Nigeria Loses 362.28m Barrels of Crude to Sabotage — NEITI   A new report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has indicated that Nigeria lost 362.28 million barrels of crude oil due to measurement errors, sabotage, and production adjustments between 2014 and 2023. This implies...

Oil Firms Owe FG $6.17bn – NEITI Oil companies’ indebtedness to the Federal Government in terms of royalties and taxes has risen to $6.175bn, according to an audit of the petroleum industry by the Nigeria Extractive Industries Transparency Initiative (NEITI). The oil and gas industry report,...

FG, States, LGs Shared N3.47tn in Q2 – NEITI The Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that the Federation Accounts Allocation Committee (FAAC) disbursed N3.473tn to the three tiers of government in the second quarter of 2024. This reflects an increase of N46.77bn (1.42...

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...

FG Charges IOCs to Comply with Gas Flare Directives The Federal Government has cautioned International Oil Companies operating in Nigeria to desist from disregarding gas flare directives of various regulatory agencies in Nigeria. It stated that though a few IOCs often complied with these directives, most...

Oil Theft: Nigeria Lost $1.8bn Fuel in Nine Years — NEITI The Executive Secretary of the Nigeri Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji, has disclosed that the country lost $1.84bn worth of petroleum products from refineries in nine years. Orji stated this on Monday...