Connect with us

Latest News

Nigeria’s NEITI Steps Up Oversight on $6.03 Billion Oil Block Sales to Ensure Accountability

Published

on

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced plans to review the divestment transactions worth $6.03 billion involving 26 oil blocks, as carried out by five International Oil Companies (IOCs). The review, which includes notable deals such as Shell’s sale to Renaissance ($2.4 billion), ExxonMobil’s divestment to Seplat ($1.28 billion), and TotalEnergies’ sale to Chappal ($860 million), was revealed by NEITI’s Executive Director, Dr. Orji Ogbonnaya Orji, during a media briefing in Abuja.....KINDLY READ THE FULL STORY HERE▶

Orji emphasized that the divestments were having a significant impact on Nigeria’s oil and gas industry, making it imperative to ensure adherence to proper procedures in these transactions. NEITI will collaborate closely with regulatory bodies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Limited (NNPC Ltd.) to ensure complete transparency in the financial, social, and environmental aspects of these sales.

The organization is set to expand its industry reports to include dedicated sections addressing divestments, as well as intensifying efforts to disclose forward sales of crude oil and gas. NEITI aims to promote public awareness of these transactions to safeguard national interests, host communities, and the country’s revenue streams.

The Executive Secretary also raised concerns over the environmental impacts of some divestments, urging closer cooperation with relevant agencies to address outstanding issues in oil-producing communities. He further highlighted that NEITI would scrutinize forward sales involving crude oil in exchange for loans, in light of complaints about inadequate supply to local refineries.

Since NEITI’s audit of the oil and gas sector began 23 years ago, Nigeria has earned $831 billion from its extractive industries. Furthermore, the initiative has facilitated the recovery of over $4.85 billion from disclosures amounting to $8.26 billion in the 2021 report.

Dr. Orji also reaffirmed NEITI’s commitment to ensuring that revenues from Nigeria’s oil, gas, and mining sectors are properly managed for the benefit of the country’s citizens. He emphasized the importance of transparency in beneficial ownership, contract disclosure, and environmental remediation efforts, with a focus on strengthening governance and tackling corruption. NEITI will continue to improve its reports and increase collaboration with stakeholders to achieve its goal of a more transparent and accountable extractive sector.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

3. “Donald Duke is Better Than All Of Them”: Baba-Ahmed Explains Why PRP Is Shaking Up The 2027 Race!

Published

on

The National Chairman of the People’s Redemption Party (PRP), Dr. Hakeem Baba-Ahmed, has asserted that the party is exceptionally fortunate to feature former Cross River State Governor, Donald Duke, as its presidential candidate for the upcoming 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

A Strong Endorsement for Donald Duke

  • Surpassing Competitors: Speaking during an interview, Baba-Ahmed confidently stated that, candidate for candidate, Donald Duke outperforms all other presidential contenders currently in the political space.

  • Integrity and Capability: He described Duke as part of a visionary leadership blueprint aimed at thinking critically, restoring national dignity, exhibiting true integrity, and offering young Nigerians a leadership style they can genuinely look up to.

The Strategic Push for an Opposition Coalition

Despite possessing what he considers the superior candidate, Baba-Ahmed explained why the party is actively championing a broader political alliance:

  • Consensus Over Ego: The PRP chairman emphasized that the party’s push for a mega-coalition is driven by consensus and constitutional processes rather than forcing Duke’s candidacy through on profile strength alone.

  • Defeating Fault Lines: Framing the 2027 election as a critical turning point for the nation, Baba-Ahmed noted that the stakes go far beyond individual party ambitions. The coalition aims to unite likeminded opposition forces to rescue Nigeria from its current trajectory and bridge its deep fault lines.

Continue Reading

Latest News

Clearing The Air: Norway Manager Slams Rumors Of Man City Media Blackout Over Haaland!

Published

on

Norway national team manager Ståle Solbakken has firmly denied allegations that Manchester City pressured him to shield star striker Erling Haaland from questions concerning the club’s financial breach case during international duty.....KINDLY READ THE FULL STORY HERE▶

Media reports had previously claimed that club officials intervened behind the scenes to restrict Haaland’s media exposure. However, speaking to TribalFootball, Solbakken rejected these accusations entirely, emphasizing that Manchester City had no influence over his handling of media duties. He noted that the last time he ever discussed media matters with the club was during Haaland’s transition from Borussia Dortmund to Manchester City.

Key Highlights from Solbakken’s Statement

  • Solbakken labeled the rumors a “lie,” stating that such claims compromise his personal integrity and his commitment to honesty with the national team.

  • The manager clarified that the choice to exempt Haaland from specific media obligations was entirely his own decision, made without informing or consulting either Haaland or Manchester City.

  • Expressing frustration over persistent club-level controversies overshadowing international windows, Solbakken urged journalists to focus on Haaland’s athletic performance on the pitch rather than fabricated cover-up stories.

Continue Reading

latest

Momoh Pushes For Stronger, Climate-Ready Infrastructure Across Africa

Published

on

Nigeria’s Minister of Regional Development, Engr. Abubakar Momoh, has called on African engineers and governments to adopt stronger engineering standards, prioritise regular maintenance and deepen regional cooperation in developing infrastructure capable of meeting the continent’s growing needs.....KINDLY READ THE FULL STORY HERE▶

Continue Reading

Trending