It was disclosed in the early hours of the day that the Nigeria Extractive Industries Transparency Initiative (NEITI) has signed a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission, and the Nigerian Financial Intelligence Unit (NFIU) to recover the N2.66 trillion from 77 oil and gas companies.
This was made known formally by NEITI’s Executive Secretary, Orji Ogbonnaya-Orji, on Tuesday, in Abuja.
The NEITI chief established that the agency was strengthening and equipping the powers and functions of NEITI through an amendment of the NEITI Law enacted since 2007, adding that the amendment was to align the law with EITI emerging issues, the new Petroleum Industry Act and ongoing reforms in the industry.
He also chipped in that a gap analysis was developed on the present law and a draft review sent to the Attorney-General of the Federation and the Secretary to the Government of the Federation.
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