The civil society and media stakeholders have urged the Federal Government to sanction defaulting agencies for failure to implement remedial issues contained in the audit reports conducted by theNigeria Extractive Industries Transparency Initiative (NEITI).

This was part of the consensus among participants at a civil society/media workshop on remedial issues in the reports, held recently in Abuja.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has once again drawn the attention of the Federal Government to the urgent need to put in place the necessary laws required to fix the numerous governance problems confronting the oil and gas sector.

The Executive Secretary of NEITI, Mr. Waziri Adio stated this in Abuja at the opening of a Symposium to set the agenda on the Petroleum Industry Governance Bill (PIGB) recently passed by the two chambers of the National Assembly. Mr. Adio identified the protracted delays in passing these laws as responsible for the uncertainties and stagnation of investment opportunities in the sector.

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The long - held aspiration of the Nigeria’s Upstream Sector is to grow crude oil reserves to 40 billion barrels and production to 4 million barrels of oil per day (bopd), improving local content, maximizing sectors value and most importantly derive as much revenue from gas as from oil.

One of such needed reforms is to overhaul the multiple laws governing exploration and production and help Nigeria reach these goals. The Petroleum Industry Bill was splitin tranches to allow for its speedy passage. One of the components of the bill is the Petroleum Industry Governance Bill, which aims to emplace an effective institutional framework, set up structures for establishment ofa commercially driven petroleum entities while also promoting transparency in the administration of Nigeria’s petroleum resource.

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has relocated from its former office in Maitama to a new office in Asokoro, Abuja.

The Executive Secretary of NEITI, Mr. Waziri Adio made this known to stakeholders and the public recently. The new office is located at No 60, Nelson Mandela Street, off Kwame Nkrumah Street, Asokoro, Abuja.

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To deepen knowledge and build capacity of its staff and stakeholders on financial matters, the Nigeria Extractive Industries Transparency Initiative (NEITI) in collaboration with Open Oil supported by DFID and Foster, held a training on financial modelling at the Shehu Musa Yar’adua Centre, Abuja from 21st – 23rd March 2018.

The Executive Secretary of NEITI, Mr. Waziri Adio, in his welcome remarks, stressed the importance of financial modeling skills especially its versatility and applicability to a myriad of economic issues.

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The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative NEITI advises all staff of the organization to put in their best to ensure transparency, accountability and prudent management of extractive revenues in Nigeria.

The Executive Secretary of NEITI Mr. Waziri Adio made this call during the first meeting at the new office in Asokoro, Abuja.

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The Embassy of United States of America in Nigeria has expressed readiness to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) in the achievement of its mandate.

Speaking through Counselor for Economic Affairs, Ms. Susan P. Garro recently at a meeting with NEITI’s Director of Communications, Dr. Orji Ogbonnaya Orji, the embassy reassured of its continued support to EITI implementation in Nigeria.

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