NNRC stresses need to improve transparency in managing Nigeria’s natural resources

The Nigerian Natural Resource Charter (NNRC) has described as compel¬ling the need for fundamental and lasting change to the administration of Nigeria’s natural and financial re¬sources to improve transparency and accountability.

NNRC is part of the Natural Resource Charter, a global initiative which aims to sup¬port governments and societies of resource-rich countries to harness the economic opportunities of extractive resources. The charter has developed a set of 12 precepts for the effective management of natural resources.

In its position paper after roundtable held recently in Lagos, where its group of experts examined the al¬legations by the suspended governor of the Central Bank of Nigeria (CBN) on discrepancies between the receipts of the NNPC and the corresponding figures remitted to the Federation Account, it welcomed the forensic audit proposed by the coordinating minister of the economy.

The group, however, suggested that what is required is an operational as well as a financial audit to gain a comprehensive understanding of the failures in the system that have resulted in continued hemorrhage of resources, adding that industry insiders and experts should be invited to review the terms of reference for the audits and suggest areas where the auditors should pay particular attention.

“The selected auditors should be world-class firms with global franchises at risk; yet, they should be knowledgeable about the inner workings of NNPC. For unfettered access, NNRC roundtable recommended that the minister of petrole¬um resources and the group managing director of NNPC should be asked to proceed on leave for the period of the audit,” the group said in their recommendations.