The Nigerian Extractive Industries Transparency Initiative (NEITI) has announced an imminent release of a probe report concerning approximately 198 extractive companies and agencies as part of its ongoing reconciliation and validation of revenues for the 2022/2023 period.
In a statement delivered by NEITI’s spokesperson, Mrs Obiageli Onuorah, the Executive Secretary, Dr. Orji Ogbonnaya, shared this update during a session with stakeholders from Civil Society Organisations in Abuja.
Of the total 198 entities surveyed, 63 operate within the oil and gas sector, having met the materiality threshold through a minimum royalty payment of $5 million. Additionally, 135 companies in the solid minerals industry, meeting the materiality threshold of N6 million, are part of the ongoing review.
“The 2022/2023 Oil, Gas, and Solid Minerals Industry Reports are nearing completion, with the final stages in progress,” Ogbonnaya revealed.