‘How Nigeria lost $42b to oil theft in 10 years’
Crude oil and refined products worth $41.9 billion have been stolen from Nigeria in the last 10 years, a latest report released by the Nigeria Extractive Industries Transparency Initiative (NEITI) indicated yesterday.
‘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.
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,…
Stakeholders raise concern over poor metering for crude in Nigeria
The Nigeria Extractive Industries Transparency Initiative (NEITI), and other stakeholders in the oil and gas sector, yesterday, in Abuja, insisted that inadequacy in the metering of crude oil production in the country could continue to affect the nation’s revenue.
How poverty worsened despite Nigeria’s N28.58 trillion revenue
Stakeholders in the economy yesterday expressed worry about the disparity between huge government earnings and growing poverty in the country. This followed the report by the Nigeria Extractive Industries Transparency Initiative (NEITI) showing that N28.58 trillion was remitted to the Federation Account between 2012 and 2016.
FAAC shares N12.2 trillion to FG, states, councils in 18 months
The Federation Accounts Allocation Committee (FAAC’s) distribution to the Federal Government, states and local councils in the country has hit N12.2tr in the last 18 months covering January 2018 to June 2019.
‘Data hoarding in government agencies bane of national planning’
The Nigeria Extractive Industries Transparency Initiative (NEITI) and Office of the Auditor General of the Federation (AGF) have revealed that national planning in Nigeria...
‘Nigeria losing N1,085t daily to fuel smuggling’
Daily, an estimated seven million litres of Premium Motor Spirit (PMS), better known as petrol, valued at N1, 085t is smuggled from Nigeria to neighbouring West African countries. With daily consumption of about 52 million litres of petrol per day according to the Department of Petroleum Resources (DPR)
Don’t drag NNPC to politics under FOI guise, Kyari warns
The Nigerian National Petroleum Corporation (NNPC) has urged the public to be wary of attempts to drag the corporation into politics in the guise of requests for information...
Curbing shell companies' operations via beneficial ownership disclosure
Extrative Industries Transparency Initiative (EITI) sees a beneficial owner as the person or entity who has control over or enjoys the ultimate benefits from any business, even though the names of such individual may not appear on the official documents...
Falana sues government, NEITI over alleged unremitted N13tr
Human rights activist, Femi Falana (SAN), at the weekend filed a suit at the Federal High Court, Abuja over alleged unremitted revenue totalling N12.721 trillion. In the suit, he is seeking an order to compel the President Muhammadu Buhari administration to recover $40 billion and N481 billion based on the audit carried out by the…