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NEITI begins review of oil earnings from 2015 to 2016 to trace unremitted funds

As part of consolidated moves to track oil earnings diverted in the process of oil exploration in Nigeria between 2015 and 2016, the Nigeria Extractive Industries Transparency Initiative (NEITI), on Thursday gave indication of reviewing the audit of the oil and gas sector.

Apart from arguing that the audit was in line with the principles and standards of the global Extractive Industries Transparency Initiative, the agency’s Executive Secretary, Mr. Waziri Adio, in a statement said “This workshop is to seek your views, suggestions and inputs as well as to listen to your concerns on how to make the exercise hitch-free.”

Giving the details in a workshop in Lagos for major oil companies and relevant government agencies, which are expected to participate in the exercise, he said the workshop was designed to acquaint participants with the structure and content of the template, the kind of questions that NEITI would ask and the answers expected to be provided by the covered entities.

The statement signed by Director of Communications at NEITI, Dr. Ogbonnaya Orji, said the agency would introduce a ranking reward system to incentivise the participation of the covered entities.

It further noted that “Under the ranking system, companies will be graded based on their efficiency in populating the audit templates, including the quality and depth of information and data provided and quick response to set deadlines, among other considerations”.

“NEITI is committed to working closely with the companies under the NEITI framework to create good business environment that is conducive for the inflow of more foreign direct investments into the extractive sector.

Adio said the ranking system would be shared with over 51 member countries of the global EITI and multilateral organisations to serve as a reference point on adherence to business ethics for major investment decisions in Nigeria.

Business Hilights recalls that NEITI had in the last few months made several revelations of funds diversion in the oil and gas sector but no serious action has been taken so far.

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