The 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.”
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.”
According to him, the industry is characterised by several players and dealers in the supply chain, thus creating an avenue for fraud and distortions.
“This is notwithstanding the array of legislations, regulations and directives governing various aspects of the industry,” he stated.
The EFCC boss commended the National Assembly for passing the Petroleum Industry Bill, which is now an Act of the Parliament, urging the lawmakers to extend their oversight function and investigation to the increasing crude oil theft in the country.
