NEITI commences audit of oil, gas sector – ES

The Nigerian Extractive Industries Transparency Initiative (NEITI) yesterday said it has commenced a comprehensive, independent audit of the nation’s oil and gas sector that would cover the periods of 2015 and 2016.

Mr Waziri Adio, Executive Secretary of NEITI, announced this in Lagos at a workshop organised for major oil companies in the country.

Adio said the independent audit was in line with the principles and standards of the global Extractive Industries Transparency Initiative (EITI).

According to him, relevant government agencies were expected to participate in the exercise.

He said the workshop was designed to acquaint participants with the structure and content of the template, the kinds of questions that NEITI would ask and answers expected to be provided by the covered entities.

“This workshop is to seek your views, suggestions and inputs as well as listen to your concerns on how to make the exercise hitch-free,’’ Adio added.

The workshop witnessed presentations on the EITI processes, methods, principles and standards including emerging issues on beneficial ownership and contract transparency.

The benefits of implementing EITI in Nigeria also topped discussions at the interactive session.

The executive secretary announced that NEITI would introduce a ranking reward system to incentivise participation of covered entities.

He said in the ranking system, companies would be graded based on their efficiency in populating the audit templates such as the quality, depth of information, data provided and quick response to set deadlines.

Adio explained that the system would be shared with over 51 member countries of EITI and multi-lateral organisations, to serve as reference points on adherence to business ethics for major investment decisions in Nigeria.