Not many people know anything about the Nigerian Extractive Industries Transparency Initiative (NEITI), yet it is supposed to be the most important industry watchdog in existence in the country today.

A subset of the global Extractive Industries Transparency Initiative (EITI), it is mandated by law to ensure transparency and accountability (due process) in payments to governments by Extractive Industry (EI) companies, that is, companies operating in the oil, gas and solid minerals mining sectors.

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Obinna Ezeobi, Abuja

The Federal Government said on Monday that the quantum of funds unaccounted for in a recent audit of Nigeria’s petroleum sector revenues had been reduced to about $6m.

The government had, through the Nigeria Extractive Industries Transparency Initiative, commissioned an international consortium of auditors, led by the Hart Group of the United
Kingdom to conduct the first comprehensive audit of the industry.

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Lagos, Nigeria - Chairman of Nigeria's anti-graft Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu, has pledged total support to the actualization of the mandate of
the Nigeria Extractive Industries Transparency Initiative (NEITI).

"EFCC shall give NEITI enforcement support," a statement from NEITI Friday quoted Ribadu as saying when the chairman of NEITI, Siyan Malomo, paid him a courtesy call earlier in the week.

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The chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Nuhu Ribadu has pledged total support to the actualization of the mandate of the Nigeria Extractive Industries Transparency Initiative (NEITI).

“EFCC shall give NEITI enforcement support,” said Mr. Ribadu when the chairman of NEITI, Dr. Siyan Malomo paid him a courtesy call recently. “The law setting up EFCC gives us the power to get involved. And we are very much ready to participate fully to ensure the continued success of NEITI.”

Mr. Ribadu said EFCC was ready to prosecute any erring companies or individuals, in addition to collaborating with NEITI in other areas to ensure the realization of its mandate.

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By Gilbert da Costa
Abuja

An audit to enhance accountability and transparency in Nigeria's oil industry has been launched. For VOA, Gilbert da Costa reports that while oil firms and politicians have benefitted from oil revenues, the wealth has not trickled down to ordinary citizens.

The United Nations says despite hundreds of billions of dollars in oil revenues, about 70 percent of Nigeria's population of 140 million live on less than $2 per day. ThThat the Nigeria Extractive Industries Transparency Initiative (NEITI) is determined to act on the audit report of the Hart Group on the petroleum industry, after over a year of its submission to ex-President Olusegun Obasanjo, is most reassuring, especially in the light of apprehension that the Initiative had lost steam since the exit of its pioneer and immediate past Chairperson, Mrs. Oby Ezekwesili.

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By Gilbert da Costa
Abuja

An audit to enhance accountability and transparency in Nigeria's oil industry has been launched. For VOA, Gilbert da Costa reports that while oil firms and politicians have benefitted from oil revenues, the wealth has not trickled down to ordinary citizens.

The United Nations says despite hundreds of billions of dollars in oil revenues, about 70 percent of Nigeria's population of 140 million live on less than $2 per day. The World Bank estimates about $300 billion of government oil funds are unaccounted ...

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has constituted a strategy committee to work out modalities that would bring its operations in line with enabling law.
The Committee set up last Tuesday by the National Stakeholders Working Group (NSWG), the governing board of the agency, at its first meeting after receiving the statutory backing, is also expected to devise strategies for increased transparency in the management of oil, gas and mining revenues in Nigeria.

Former President, Olusegun Obasanjo signed the NEITI Act on May 28, 2007 after it was passed by the National Assembly.

"With the law in place, there is need to strategize on how to move forward, while sustaining the momentum for extractive revenue transparency in Nigeria," said NEITI Chairman, Dr. Siyan Malomo, who added: "It is important to keep Nigeria in the exalted leadership position in this vital area."

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