NEITI Hails Passage of PIB, Says over $200bn Lost to Unclear Framework

Emmanuel Addeh in Abuja

The Nigeria Extractive Industries Transparency Initiative (NEITI), yesterday hailed the passage of the Petroleum Industry Bill (PIB), but stressed that over $200 billion was lost to a clear framework for the sector.

In a statement in Abuja last night, Executive Secretary of NEITI, Dr. Ogbonnaya Orji described the decision of the Senate and the House of Representatives to consider the bill as priority resulting in its eventual passage as bold, courageous and progressive.

NEITI stated that it had boldly alerted the nation through a special policy brief, “The urgency of a new petroleum sector law” that the stagnation of investment opportunities in the petroleum industry was as a result of the absence of a new law for the sector.

“This has led to huge revenue losses to the tune of over $200billion. In that publication, NEITI argued that the “revenue losses were as a result of investments withheld or diverted by investors to other (more predictable) jurisdictions,” Orji stated.

In addition, the executive secretary noted that NEITI reports in the sector had also disclosed that over $10.4 billion and N378.7 billion were lost through under-remittances, inefficiencies, theft or absence of a clear governance framework for the oil and gas industry.

“The NEITI executive secretary is optimistic that with the new governance law for the industry, these huge revenue losses to the nation as a result of process lapses and outright stealing will be strictly checked if not eliminated.

“The implementation of the global Extractive Industries Transparency Initiative (EITI) which Nigeria is a key signatory, have over the years been frustrated by the absence of a dynamic law that suits modern business modules and trends in the ever evolving oil and gas industry,” NEITI stressed

Orji expressed the hope that the PIB when assented to by the president will provide a dynamic governance framework required to reposition the industry to fully embrace competition, openness, accountability, professionalism and better profit returns on investments to both companies and government

Colours and Flavours Exhibition to Hold in Lagos

Sylverscreenarts is set to hold a photo exhibition, themed ‘Colours and Flavours of Lagos’ in Lagos.

A statement from the organisers revealed that the event which will be hosted by Dayo Akinbode, would be begin on July 9, and end by July 11.

The event which is targeted at art lovers, and still-life image lovers, “would be held at Museum hall, Freedom Park, Lagos, from 10a.m. to 8p.m. daily.

Fashion trailblazers storm Glo-sponsored African Voices

Two trailblazers who are re-designing the African fashion landscape will this week be on African Voices Changemakers, the CNN magazine programme sponsored by telecommunications service provider, Globacom.

They are Nkwo Onwuka, Creative Director of Abuja, Nigeria-based Nkwo Design Studios, and Rich Mnisi, Creative Director, Rich Mnisi, an exclusive label domiciled in South Africa.

Operating under the label, Dakala Cloth, Onwuka desires to reduce textile waste. She has, to this end, focused on creating limited edition fashion styles from left-over pieces of denim, made in Nigeria cotton, end-of-line fabrics and cutting table waste.

The label aims to harness the capabilities of past and contemporary technology to promote a sustainable preservation of traditional crafts. The fashion enthusiast transforms traditional methods of hand craft like weaving, beading, hand dyeing and embroidery to give newness to fabrics and make them suitable for conventional use.

His South African contemporary, Mnisi, is a young designer who has special interest in pop-culture fashion. A graduate of Fashion Design and Business Management of the South African School of Fashion, he founded his own brand OATH Studio in 2014, the year he won the African Fashion International Young designer award at the Mercedes Benz Fashion Week Africa.

The 30-minute programme will be on CNN on DSTV channel 401 on Saturday at 9.30 a.m., while repeats of the interesting edition will be broadcast on Sunday at 4.30 a.m., 7.30 a.m., 12.30 p.m. and 7.30 p.m. Another repeat comes up at 4.00 a.m. on Monday, while a two-part, fifteen-minute repeat will be shown on Tuesday and Wednesday at 6.45 p.m