The Senior Advocate of Nigeria, who is a board member of the Nigerian Extractive Industries Transparency Initiative , stated this during an interactive online session with newsmen.
While commending the feat, Professor Olawuyi noted: “International law emphasizes the need for openness and transparency across all aspects of regulatory enforcement and supervision. NEITI has been particularly active in raising awareness on the need for proactive information disclosure as a tool for enhancing public confidence and eradicating corruption.
While discussing the need for the NNPC to ensure that such proactive information disclosure becomes a regular practice, Olawuyi noted that regulatory excellence requires frequent, timely and detailed reporting on operational and financial activities. He therefore enjoined other extractive sector entities to follow NNPC’s lead in this regard, so that members of the public can be carried along in the development of this very important sector of the economy.
“Reducing secrecy, through the publication of open and transparent data, allows stakeholders to monitor corruption risks across the entire oil and gas value chain and to make sure they are properly addressed.”
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