{"id":26344,"date":"2020-11-17T12:31:18","date_gmt":"2020-11-17T11:31:18","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=26344"},"modified":"2020-11-17T12:31:18","modified_gmt":"2020-11-17T11:31:18","slug":"stakeholders-in-extractive-industry-stress-need-for-contract-transparency","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/stakeholders-in-extractive-industry-stress-need-for-contract-transparency\/","title":{"rendered":"Stakeholders in extractive industry stress need for contract transparency"},"content":{"rendered":"\n<p><strong>By Moses Uwagbale&nbsp;<\/strong><\/p>\n\n\n<p>Stakeholders in the oil and gas sector have stressed the need for contract transparency in the extractive industry to ensure growth and development in the country.&nbsp;<\/p>\n\n\n<p>Some of the stakeholders spoke at a capacity building workshop on implementation of contract transparency in the extractive sector in Owerri.&nbsp;<\/p>\n\n\n<p>Mr Nduka Ikeyi, a lead partner with Ikeyi-Shitu and company, a law firm said the opacity of contracts engagement in the sector had affected development of the country.&nbsp;<\/p>\n\n\n<p>He said that government had engage in various contracts in the oil and gas sector that had not translated to expected value to the growth of the nation.&nbsp;<\/p>\n\n\n<p>He named some of the contracts to include joint venture and operational agreement, production sharing contracts, Service contracts, among others.&nbsp;<\/p>\n\n\n<p>According to him, most of the contracts involves allocation and sharing risks which requires a lot of monitoring.&nbsp;<\/p>\n\n\n<p>He said that with transparency in the contract, monitoring implementation process and holding parties involved accountable would be easy.&nbsp;<\/p>\n\n\n<p>\u201cCitizens needs to know what government is doing and also their spending in such contracts to ensure value for the money,&nbsp;<\/p>\n\n\n<p>\u201cGovernment needs to be transparent enough by making the contract portal accessible to ordinary people to understand the terms and conditions of the contract,\u201d he said.&nbsp;<\/p>\n\n\n<p>Mrs Charity Odili, the immediate past President National Council of Women Society said that contract transparency was key to development of oil host communities in the country.&nbsp;<\/p>\n\n\n<p>She said that the need for contract transparency in the extractive industry \u201ccannot be over emphasised\u2019\u2019.&nbsp;<\/p>\n\n\n<p>\u201cMost host communities do not know what is happening, most of the contracts are done in secrecy and memorandum of understanding are not signed by the communities.&nbsp;<\/p>\n\n\n<p>\u201cIn my community Ndukwa in Delta, the local government is complaining that most international oil companies operating are no longer paying tenements rate, royalties as required, \u201d she said.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Moses Uwagbale&nbsp; Stakeholders in the oil and gas sector have stressed the need for contract transparency in the extractive industry to ensure growth and development in the country.&nbsp; Some of the stakeholders spoke at a capacity building workshop on implementation of contract transparency in the extractive sector in Owerri.&nbsp; Mr Nduka Ikeyi, a lead [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,241,235],"tags":[380],"class_list":["post-26344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-foreign","category-resources","tag-oil-gas","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - 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