‘High cost of oil production erodes revenues, depletes resources ’
Minister of State for Petroleum Resources, Timipre Sylva, yesterday said the high cost of crude oil production in the country often erodes net revenues from sales and depletes resources meant for development.
FG, states, others share N2.3 trillion
The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that the Federation Account Allocation Committee (FAAC) disbursed N2.273 trillion to the three tiers of government and other statutory bodies between July and September this year.
NEITI to partner with EFCC to fight corruption
The Nigeria Extractive Industries Transparency Initiative (NEITI) says it will sign a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC) to strengthen effort in fight against corruption in the country. NEITI disclosed this in a statement signed by Dr Orji Ogbonnaya Orji, Director, Communications and Advocacy, in Abuja on Wednesday. It…
IYC, ANEEJ urge Buhari to swear in NDDC board, appoint auditors
President Muhammadu Buhari has been urged to inaugurate the new board of the Niger Delta Development Commission (NDDC) and personally appoint the forensic auditors...
Despite N350.4b annual security budget, oil facilities not safe
Though the Nigerian National Petroleum Corporation (NNPC) and some International Oil Companies (IOCs) operating in the country stake as much as N350.4b for staff and asset...
Why FG should direct NEITI to audit NDDC, by ANEEJ
The Federal Government has been urged to direct Nigeria Extractive Industry Transparency Initiative (NEITI) to undertake the forensic investigation of the Niger Delta Development Commission (NDDC).
‘Nigeria earned N52.75b from solid minerals in 2017’
Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the solid minerals sector contributed N52.75 billion to the federation account in 2017.
‘How new technologies aided exploration of sedimentary basins’
With oil majors and state-owned exploring new measures for exploration to reduce production costs, stakeholders in the oil and gas industry have attributed the discovery in the Gongola basin to the adoption of new technologies.
FG moves to unveil owners, shareholders of extractive companies
To Conserve $18b, Address Licensing, Contract Scams Challenges of Illicit Financial Flows (IFFs), hovering around $18b, being lost yearly, as well as growing contract scams in the extractive sector may by addressed soon going by attempts by the Federal Government to enforce the Extractive Industries Transparency Initiative (EITI’s) guideline on Beneficial Ownership register. The initiative,…