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Laws of the Federation Preview 38 min read

Nigeria Extractive Industries Transparency Initiative (NEITI) Act

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ARRANGEMENT OF SECTIONS

SECTION

  1. Establishment of the Nigeria Extractive Industries Transparency Initiative.
  2. Objectives of the Nigeria Extractive Industries Transparency Initiative.
  3. Functions of the Nigeria Extractive Industries Transparency Initiative.
  4. Appointment of independent auditors and publication of report.
  5. Establishment of the National Stakeholders Working Group.
  6. Composition of the National Stakeholders Working Group.
  7. Tenure of Office of National Stakeholders Working Group.
  8. Payment of allowances to the National Stakeholders Working Group.
  9. Meetings of the National Stakeholders Working Group.
  10. Procedure.
  11. Special committees.
  12. Appointment of Executive Secretary, consultants and other staff of the National Stakeholders Working Group.
  13. Financial provisions.
  14. Audited account.
  15. Bank account.

16.   Offences and penalties.

17.   Regulations.

18.   Legal proceedings.

19.   Indemnity.

20. Service of notices and process.

21.   Interpretation.

22.   Citation.

SCHEDULE

Supplementary Provisions relating to the Nigeria Extractive Industry
Transparency Initiative, etc.

NIGERIA EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE (NEITI) ACT

An Act to provide for the establishment of the Nigeria Extractive Industries Transparency Initiative (NEITI) and for related matters.

[2007 No. 69.]

[25th May, 2007]

[Commencement.]

ENACTED by the National Assembly of the Federal Republic of Nigeria.

  1. Establishment of the Nigeria Extractive Industries Transparency Initiative
(1) There is established a body to be known as the Nigeria Extractive Industries Transparency Initiative (in this Act referred to as “the NEITI”).
(2) The NEITI-
(a) shall be an autonomous self-accounting body, which shall report to the President and the National Assembly;
(b) shall be a body corporate with perpetual succession with a common seal; and
(c) may-
(i) sue and be sued in its corporate name, and
(ii) acquire, hold and dispose of movable and immovable properties in the discharge of its functions under this Act.
  1. Objectives of NEITI

The primary objectives of the NEITI are-

(a) to ensure due process and transparency in the payments made by all extractive industry companies to the Federal Government and statutory recipients;

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