NEITI to Investigate Revenues of 190 Oil and Mining Companies

The Nigerian Extractive Industries Transparency Initiative (NEITI) is set to probe the revenues of 198 extractive companies and government agencies as part of its nationwide reconciliation and validation process for the oil, gas, and mining sectors. NEITI Executive Secretary Dr. Orji Ogbonnaya announced this development in Abuja during a meeting with civil society leaders focused on the extractive sector.

According to a statement from NEITI’s Acting Director of Communications and Stakeholder Management, Mrs. Obiageli Onuorah, 63 companies in the oil and gas sector and 135 in the solid minerals industry have submitted data that meet the materiality thresholds—$5 million for oil and gas royalties and N6 million for solid minerals.

The audit also covers 14 government agencies involved in oil and gas revenue management and eight agencies in the solid minerals sector. These agencies are required to disclose all payments received and expenditures incurred during the audit period.

Ogbonnaya noted that participation in this audit is higher compared to the 2021 exercise, which involved 190 companies. The 2022/2023 Oil, Gas, and Solid Minerals Industry Reports are now in their final stage.

He highlighted that data reconciliation and validation meetings for the oil and gas sector concluded in Lagos last week. The audit for the solid minerals industry is scheduled to take place in Lagos from August 26 to 28, 2024, followed by similar activities in Abuja. These efforts will facilitate broader stakeholder reviews and discussions on the draft reports.

Ogbonnaya commended the improved engagement and transparency of the companies involved, acknowledging their contribution to the ongoing independent audit process.