Reps move to establish PTDF governing board

Detailed summary

The House of Representatives has begun moves to establish a statutory governing board for the Petroleum Technology Development Fund to boost oversight. Read More:…

The House of Representatives has begun moves to establish a statutory Governing Board for the Petroleum Technology Development Fund, seeking to strengthen oversight and accountability in the agency.

A bill seeking to amend the Petroleum Technology Development Fund Act, Cap. P15, Laws of the Federation of Nigeria, 2004, was read for the first time on the floor of the House on Thursday.

Sponsored by Olusola Fatoba and Adeyemi Adeniyi, the proposed legislation seeks “to provide for the composition, functions, powers and tenure of members of the board, as well as strengthen institutional, administrative and financial oversight of the Fund.”

The sponsors said the amendment was designed to address what they described as a longstanding gap in the PTDF’s governance structure and introduce stronger mechanisms for accountability, transparency and equitable representation in the agency’s administration.

They argued that an institution responsible for developing indigenous manpower and technological expertise for Nigeria’s petroleum industry required a governance structure that could provide strategic direction and independent oversight.

The proposed board would provide an additional layer of supervision over the fund’s operations, complementing the administrative and executive responsibilities of the Executive Secretary.

The bill also seeks to ensure equitable representation of the six geopolitical zones in the board’s composition, in line with the federal character principle.

The PTDF is responsible for developing local capacity in the oil and gas industry through scholarship programmes, professional training, research support and technological development.

Its mandate also includes reducing the country’s dependence on foreign expertise by training professionals to meet the technical needs of the petroleum industry.

Opening of the article, excerpted from Punch. To read the rest, open the article on the publisher's site.