EFCC to oil companies: Not complying with NEITI audit process a costly mistake

  • 📰 thecableng
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 80%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

EFCC says the refusal of some oil and gas companies and relevant government agencies to comply with the annual NEITI industry audit process will be a costly mistake.

The Economic and Financial Crimes Commission says the refusal of some oil and gas companies and relevant government agencies to comply with the annual Nigeria Extractive Industry Transparency Initiative industry audit process will be a costly mistake.

Orji expressed satisfaction with the completion of the hardware infrastructure, which is now in place. The NEITI executive secretary also added that the next phase would require “development, design and deployment of suitable software applications requisite skills and manpower including training and retraining of staff”.“There is also the need for provision of other requirements needed not covered by earlier scope of the Data Center Project. This includes steady power supply which the current public power supply situation cannot guarantee,” he said.

The information and data, the agency said, are contained in its latest oil and gas industry independent report, released in September.“From the Reports, NEITI further disclosed that a five year trend analysis of gas production in Nigeria showed that the highest production volumes of 3.048 trillion SCF was recorded in 2019 and the lowest of 2.491 trillion standard cubic feet was produced in 2023. This represented 82.73% increase in the country’s production capacity last year,” NEITI said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

NEITI completes 2023 reports on oil, gas industry, says it'll enhance transparencyThe National Stakeholders Working Group (NSWG) of the NEITI, says it has completed the 2022-2023 oil, gas, and solid minerals industry reports ahead of schedule.
Source: thecableng - 🏆 2. / 80 Read more »

NEITI: Oil, gas companies owe FG $6bn, N66bn for unpaid royalties, taxesNEITI says outstanding revenues due to the federal government in the oil and gas industry rose to $6.071 billion and N66.4 billion, respectively, as of June 2024.
Source: thecableng - 🏆 2. / 80 Read more »