6 July 2012

Nigeria: NEITI Opens 2012 Oil, Gas Audits

Photo: Vanguard
Oil refinery

The financial, physical and process audit for the oil and gas sector for 2012 by the Nigeria Extractive Industry Transparency Initiative (NEITI) has commenced.

The agency yesterday called for expression of interest targeted at verifying all payments by companies and government agencies to determine accuracy, completeness and report all underpayments and balances payable to the federation account.

The proposed audit is also to review policies and procedures on collection, custody and management of funds and make recommendations that would enhance the efficiency and transparency of the sector.

Earlier this year, the agency awarded audit contracts for the oil and gas industry between 2009-2011 which brought it to the current year ambition.

Nigeria joined Extractive Industry Transparency Initiative (EITI) in 2004. EITI is the global movement aimed at ensuring that extractive resources aid sustainable development.

NEITI also invited audit for the solid mineral sector to cover 2011-2012. For the first time, the agency awarded contract to audit solid minerals early this year to cover between 2007-2010 and now 2011-2012.

The audit reports by NEITI have been attracting attentions locally and internationally by exposing various illegalities in Nigeria's extractive industry.

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