By Agency Reporter

Thursday, 25 Nov 2010

The Nigerian Extractive Industry Transparency Initiative has mandated its auditor, Hart, to complete the audit of oil and gas sector earnings between 2006 and 2008 by December 15, 2010.

The Executive Secretary of the organisation, Mrs. Zainab Ahmed, disclosed this at a NEITI workshop for stakeholders in Abuja on Wednesday.

Nigeria has been struggling to meet the International Extractive Industry Initiative compliance rating for some time and hopes to submit the audited report for evaluation in January 2011.

Some of the requirements, which have denied Nigeria a compliance rating by the international coalition include the presentation of signature bonus payment and receipts, the audited accounts for 2006 to 2008 and confirmation of audited data by the concerned companies.

The last audited account produced by NEITI was for 2005.

In January 2011, NEITI will also show evidence to the international coalition that it has started the process of producing the audited account of the industry for the 2009 accounting year.

Ahmed also said that, in 2011, NEITI would expand the scope of its audit to include the solid minerals sector.

She said that the organisation had succeeded in recovering some shortfalls due to the government from some operators in the oil and gas industry.

Speaking at the conference, NEITI Chairman, Prof. Assisi Asobie, said putting the amounts earned by governments in the public domain empowered citizens to hold their governments to account.

According to him, governments that are held to account by citizens are more likely to apply and manage efficiently the revenues derived from natural resources than those that are not accountable to the people.

 

Source: Punch