The Nigerian Extractive Industries Transparency Initiative is set to unveil a report from its probe involving approximately 198 extractive entities and governmental bodies as part of the ongoing process of reconciling and authenticating revenues for the 2022/2023 fiscal period.
In an announcement delivered on Monday by NEITI’s spokesperson, Mrs. Obiageli Onuorah, Dr. Orji Ogbonnaya, the Executive Secretary of NEITI, revealed this during a meeting with stakeholders from Civil Society Organizations in Abuja.
Dr. Ogbonnaya mentioned that out of the total 198 entities under scrutiny, 63 belong to the oil and gas sector, exceeding the materiality criterion with a minimum royalty payment of $5 million, while the remaining 135 companies, meeting the N6 million materiality threshold, represent the solid minerals industry.
He stated, “The comprehensive reports on the activities within the Oil, Gas, and Solid Minerals sectors for the 2022/2023 period are in their final phase of completion.”