By Rukayat Moisemhe
The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has commended President Muhammadu Buhari on the recently signed Petroleum Industry Act (PIA).
Mr Taiwo Owokalade, ICSAN’s 28th President, gave the commendation at a news conference on Thursday in Lagos.
Owokalade said that the move would open up the oil and gas sector, allow transparency and world global best practices.
He said that the Act, which factored in rewards of host communities, was a supportive step and showed the willpower and consideration of government.
Owokalade, however, charged host communities to create a structure that allows transparency of both collection and usage of funds to improve the outlook and lives of the community.
“The PIA which is a revolution needs to be commended for government’s willpower to be able to pull through.
”It is topical and supportive to recognise that where a resource is found, the community is factored into the sharing of the proceeds and this would become a normal stand, not just for oil but for other natural resources.
“It, however, calls for proper governance structure, transparency and proper assessment to calculate and ensure that the funds are used to impact the communities,” he said.
Owokalade also advised state governments to build up their human and natural resources toward engender self-reliance and more economic viability.
He said that states must look inwards and generate economically viable activities with their human and natural resources that would make the lives of residents more meaningful.
“Once states start to develop their capacities, the issue of rural to urban migration would also be addressed.
“Government must not shy away from adopting new models that would address our current realities,” he said.
Mrs Funmi Ekundayo, Vice-President of the Institute, intimated newsmen about the plans to address the opportunities and challenges of the Africa Continental Free Trade Area (AfCFTA) at its 45th annual conference.
“The conference, which would take place between Sept. 16 and Sept. 17, 2021, would have Chief Niyi Adebayo, Minister of Industry, Trade and Investment as the chairman while Prof. Akin Oyebode, a guru of international law would give the keynote address.
“It purposes to address Nigeria’s ongoing infrastructural development, emerging roles and opportunities for our members and better intra-African collaboration on infrastructural development,” she said.
Mrs Taiwo Olusesi, Registrar, ICSAN, pledged the Institute’s commitment to training and upscaling the capacities of its members to enable them cope in a post Coronavirus (COVID-19) pandemic world. (NAN)