NEITI receives data from 198 companies, agencies for ongoing revenue audit

The Nigerian Extractive Industries Transparency Initiative (NEITI) has announced that 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.

This was disclosed by NEITI’s Executive Secretary, Dr. Orji Ogbonnaya, during a meeting with leaders of civil society organizations involved in the extractive industry in Abuja.

According to a statement released by NEITI’s Acting Director and Head of Communications & Stakeholder Management, Mrs. Obiageli Onuorah, 63 companies from the oil and gas sector met the materiality threshold of a minimum royalty payment of $5 million. In contrast, 135 companies from the solid minerals industry met the threshold of a minimum payment of N6 million.

The audit also covers 14 government agencies involved in managing oil and gas revenues and eight relevant agencies in the solid minerals sector. These agencies are required to disclose all payments received and expenditures incurred during the review period.

Dr. Ogbonnaya highlighted the increased participation in the current audit compared to the previous exercise conducted in 2021, which covered 190 companies. He confirmed that the 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached the final stage, with data reconciliation and validation meetings for the oil and gas sector having been completed in Lagos last week.

He praised the commitment and cooperation of the companies involved in the audit, noting the high quality of participation and voluntary disclosure of data. A similar exercise for the solid minerals sector began in Lagos on August 26 and concluded on August 28, 2024. This will be followed by a stakeholder review and discussion on the draft reports in Abuja.