From Abimbola Akosile and Juliana Taiwo in Abuja

Minister for Solid Minerals Development, Alhaji Sarafa Isola, has warned that the continued neglect of communities where natural resources are tapped portends serious danger for the economy.

Isola said this at the opening of the Nigeria Extractive Industries Transparency Initiative (NEITI) North East Road-Show, in Bauchi.

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Stakeholders gathered for the Northeast Road-show have commended NEITI for looking beyond the oil and gas sector and extending its searchlight into mining. They however called on NEITI to intensify its focus on the mining sector for increased revenue transparency, environmental protection and sustainable human development in the zone and the country at large.

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NIGERIA Extractive Industries Transparency Initiative (NEITI) recovered over N130bn from the oil and gas companies operating in the country between 2004 and 2006.

NEITI is mandated by law to promote transparency and accountability in the management of Nigeria ’s oil and gas as well as mineral revenues.

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By Luka Binniyat
Bauchi

As the Nigerian Extractive Industries Transparency Initiative (NEITI) kicked off its Road Show for the North East Zone yesterday in Bauchi, the Chairman of NEITI, Dr. Siyan Malomo, claimed the initiative has been able to put in checks in the leaks in the payment of oil and gas revenue leading to the saving of N125 billion for the federal government.

Also, Malamo said that as mark of showing that the mining sector is set for a renaissance, the Mining Casdastal office, headed by Professor Ibrahim Garba, has N120 million from the issuance of mining titles to hundreds of investors in the past one year.

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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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