The Nigerian Extractive Industries Transparency Initiative (NEITI) has announced that approximately 198 extractive companies and government agencies have submitted data for the ongoing nationwide reconciliation and validation of revenues in the oil, gas, and mining sectors.
NEITI Executive Secretary Dr. Orji Ogbonnaya made this announcement during a meeting with civil society leaders in Abuja.
According to a statement from NEITI’s Acting Director of Communications and Stakeholder Management, Mrs. Obiageli Onuorah, 63 companies from the oil and gas industry and 135 from the solid minerals sector have met the materiality thresholds for the audit.
Dr. Ogbonnaya detailed that 14 government agencies involved in oil and gas and eight in solid minerals are included in the current reports.
These agencies are required to disclose all payments received and expenditures incurred during the review period.
He noted that participation in this audit is higher than in the previous 2021 exercise, which covered 190 companies. “The 2022/2023 Oil, Gas, and Solid Minerals Industry Reports are now in their final stage,” Ogbonnaya said.
The reconciliation and validation meetings for the oil and gas sector have been completed in Lagos, and a similar exercise for the solid minerals industry began on August 26, 2024, in Lagos, with further meetings scheduled in Abuja.
Dr. Ogbonnaya commended the improved commitment and cooperation from the companies and agencies involved, highlighting the high quality of data disclosure.
The ongoing audit is setting the stage for broader stakeholder reviews and discussions on the draft reports.
