Probe Into Who Benefits Most In Nigeria's Extractives Sector

The Nigeria Extractive Industries Transparency Initiative, NEITI, says that it is forging closer ties with the Corporate Affairs Commission, CAC, to unravel the actual owners of oilfields and other assets in the country. Oil is Nigeria's main export and a cloud of uncertainty hangs over U.S.$62 billion in outstanding taxes and royalties owed to Nigeria by major oil operators. Executive Secretary of NEITI, Orji Ogbonnaya said: "the exclusion of information about our natural resources was at a huge cost to the Nigerian economy and affects the country's optimisation of revenue from its natural resource wealth". Another sector under investigation is the solid mineral sector which is experiencing revenue leakages, waste and other illegal activities.


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