30 June 2014

Nigeria: NEITI Audits - Over N65 Billion Recovered From Companies

Abuja — The Nigeria Extractive Industries Transparency Initiative (NEITI) says about N65 billion have been recovered from oil companies due to its audit reports findings.

NEITI board chairman, Ledum Mitee who made the disclosure while presenting the 2007-2011 Fiscal Allocation and Disbursement audit in Abuja, also noted that it is not through that NEITI has spent about N1 billion in conducting its audits.

Mitee explained that despite claims that the audits have not benefited the country; a lot of improvements have been seen in the operations of the oil and gas industry operators.

According to him, "First, the amount so far spent on NEITI reports since inception is not up to the claimed N1b. secondly and more importantly, apart from the well documented recoveries of over $2b that have been made in the past, I am pleased to announce that since the reconstitution of the Inter-Ministerial Task Team (IMTT) last December by the Federal Government, NEITI working with the relevant agencies through the IMTT, the commendably uniquely Nigerian machinery for EITI implementation, have made recoveries from the 2009-2011 audit report alone of a total of N64,401,841,370.40 from some companies notably AMNI, Chevron, Midwestern, Mobil, Agip and Total; another $5.8m is expected to be paid this week by Express Petroleum and Gas Company.

"Arising from the recorded achievements, it would be safe to say that NEITI is systematically turning the laudable decision to introduce and statutorily implant implementation of the initiative in Nigeria into an opportunity for the improvement of our country's macro-economic environment, strengthening of public expenditure management and the implementation of institutional and governance reforms in order to bring meaningful impacts in the lives of our people", he said.

He stressed that NEITI was encouraged by these and the findings of its audits which has instigated reforms in the oil and gas sector as well in the operation of the solid minerals sector.

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