The federal government should take issues raised by the report seriously

The historical lack of transparency and accountability in the operation of the oil and gas sector in our country threw up a situation in which the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Petroleum Development Corporation (NPDC) were alleged to have failed to remit $21.778 billion and N316.074 billion to the Federation Account. “Considering the difficulties the government has been facing in securing as little as $1billion foreign loan, recovering these funds will significantly enhance government’s fiscal position in the short term,” said the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) Mr. Waziri Adio. Mr. Adio rightly argued that these unremitted funds should be seen as low-hanging fruits for the current administration.

Details of the unremitted funds, according to NEITI’s latest Policy Brief, included an outstanding $1.7 billion from the transfer of eight oil mining leases (OMLs) to NPDC from the Shell JV and $2.2 million from four other OMLs to the same NPDC from the Agip JV. Others were: $148.3 million paid as cash calls on the transferred OMLs, $1.45 billion and N70 billion legacy liabilities of NPDC, N243 billion from domestic crude allocation to NNPC, and $15.8 billion paid to NNPC as NLNG dividends between 2000 and 2014.

Read more ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for closer partnership with the civil society to enable it implement remedial issues contained in its reports of the oil and gas industry.

The Executive Secretary of NEITI, Waziri Adio, made the call in Abuja at a special workshop by Publish What You Pay, a leading Civil Society organisation working in the extractive sector in Nigeria.

The Executive Secretary explained that while it is the responsibility of NEITI to provide the information and data, it is the duty of the civil society to use the same information and data to hold government and companies accountable.

NEITI’s presentation at the workshop disclosed that Nigeria earned a total of $592.34 billion from the oil and gas sector from 1999 to 2014.

Read more ...

A group of Social Media Influencers (SMI) has called on the Federal Government to put in place modern and appropriate metering equipment to measure accurately the quantity of crude oil produced in Nigeria.

This was contained in a communique issued by the group at the end of a capacity building workshop on “The role of New Media in reporting the extractive sector” organized by the Nigeria Extractive Industries Transparency Initiative (NEITI) for the SMIs in Lagos from 3rd to 5th May 2017.

Lamenting the negative effect of not knowing how much of Nigeria’s crude is produced or lifted due to inadequate metering facilities in the industry, the group noted that the installation of modern metering infrastructure is critical to curbing corruption and wastages in the sector.

The Social Media Practitioners’ call is consistent with recommendations of the various oil and gas industry audit reports by NEITI.

Read more ...

In its own words: “In 2003, Nigeria voluntarily signed up to the global Extractive Industries Transparency Initiative (EITI). Besides being an integral part of the global EITI, the Nigeria Extractive Industries Transparency Initiative (NEITI) is a Federal Government of Nigeria agency established by law, monitored, supervised by the Office of the President of Nigeria through the Office of the Secretary to the Government of the Federation. It is an autonomous self-accounting body which by law reports to the President and National Assembly.

“The core legal mandate for NEITI [is] to (i) ensure due process and transparency in the payments made by all extractive industries companies to the Federal Government and statutory recipients; (ii) monitor and ensure accountability in the revenue receipts of the Federal Government from extractive industries companies; (iii) eliminate all forms of corrupt practices in the determination, payments, receipts and posting of revenue accruing to the Federal Government from extractive industries companies; (iv) ensure transparency and accountability by Government in the application of resources from payments from extractive industries companies; and (v) ensure conformity with the principles of Extractive Industries Transparency Initiative.”

Read more ...

Extractives Hub to support EITI implementation and deepen understanding of the extractive sector in Nigeria has been launched in Abuja by Adam Smith International.

The Extractives Hub is to provide a resource platform for policy makers, government officials, industry experts, academic institutions and civil society organisations to access information, research materials and data on extractive industry issues.

Read more ...

The process for comprehensive independent audit of the oil and gas sector by the Nigeria Extractive Industries Transparency Initiative (NEITI) has commenced.

The independent audit to be conducted in line with the principles and standards of the global extractive industries transparency initiative will cover the period 2015 and 2016 respectively.

The Executive Secretary of NEITI, Waziri Adio announced this in Lagos at a workshop for major oil companies and relevant government agencies expected to participate in the exercise.

Mr. Adio explained that the workshop was designed to acquaint the participants with the structure and content of the template, the kind of questions that NEITI would ask and the answers expected to be provided by the covered entities “ This workshop is also to seek your views, suggestions and inputs as well as listen to your concerns on how to make the exercise hitch-free.” Mr. Adio added.

Read more ...

The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the Federal Government to put urgent machineries in motion to recover over $21 Billion unremitted funds disclosed by its independent reports of the extractive industry, to fund the country’s economic recovery plan.

In a policy brief which focused on unremitted funds, economic recovery and oil sector reform, NEITI noted that the recovery of these huge unremitted funds is more than enough to jump-start the economy.

Read more ...