The Nigerian Extractive Industries Transparency Initiative has revealed that 198 extractive companies and government agencies have submitted data for its ongoing nationwide reconciliation and validation of revenues in the oil, gas, and mining sectors.
The Executive Secretary of NEITI, Dr. Orji Ogbonnaya made the announcement during a meeting with civil society leaders in Abuja.
The update was shared in a statement from NEITI’s Acting Director of Communications and Stakeholder Management, Mrs. Obiageli Onuorah, on Monday, according to The Punch.
Ogbonnaya stated that of the 198 entities involved, 63 are from the oil and gas sector, each meeting the materiality threshold of a minimum royalty payment of $5 million. The remaining 135 companies, which meet a threshold of N6 million, are from the solid minerals industry.
The audit also encompasses 22 government agencies responsible for managing or overseeing oil, gas, and mining revenues—14 from the oil and gas sector and eight from the solid minerals sector.
These agencies are required to disclose all payments received and expenditures incurred during the review period.
Ogbonnaya noted that participation in this year’s audit is higher compared to the 2021 exercise, which covered 190 companies across the oil, gas, and mining industries.
“The ongoing 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached an advanced stage, in fact, the final stage,” he disclosed.
He added that the data reconciliation and validation meetings for the oil and gas extractive companies and relevant government agencies were held and concluded in Lagos last week.
The NEITI boss praised the oil, gas, and mining companies for their renewed commitment and high-quality participation in the ongoing independent audit, highlighting the high quality of participation and voluntary disclosure of data.
He revealed that a similar Data Reconciliation and Validation exercise for the solid minerals industry commenced in Lagos from August 26 to August 28, 2024, which be followed by a similar exercise in Abuja.
These sessions are set to facilitate broader stakeholder reviews and discussions on the draft reports.
