The Nigerian Extractive Industries Transparency Initiative (NEITI) is set to probe the revenues of 190 oil and mining companies as part of its ongoing nationwide reconciliation and validation exercise. This audit, which covers both the oil, gas, and mining industries, has seen participation from 198 extractive companies and government agencies. The NEITI Executive Secretary, Dr. Orji Ogbonnaya, announced the development during a meeting with civil society leaders in Abuja, as reported by the Acting Director/Head of Communications & Stakeholder Management, Mrs. Obiageli Onuorah.
Of the 198 companies involved, 63 operate within the oil and gas sector, meeting the materiality threshold of a minimum royalty payment of $5 million. Meanwhile, 135 companies from the solid minerals industry, which met the threshold of ₦6 million, are also participating. Additionally, 22 government agencies that either receive, manage, or oversee oil, gas, and mining revenues are part of this audit—14 from the oil and gas sector, and eight from the solid minerals sector.
Dr. Ogbonnaya noted that the current level of participation is higher than the previous audit conducted in 2021, which included 190 companies. He highlighted that the ongoing 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached an advanced stage, with data reconciliation and validation meetings for oil and gas companies and relevant government agencies having recently concluded in Lagos.
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Expressing his appreciation for the renewed commitment and cooperation from the extractive companies, Dr. Ogbonnaya praised the quality of participation and the voluntary disclosure of data. He also announced that the data reconciliation and validation process for the solid minerals industry began in Lagos on August 26, 2024, and will continue in Abuja shortly thereafter, paving the way for broader stakeholder reviews and engagement on the draft reports.
