The Nigerian Extractive Industries Transparency Initiative (NEITI) has said there is an ongoing collaboration with Dangote Refinery for compliance with Extractive Industry Transparency Initiatives (EITI) standards.

NEITI may also drag the refinery where the country has about seven per cent interest to join EITI as a supporting company. The EITI is the global standard to promote the open and accountable management of oil, gas and solid minerals.

By becoming an EITI-supporting company, organisations are expected to advance transparency and good governance in the extractive sector worldwide by observing and promoting the expectations for EITI-supporting companies and by contributing financially to the international management of the EITI.

This comes as NEITI said a total of 198 extractive companies and government agencies have submitted extensive data and information for the ongoing nationwide audit of revenues in Nigeria’s oil, gas, and mining sectors.

The Executive Secretary of NEITI, Orji Ogbonnaya Orji, said among the 198 entities, 63 are oil and gas companies that meet the materiality threshold of a minimum royalty payment of $5 million, while 135 are solid mineral companies meeting a threshold of N6 million.

Additionally, 14 government agencies involved in oil and gas, and eight in the solid minerals sector, are participating in the audit, disclosing payments received and expenditures incurred.

Orji highlighted that the participation level in this audit surpasses the previous exercise in 2021, where 190 companies were covered.

He stated that the current 2022/2023 Oil, Gas, and Solid Minerals Industry Reports are at an advanced stage, with reconciliation and validation meetings for oil and gas entities recently concluded in Lagos.

The NEITI Executive Secretary praised the increased commitment and voluntary data disclosure from the companies involved.

He also announced that a similar exercise for the solid minerals sector would commence in Lagos on August 26 and continue in Abuja shortly afterward.

NEITI’s audit aimed to reconcile revenues, track production quantities, and ensure transparency and accountability in line with global Extractive Industries Transparency Initiative (EITI) standards.

Orji also mentioned that a meeting of the National Stakeholders Working Group (NEITI Board) will be held in September to review and finalize the draft report.

He also provided updates on NEITI’s engagement with various stakeholders, including the newly reconstituted board, which held an induction retreat in Lagos. The retreat facilitated interactions with industry leaders and strengthened the board’s understanding of NEITI’s operations and global obligations.

Orji reaffirmed NEITI’s strong relationships with government agencies and its role in several high-level committees and initiatives, including the Presidential Committee on Tax and Fiscal Policy Reforms and the National Council on Climate Change and Green Economic Solutions.

He also highlighted NEITI’s partnerships with development partners like the Ford Foundation and the European Union, which continue to support governance and transparency initiatives in Nigeria’s extractive industries.