NEITI begins oil sector audit for 2015, 2016

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The Nigeria Extractive Industries Transparency Initiative (NEITI) on Thursday announced that it had commenced the process for a comprehensive independent audit of the oil and gas sector, The Punch reports.

It said the audit was being conducted in line with the principles and standards of the global Extractive Industries Transparency Initiative and would cover 2015 and 2016. The Executive Secretary, NEITI, Mr. Waziri Adio, disclosed this at a workshop in Lagos for major oil companies and relevant government agencies, which are expected to participate in the exercise.

Adio explained that the workshop was designed to acquaint participants with the structure and content of the template, the kind of questions that NEITI would ask and the answers expected to be provided by the covered entities. In a statement issued by the agency’s Director of Communications, Dr. Ogbonnaya Orji, the NEITI boss said the agency would also introduce a ranking reward system to incentivise the participation of the covered entities.