The Nigeria Extractive Industries Transparency Initiative (NEITI) Bill was signed into law on 28 May 2007 by former President Olusegun Obasanjo. This gives legal teeth to the quest for increased transparency in the management of Nigeria’s oil, gas and mining sectors.

“The passage and signing of this bill represent a landmark opportunity for extractive resources to serve as a catalyst for growth, equity and development in Nigeria,” says Dr.
Siyan Malomo, chairman of the National Stakeholders Working Group, NEITI’s governing board.

“This is a major step towards institutionalizing transparency and accountability in Nigeria”

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Everest Omaefule - PUNCH

Henceforth, any oil company or mining firm that failed to provide adequate information to the Nigerian Extractive Industry Transparency Initiative is liable to a penalty of N30m.

Again, companies in the extractive industries that default in making appropriate payments to government agencies will not only be made to make up the shortage in their payments but would also have the same fine imposed on them.

Directors of such firms are also liable in their personal capacities to a fine of N5m or a jail term of two years. Convicted companies also run the risk of losing their operating licences.

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From Juliana Taiwo in Abuja

The Nigeria Extractive Industries Transparency Initiative (NEITI) is planning a roundtable meeting with key government agencies on firming up remediation efforts on the lapses identified in Nigeria 's petroleum industry by the first comprehensive audit of Nigeria 's petroleum industry.

In a statement by its Director of Communications, Waziri Adio, the audit commissioned by NEITI, covered the period 1999 to 2004 and was conducted by an international consortium led by the Hart Group of United Kingdom.

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By Emma Ujah

ABUJA — The game may soon be over for government officials and their oil company collaborators who cheat the nation on oil revenue as the Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed, yesterday, that it has tracked much of the missing $232 million oil revenue between 1999 and 2004.

The Director of Services of the NEITI, Mr. Stam Rerri disclosed this while discussing Reforms in Oil Revenue: Local and International Experiences, EITI, NEITI” at the World Bank seminar in Kaduna.

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THE Obasanjo economic reforms are positioning Nigeria for genuine economic growth—Hon. Asake.
Hon. Jonathan Asake is the Special Assistant to the President on National Assembly Matters.

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