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Home » EFCC calls for transparency in oil sector

EFCC calls for transparency in oil sector

by Queen

Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has demanded full disclosures of the Joint Venture deals in the Nigerian National Petroleum Company Limited and the oil sector in general.

The EFCC boss spoke at the Legislative Transparency and Accountability Summit organised by the House of Representatives Committee on Anti-Corruption in Abuja on Wednesday.

Bawa, who was represented by Head of Operations, EFCC, Michael Wetcas, noted that the complexities in the oil and gas industry render the sector vulnerable and highly susceptible to money laundering.

According to him, the industry is characterized by several players and dealers in the supply chain, thus creating an avenue for fraud and distortions.

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He commended the House for the discourse on transparency and accountability “in a sector that is indisputably the lifeline of the nation’s economy because it accounts for roughly 80 per cent of national revenue.

Bawa pointed out that the National Assembly has a duty through its relevant committees to ensure diligent oversight of the entities and players in different sectors of the petroleum industry.

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