Probe Into Who Benefits Most In Nigeria’s Extractives Sector

The Nigeria Extractive Industries Transparency Initiative, NEITI, says that it is forging closer ties with the Corporate Affairs Commission, CAC, to unravel the actual owners of oilfields and other assets in the country. Oil is Nigeria’s main export and a cloud of uncertainty hangs over U.S.$62 billion in outstanding taxes and royalties owed to Nigeria by major oil operators. Executive Secretary of NEITI, Orji Ogbonnaya said: “the exclusion of information about our natural resources was at a huge cost to the Nigerian economy and affects the country’s optimisation of revenue from its natural resource wealth”. Another sector under investigation is the solid mineral sector which is experiencing revenue leakages, waste and other illegal activities.

• Nigeria:  NEITI Seeks Sanctions for Oil Companies Underpaying GovtVANGUARD, 13 MAY 2021The Nigeria Extractive Industries Transparency Initiative, NEITI, has said it was entering into partnerships with anti-corruption agencies of the Federal Government to enforce… Read more »
• Nigeria:  NEITI, CAC to Unmask Owners of Oil CompaniesDAILY TRUST, 11 MAY 2021The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Corporate Affairs Commission (CAC) have resolved to establish a joint coordination committee to identify,… Read more »
• Nigeria:  NEITI Seeks Ties With CAC to Unveil Real Owners of Oil, Mining AssetsTHIS DAY, 10 MAY 2021The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that it was forging closer ties with the Corporate Affairs Commission (CAC) to unravel the… Read more »
• Nigeria:  Nigeria’s Actual Daily Oil Production Unknown, NEITI InsistsTHIS DAY, 28 APRIL 2021The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday doubled down on its recent disclosure that Nigeria does not know its actual daily oil production. Read more »
• Nigeria:  NEITI, EFCC Move to Halt Graft in Extractive IndustriesTHIS DAY, 27 APRIL 2021The Nigeria Extractives Industries Transparency Initiative (NEITI) and the Economic and Financial
• Crimes Commission (EFCC) are set to renew a joint partnership to stem corrupt… Read more »

• Nigeria:  Nigeria and Petroleum Products SmugglingTHIS DAY, 26 APRIL 2021The petroleum downstream industry lacks transparency which creates an environment for smuggling. Read more »
• Nigeria:  How State Govts Cheat Oil-Producing Communities in Use of 13% Derivation FundPREMIUM TIMES, 23 APRIL 2021Oil producing states receive derivation fund monthly but the impact is not felt in many oil producing communities Read more »
• Nigeria:  NEITI, ICPC Agree On Special Anti-Graft Desk for Extractive IndustriesTHIS DAY, 22 APRIL 2021The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) now have an arrangement to… Read more »
• Nigeria:  OAGF to Help NEITI Track Oil & Gas RevenueVANGUARD, 20 APRIL 2021The Office of the Accountant General of the Federation (OAGF) has pledged to support the Nigeria Extractive Industries Transparency Initiative (NEITI) in tracking oil and gas… Read more »
• Nigeria:  NEITI Wants Media in Forefront of Extractive Sector’s ReformsTHIS DAY, 20 APRIL 2021The Nigeria Extractive Industries Transparency Initiative (NEITI) has highlighted the role of the media in ensuring transparency and openness in the extractive industry, especially… Read more »