30 April 2017, Sweetcrude, Lagos — The Executive Secretary of the Nigerian Extractive Industries Transparency Initiative, NEITI, Waziri Adio has disclosed that his agency has commenced a comprehensive, independent audit of the country’s oil and gas sector to cover 2015 and 2016.
The Executive Secretary of NEITI who made the disclosure at a workshop organised for major oil companies in the country also said the independent audit was in line with the principles and standards of the global Extractive Industries Transparency Initiative, EITI.
M Adio pointed out that the workshop was designed to acquaint participants with the structure and content of the template, the kinds of questions that NEITI would ask, as well as the expected responses from the oil and gas majors operating in the country.
“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 NEITI boss disclosed that his agency would introduce a ranking reward system aimed at incentivizing participating entities, adding that 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.
There were presentations on the EITI processes, methods, principles and standards including emerging issues on beneficial ownership and contract transparency.