We are not enemies to government, Civil Society Organisations (CSOs) and companies, rather they are our partners. Government funds 99 per cent of our operations, government is our back backbone,’’ he said.

He restated the Federal Government's commitment to putting the EITI into action. 

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