NEITI to audit revenues of 190 oil, mining companies
According to the Nigerian Extractive Industries Transparency Initiative, 198 extractive companies and government agencies have submitted data for the ongoing national reconciliation and validation of revenues in the oil, gas, and mining sectors.Dr. Orji Ogbonnaya, the Executive Secretary of NEITI, made the announcement at a meeting with civil society leaders in Abuja.
Mrs. Obiageli Onuorah, the Acting Director of Communications and Stakeholder Management at NEITI, provided the update in a statement to The Punch on Monday.
Ogbonnaya stated that 63 of the 198 entities involved are in the oil and gas sector, with each meeting the materiality threshold of a minimum royalty payment of $5 million. The remaining 135 companies, which meet the N6 million threshold, are in the solid minerals industry.
The audit also includes 22 government agencies that manage or oversee oil, gas, and mining revenues, 14 from the oil and gas sector and eight from the solid minerals sector.
These agencies must disclose all payments received and expenses incurred during the review period.
Ogbonnaya noted that this year's audit had a higher participation rate than the 2021 exercise, which included 190 companies from the oil, gas, and mining industries.
"The ongoing 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached an advanced stage, in fact, the final stage," he told me.
He also stated that data reconciliation and validation meetings for oil and gas extractive companies and relevant government agencies were held and completed in Lagos last week.
The NEITI CEO praised the oil, gas, and mining companies for their renewed commitment and high-quality participation in the ongoing independent audit, emphasising the high level of participation and voluntary data disclosure.
He revealed that a similar Data Reconciliation and Validation exercise for the solid minerals industry began in Lagos on August 26 and 28, 2024, and will be followed by a similar exercise in Abuja.
These sessions are intended to facilitate broader stakeholder reviews and discussions about the draft reports.
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