NEITI vows to recover unremitted revenues from oil companies

Nigeria Extractive Industries Transparency Initiative, NEITI, has vowed to recover all outstanding amounts owed the country by oil, gas and mining companies.

Mr. Ledum Mitee, the chairman of NEITI, disclosed this during the visit of the Extractive Industries Transparency Initiative, EITI, Implementation Committee, led by its Chairperson, Ms Clare Short, in Abuja yesterday.

According to him, from August this year, NEITI’s audit processes will be automated to ensure for speedy collection of data to enable it produce timely reports.

He also promised to partner with the President Muhammadu Buhari’s administration to reform the country’s oil and gas sector as well as helping the government to tackle corrupt practices within the extractive industry.

It would be recalled that NEITI had in one of its report, indicted the Nigerian National Petroleum Corporation, NNPC including some of the oil and gas companies operating in country, who it alleged to have defrauded the country to the tune of $19.1 billion, valued around N3.82 trillion.

It has also charged the new administration of President Buhari to ensure the recovery of the money from the companies.

 Mitee at the meeting, disclosed that NEITI is working closely with all the relevant government agencies to ensure that all outstanding revenues reported as under-payment and under-assessment are recovered into the Federation Account.

He however stated that Nigeria is committed to continuously improve on its modest achievements and also strive to fully embrace the new EITI standards.

He said, “NEITI has commenced implementation of the comprehensive framework on remediation and enforcement developed by the current Board through the machinery of the Inter-Ministerial Task Team (IMTT).

“NEITI is expanding its frontier of inter-agencies collaboration and broadening the scope of engagements with the government, companies, media and civil society as well as strengthening its internal capacity.

We have started addressing the identified gaps in our operations ahead of the EITI validation of Nigeria which falls due in January 2016.’’

He further stated that the agency is fully aware of the importance of this exercise and is making necessary preparations to ensure that Nigeria meets the validation requirements.

“The process of implementing the new EITI requirements with respect to the issues of beneficial ownership and contracts disclosure in this part of the world may require careful strategy to ensure stakeholders’ buy in.” he said.

In her remark at the meeting, Ms. Clare Short, International Chair, EITI, commended NEITI for its activities in Nigeria so far, expressing concern, however, on the non-implementation of the reports by the past administrations.