The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that it recovered US$2 billion from the outstanding funds uncovered in the oil and gas audit report.
The agency made this known in a statement signed by its Director of Communications, Dr.Orji Ogbonnaya Orji, in Lagos.
NEITI said it had intensified efforts to recoup the outstanding $9.6 billion from the erring oil companies.
The agency said the development showed that the anti-graft war in the oil and gas sector might be yielding results.
The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that it recovered US$2 billion from the outstanding funds uncovered in the oil and gas audit report.
The agency made this known in a statement signed by its Director of Communications, Dr.Orji Ogbonnaya Orji, in Lagos.
NEITI said it had intensified efforts to recoup the outstanding $9.6 billion from the erring oil companies.
The agency said the development showed that the anti-graft war in the oil and gas sector might be yielding results.
It also gave credence to the positive developments around the world on extractive industry transparency and good governance.
According to Orji, the unethical business practices are beginning to attract the global attention it rightly deserves.
“For instance, from NEITI independent audit reports that focused on public disclosure, Nigerian Government has so far recovered $2 billion..
“The inter-agency efforts led by NEITI to recover another outstanding sum of $9.6 billion from companies are being intensified.
“These colossal sums were revealed by NEITI reports from under-assessment, under-payment of levies, taxes, bonuses, royalties and other sharp practises,” it noted..
The organisation said the recoveries and information on potential debt would not have been possible if not for public disclosure being championed by NEITI.
“NEITI is excited about these developments, especially at this time when public demands and agitation for reforms in Nigeria’s extractive sector is on the increase, especially through the Petroleum Industry Bill (PIB).
“The PIB now before the National Assembly is another great opportunity for Nigeria to align its extractive industry governance.
“It will also be in line to international best practices and ensure that revenues from oil, gas and mining sector support national development.”
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