NEITI to release probe report of 190 oil, mining companies, agencies

Nigerian Extractive Industries Transparency Initiative said it would soon release a probe report of about 198 extractive companies and agencies in its ongoing nationwide reconciliation and validation of the 2022/2023 revenues exercise.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya disclosed this in a statement by the agency’s spokesperson, Mrs Obiageli Onuorah, on Monday.

Ogbonnaya said this while addressing stakeholders from the Civil Society Organisations in Abuja.

According to him, of the 198 firms and agencies, 63 are in the oil and gas industry, meeting the materiality threshold of a minimum royalty payment of $5m, while 135 companies, which met the materiality threshold of N6m, were from the solid minerals industry.

“The ongoing 2022/2023 Oil, Gas, and Solid Minerals Industry Reports have reached an advanced stage, in fact, the final stage,” he disclosed.