A Review of the Nigerian Energy Industry

NEITI recovers N30bn from oil firms

NEITI09 May 2013, Abuja – The Nigeria Extractive Industries Transparency Initiative, NEITI, says it has recovered about $2 billion (N30 billion) of unremitted funds from oil companies uncovered in the oil and gas audit report.

A balance of $9.6 billion is still outstanding, to be recovered from the erring oil companies, NEITI said in a statement yesterday, announcing the development.

Director Communications, Orji Ogbonnaya Orji, in the statement, expressed NEITI’s delight at achieving result in its war against unethical business practices.

He said: “From NEITI independent audit reports that focused on public disclosure, Nigeria government has so far recovered about $2 billion (N30 billion) while inter agency efforts led by NEITI to recover another outstanding sum of $9.6 billion from companies is being intensified.

“These colossal sums were revealed by NEITI reports from under-assessment, under-payment of levies, taxes, bonuses, royalties and other sharp practices over what companies claimed they paid and what government declared it received.
“But for public disclosure being championed by NEITI under a similar law in Nigeria (NEITI Act, 2007), these recoveries and information on potential debt would not have been possible.

“It is the view of NEITI that addressing problems associated with poor management of natural resources, wealth remained the fundamental basis for tackling the increasing trends of global inequality, poverty, social conflicts and insecurity which are common in resource-rich countries”.

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