NEITI To Probe 190 Oil, Mining Companies’ Revenues

About 198 extractive companies and government agencies have submitted information and data for the ongoing nationwide reconciliation and validation of revenues in the oil, gas, and mining industries by the Nigerian Extractive Industries Transparency Initiative.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya, announced this in Abuja while addressing a meeting of leaders from civil society organisations involved in the extractive sector.

This was contained in a statement made available by NEITI’s Acting Director/Head of Communications & Stakeholder Management, Mrs Obiageli Onuorah, on Monday.

Out of the 198 companies, Ogbonnaya explained that 63 are in the oil and gas industry, meeting the materiality threshold of a minimum royalty payment of $5m, while 135 companies, which met the materiality threshold of N6m are from the solid minerals industry.

Of the government agencies that either receive, take custody or manage oil, gas and mining revenues, 14 of such agencies for the oil and gas and eight relevant agencies for the solid minerals sector are covered by the ongoing NEITI industry reports, he stated.

The agencies are expected to disclose all payments received and expenditures incurred during the period under review.

Ogbonnaya explained that the level of participation of extractive companies in the ongoing industry audit is higher than in the last exercise conducted in 2021, where 190 oil, gas, and mining companies were covered.

“The ongoing 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached an advanced stage, in fact, the final stage,” he disclosed.

He added that the data reconciliation and validation meetings for the oil and gas extractive companies and relevant government agencies were held and concluded in Lagos last week.

The NEITI boss welcomed the renewed commitment, partnership, and cooperation of the oil, gas, and mining companies in the ongoing independent audit exercise, applauding the high quality of participation and voluntary disclosure of data.

He announced that a similar exercise (Data Reconciliation/Validation) for the solid minerals industry began in Lagos on Monday, August 26 to 28 August 2024, and in Abuja shortly after the Lagos exercise, setting the stage for wider stakeholder reviews and interface on the draft reports.