Economy

2024 FAAC Distribution: Lagos gets highest revenue of N531.1bn – NEITI

DailyTimesNGR DailyTimesNGR 20 March 2025 0

…as FG disbursement increases by 43% By Tunde Opalana Lagos State in 2024 received the highest allocation of N531.1 billion from the Federation Account. The Nigeria Extractive Industries Transparency Initiative (NEITI) which revealed this said the Federation Accounts Allocation Committee

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Nigeria needs $200billiion for gas infrastructure – NEITI

DailyTimesNGR DailyTimesNGR 4 February 2025 0

…as Senate kicks against less than 1% contribution of solid minerals to GDP By Haruna Salami The Nigeria Extractive Industries Transparency Initiative (NEITI) declared that Nigeria requires injection of $200billion into gas infrastructure for maximization of the natural resources as the number one highest gas producer in Africa ninth in the World. This is as […]

Business

Refinery operations to boost energy self-sufficiency, economic growth–NEITI

DailyTimesNGR DailyTimesNGR 28 January 2025 0

BY MOTOLANI OSENI The Nigeria Extractive Industries Transparency Initiative (NEITI) has acknowledged the rehabilitation of the nation’s refineries, saying, the operationalisation of these refineries is a monumental step towards achieving energy self-sufficiency and fostering economic sustainability. While applauding the Nigerian National Petroleum Company Limited (NNPCL)

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NEITI calls for transparency to unlock Nigeria’s energy potential

DailyTimesNGR DailyTimesNGR 4 October 2024 0

The Nigeria Extractive Industries Transparency Initiative (NEITI) has emphasised the importance of accountability and transparency in the nation’s energy sector. Its Executive Secretary, Dr Orji Ogbonnaya Orji, said this at the Association of Energy Correspondents Annual Strategic International Conference on Thursday in Lagos. The theme of the 2024 conference is “Gas As

Headlines

Oil, gas industry owes FG $6bn, N66bn – NEITI Report

DailyTimesNGR DailyTimesNGR 27 September 2024 0

The Nigeria Extractive Industries Transparency Initiative (NEITI) says outstanding collectible revenues due to the Federal Government in the oil and gas industry have risen to 6.071 billion dollars and N66.4 billion as at June 2024, respectively. NEITI disclosed this on Thursday in Abuja at the public presentation of its 2022 and 2023 Independent Oil and […]

News

NEITI to unveil 2022/2023 oil, gas, solid minerals reports September – Orji

DailyTimesNGR DailyTimesNGR 27 January 2024 0

The Nigeria Extractive Industries Transparency Initiative (NEITI) says it will unveil its 2022/2023 reports on oil, gas and solid minerals industries on Sept. 24. Executive Secretary, NEITI, Dr Orji Ogbonnaya Orji, said this at the global Extractive Industries Transparency Initiative (EITI) media briefing on Friday in Abuja. He said NEITI focused more on content and […]

News

Mismanagement of extractive resources, violation of human rights – NEITI

Ihesiulo Grace 10 October 2022 0

The Nigeria Extractive Industries Transparency Initiative (NEITI) says that the mismanagement of extractive revenues and other infractions in the country’s extractive sector is a violation of human rights. Dr Orji Ogbonnaya Orji, the Executive Secretary, NEITI, stated this in Abuja when he led a delegation of board, management of the agency and a coalition of […]

Headlines

NEITI tops in 2022 information transparency ranking

Ihesiulo Grace 3 October 2022 0

Nigeria Extractive Industries Transparency Initiative (NEITI) came tops in the latest Freedom of Information (FOI) transparency ranking. The transparency agency was adjudged second best among 250 other agencies of government who were ranked within the year, according to a statement on Sunday by Obiageli Onuorah, Head, Communications and Advocacy, NEITI. Dr Orji Ogbonnaya

News

NEITI sets up committee on contract transparency

Ihesiulo Grace 3 December 2021 0

The Nigeria Extractive Industries Transparency Initiative (NEITI) has set up a Joint Inter-Agency Committee on the public disclosure of the contents of oil, gas and mining contracts. The contracts to be disclosed include terms and conditions set out in contracts for exploration and exploitation of Nigeria’s oil and gas assets under the Joint Operating Agreements, […]

