Ribadu Vows To Reform Petroleum Sector

The former Chairman of Economic and Financial Crimes Commission (EFCC) and the Chairman of Petroleum Revenue Task Force, Malam Nuhu Ribadu, has vowed to ensure accountability and maximum transparency in the petroleum sector in line with the mandate of the task force.

He made the pledge in Abuja after the inauguration of the 20- member special task force set up by the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.

“We shall work diligently to meet the expectations of Nigerians, we seek to renew efforts by promoting values that support a new dawn of business conduct in the sector.

“ We shall ensure that those who play by the rules enjoy all the best support and the unscrupulous players get a red card’’ he stressed.

Ridbadu ,  the presidential candidate of the Action Congress of Nigeria (ACN) in the April 2011 election decried the lack of transparency in the petroleum sector and appealed to Nigerians to support the task force in achieving its mandate.

He assured that the committee would perform and described the members as thorough breed professionals, ready to contribute to national development.

The Petroleum Minister, Alison-Madueke had earlier called for recommendations that would  bring reforms to the petroleum sector.

In her words: “Our journey to transformation is irreversible, our mission is to transform the petroleum industry and in doing so change the way business is currently done within this sector.

“Our purpose is to enhance the commercial and technical viability of the sector, inculcating full transparency and accountability and thereby ensuring value for money for the people of the Federal Republic of Nigeria.’’

She disclosed that the task force has 60 working days to complete the assignment and submit its report,  adding that the terms of reference of the task force include working with consultants and experts to determine and verify all petroleum upstream and downstream revenues (taxes, royalties) due and payable to government.

However, the task force is also expected to submit monthly reports for ministerial review and further action.

Members of the task force include former Head of Service, Mr Steve Oronsanye; Malam Abba Kyari, Ms Benedicta Molokwu, Mr Supo Sasore, Mr Tony Idigbe, Mr Anthony George-Ikoli, Dr Omolara Akanji and Mr Olisa Agbakoba.