Audit of extractive companies to enable transparency – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that the ongoing nationwide audit of oil, gas and mining companies is targeted at transparency in domestic resources mobilisation.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, disclosed this in Port Harcourt, Rivers State, while declaring open nationwide sensitisation workshops on the conduct of the 2022-2023 industry reports of the oil, gas and mining sectors for companies in the South South and South East.

Dr Orji, in a statement by the Deputy Director/Head of Communications and Stakeholders Management of NEITI, Obiageli Onuorah, explained that domestic resource mobilisation became key to NEITI’s interventions in the industry to enthrone transparency and accountability driven by public disclosure and blocking of leakages.

He noted that the workshops were in line with the principles and standards of the global Extractive Industries Transparency Initiative (EITI).

He further said, “The objectives of these industry reports are to establish and make public revenue flows through investment among the major players in the oil, gas and mining sectors; examine the financial, physical and process issues from within and among the companies and relevant government agencies.”

He highlighted that NEITI’s new sets of templates had also been designed to capture the new requirements as expected by EITI.

He, therefore,  appealed to all government agencies, as well as extractive industry companies covered by the reports, to fully cooperate with the process as required by law and within the timelines set for the completion of the exercise.