News

NEITI launches ‘Opening Extractives’ for effective governance, transparency

Ihesiulo Grace 10 November 2021 0

The Nigeria Extractive Industries Transparency Initiative (NEITI), has inaugurated Opening Extractives in Nigeria, to tackle corruption and illicit financial flow for effective governance in the extractive sector. The programme would also transform availability of beneficial ownership information to respective stakeholders. The News Agency of Nigeria (NAN), reports that

News

NEITI recovers $3bn from underpayments by companies –Exec Sec

Ihesiulo Grace 6 November 2021 0

The Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, has said that the agency had recovered over $3 billion dollars from underpayments by companies as against what the government received. Orji made this known at the 2022 budget defence session before the Senate Committee on Federal Character and Intergovernmental

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NEITI, CAC to name real owners of oil, gas mining assets

Ihesiulo Grace 10 May 2021 0

Doosuur Iwambe, Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Corporate Affairs Commission (CAC), have resolved to establish joint coordination committee to identify, document and disclose the real owners of Nigeria’s oil, gas and mining assets. In a statement made available to journalists on Sunday evening, the Executive Secretary of

News

NEITI partners ICPC to curb financial misconduct, corruption in extractive industry

Ihesiulo Grace 22 April 2021 0

Doosuur Iwambe, Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), is collaborating to address issues of corruption and financial misconduct in the nation’s extractive industry. The Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji noted that both agencies

News

NEITI seeks collaboration with firms on Extractive Industry Reforms

Ihesiulo Grace 16 March 2021 0

Doosuur Iwambe, Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for closer collaboration and partnership with the civil society, oil, gas and mining companies towards the implementation of ongoing reforms in the extractive industry in Nigeria. This is just as NEITI regretted that out of the $75 billion foreign direct investment (FDI)

Business

NEITI commends NNPC for publicly declaring audited accounts

Ihesiulo Grace 17 June 2020 0

The Nigeria Extractive Industries Transparency Initiative (NEITI) has commended the Nigeria National Petroleum Corporation (NNPC) for publicly declaring its audited accounts for the first time in its history with the publication of its 2018 Audited Financial Statement (AFS) on its website. NEITI acknowledges that declaring the assets fulfils a pledge made by the GMD of

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Solid minerals sector raked in N69.47bn in 2018 – NEITI

Ihesiulo Grace 16 March 2020 0

The latest audit report released by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the solid minerals sector contributed N69.47 billion to the nation’s federation revenue in 2018 alone. According to the report which was released to newsmen by NEITI’s Director, Communications & Advocacy, Dr. Orji Ogbonnaya Orji, the

Business

How FG, States, LGs shared N8.15trn in 2019

Ihesiulo Grace 14 February 2020 0

Abuja – The Nigeria Extractive Industries Transparency Initiative (NEITI), said in Abuja on Thursday that the Federal, States, Local Governments and other statutory recipients by the Federation Accounts and Allocation Committee (FAAC), shared N8.15 trillion in 2019. NEITI disclosed this on it quarterly report. It said that the figure is N377 billion or 4.42 per […]

Business

‘How vandals, thieves dipped Nigeria’s oil assets by $2.75bn in 2019’

Ihesiulo Grace 6 January 2020 0

Nigeria’s oil asset in 2019 alone shed a whopping loss of $2.75 billion to persistent in criminal activities of vandals and stealing of the nation’s oil. This is even as Partner for Petroleum & Energy Sector Prosperity Initiative (P-PESPI) called on President Buhari to urgently escalate his intervention to stop criminal activities. Chairman of the […]

Business

Nigeria earned $21bn from oil, gas sector in 2017 – NEITI

Ihesiulo Grace 28 November 2019 0

Abuja – The Nigeria Extractive Industries Transparency Initiatives (NEITI), says Nigeria earned 21 billion  dollars from the oil and gas sector in 2017. NEITI disclosed this in its 2017 oil and gas industry report released in Abuja on Wednesday. It said that the figure showed a 23 per cent increase from the 2016 figures of […]

News

NEITI, EFCC to fight corruption

Ihesiulo Grace 21 November 2019 0

P&ID: We’re adopting strategies to quash contract -FG Abuja – The Nigeria Extractive Industries Transparency Initiative (NEITI) says it will sign a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC) to strengthen effort in fight against corruption in the country. NEITI disclosed this in a statement signed by Dr Orji