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Tag: NEITI

Business

Poor transparency validation could scare off investors, NEITI warns

The Nigeria Extractive Industries Transparency Initiative has warned that Nigeria risks losing substantial foreign investment in the oil, gas, and mining sectors if it performs poorly in the upcoming Extractive Industries Transparency Initiative validation exercise. NEITI Executive Secretary, Musa Sarkin-Adar, issued the warning on Wednesday in Abuja during a stakeholder engagement session with civil society […]

News

NEITI, EFCC, ICPC strengthen alliance against corruption in oil sector

The Nigeria Extractive Industries Transparency Initiative has intensified efforts to strengthen accountability in Nigeria’s oil, gas, and mining sectors by deepening its strategic partnership with the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission. The renewed commitment was disclosed in a statement issued on Friday by NEITI’s Director […]

Business

NEITI recovered over $3bn for FG in five years — Official

The outgoing Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Dr. Ogbonnaya Orji, has formally handed over leadership to Musa Sarkin Adar. At Thursday’s handover in Abuja, Orji stated his five-year tenure recovered over $3 billion for the government and identified more than $6 billion in outstanding revenues. At the handover in Abuja, Orji […]

Business

New NEITI boss vows to amend ‘Outdated’ 2007 transparency Act

The newly appointed Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Hon. Musa Sarkin Adar, expressed a commitment to drive a comprehensive amendment of the NEITI Act 2007. He described the law as “outdated and inadequate for today’s governance and compliance demands.” Addressing the management and staff at the agency’s Abuja headquarters, Adar, who […]

Business

Oil firms yet to remit N1.5tn to federation account – NEITI

The Nigeria Extractive Industries Transparency Initiative has disclosed that oil companies and certain government agencies owe the federal government approximately N1.5 trillion in unpaid oil and gas revenues. NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, made the revelation at the 2025 NAEC Energy Conference in Lagos on Thursday, according to The Punch. Dr. Orji noted […]

Policy and Regulations

NEITI applauds FG’s decision to revoke mineral licenses

The Nigeria Extractive Industries Transparency Initiative has commended the federal government for revoking 1,263 mineral licenses for failure to pay licensing fees and other statutory financial obligations. The licenses affected include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases. With this move, the total number of mineral titles revoked […]

Business

Debt servicing puts states’ fiscal stability at risk – NEITI

The Nigeria Extractive Industries Transparency Initiative has sounded a policy-backed warning over what it calls a “silent fiscal emergency” eroding the economic stability of states across the country. In a statement issued on Sunday in Abuja, NEITI’s Director of Communication and Stakeholder Management, Obiageli Onuorah, cautioned that mounting debt servicing burdens are severely limiting states’ […]

News

NEITI raises alarm over rising methane emissions in Nigeria

The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Orji Ogbonnaya, has warned that Nigeria’s climate commitments will be meaningless if methane pollution from the oil and gas sector is not urgently tackled. He emphasized that the era of ignoring methane emissions in Nigeria’s extractive industries must end, cautioning that neglecting this powerful greenhouse […]

News

NEITI commits to providing technical support for 2024 tax reform

The Nigeria Extractive Industries Transparency Initiative has pledged to support the legislative process of the 2024 Tax Reform Bill by offering technical inputs, data-driven insights, and policy recommendations to enhance transparency and accountability in the extractive sector. NEITI aims to ensure the 2024 Tax Reform Bill strengthens fiscal transparency, enhances accountability, and maximizes resource benefits […]

News

Oil operators’ debt to FG reaches $6.1bn – NEITI

The Nigeria Extractive Industries Transparency Initiative has revealed that, as of August 2024, oil and gas operators owe the Federal Government a total of $6.1 billion in unpaid royalties, taxes, rents, and other collectible revenues. This outstanding amount reflects the liabilities that have yet to be settled by industry players, highlighting significant challenges in revenue […]

News

Nigeria’s crude oil production losses hit 362.28m barrels – NEITI

A recent report by the Nigeria Extractive Industries Transparency Initiative highlights significant losses in Nigeria’s oil production, totaling 362.28 million barrels from 2014 to 2023. These losses are attributed to factors such as measurement errors, sabotage, and production adjustments. This loss translates to approximately 992,547 barrels of crude oil per day over the span of […]

News

NEITI to audit revenues of 190 oil, mining companies

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 […]

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