OREANDA-NEWS. October 5, 2012. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engr. Andy Yakubu, has reiterated his commitment to greater openness and transparency to all the Corporation’s stakeholders.

The GMD made this pledge while receiving the Chairman and Members of the House of Representatives Committee on Treaties and Agreement in his office on Wednesday.

He said the management of the Corporation was ready to embrace any input from any quarter that will add value to its business and pledged greater cooperation with and transparency to its stakeholders.

Speaking on the objective of their mission, the Chairman of the House Committee on Treaties and Agreements, Hon. Yacoob Bush Alebiosu, explained that his Committee was at the NNPC as part of its oversight function and to intimate the management of the need to refer all bilateral or multilateral treaties or agreements that place financial obligation on Nigeria or require domestication to the National Assembly.

Alebiosu said he has discovered in the course of the Committee’s work that there is no clear-cut structure in place for the effective implementation of treaties and agreements entered into by the government, a situation, he lamented, has cast the nation in bad light.

The Company Secretary and Legal Adviser to NNPC, Mr. Anthony Madiche, pointed out that the only treaties that the Corporation is privy to were the Joint Development Zone Treaty with Sao Tome and Principe and the Carbon Credit Treaty aimed at ending gas flaring.

He explained that the Federal Government was the signatory to both treaties and that NNPC is only involved as the agency that oversees government’s investments in the oil and gas sector.