July 23, 2024

NEITI sets June deadline for release of audit reports of crude volume legally, illegally exported by 66 oil, gas companies, 14 states agencies 

 

Oredola Adeola

 

 

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced its readiness to release the 2021 audit reports establishing the volume of crude oil and gas legally or illegally exported or stolen from Nigeria by 66 oil and gas companies and 14 state governments’ agencies, in June, 2023.

 

 

Orji Ogbonnaya Orji, NEITI’s Executive Secretary made this known in a statement released on Thursday. He disclosed that the reports’ objectives were to establish the quantities of minerals produced, utilised in the country and the quantity of crude legally or illegally exported or stolen.

 

According to him, the nationwide audit of the oil, gas and mining industries being conducted by NEITI was at the data reconciliation stage.

 

The NEITI boss said, “The audit covers 168 extractive companies and relevant federal agencies, focusing on 2021. The statement explained that the reports’ objectives were to establish the quantities of minerals produced, utilised in the country and the quantity of crude legally or illegally exported or stolen.

 

 

He added that the NEITI’s audit reports also seek to establish the revenue paid by oil, gas and mining companies and how much of such revenues were actually received into government coffers.

 

 

Dr Orji said, “Other areas of focus by NEITI are to identify investments made by the Federation or the Federal Government in the oil, gas and mining industries, track subsidy payments, company remittances and liabilities.

 

 

“The processes followed in various business transactions, especially the basis for computation and remittances of all revenues payable to the government, such as taxes, royalties and rents, were equally of interest to NEITI.

 

 

The NEITI’s ES explained that the level of cooperation shown by companies and government agencies covered by the audit was encouraging.

 

 

“From the preliminary reports I have reviewed, 62 companies fully complied with detailed information and data as contained in NEITI templates and checklist while we await full compliance by only four companies,”  Dr Orji stated

 

 

He added, “In the solid minerals sector, 102 companies are undergoing the NEITI audit. The exercise, which has reached an advanced stage, has recorded full compliance by 92 companies, while NEITI is following 10 companies very closely.”

 

 

Dr. Orji emphasised that the NEITI audit focused on the activities of nine states and 14 federal agencies, including Gombe, Nasarawa, Rivers, Delta, Anambra, Bayelsa, Imo, Kano, and Ondo. He also confirmed that only two of the nine states had yet to provide NEITI with relevant information and data fully.

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