Photo caption: Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reaffirmed that compliance with its mandatory industry audit process is not optional but a legal obligation for all companies operating in Nigeria’s extractive industries.
Speaking at the opening session of the NEITI Companies Forum in Lagos, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, stressed that transparency and accountability are not only national requirements but also critical pillars for building investor confidence, strengthening citizens’ trust, and aligning Nigeria’s extractive practices with global standards.
Dr. Orji explained that compliance with NEITI’s audit process underpins efforts to improve Nigeria’s business environment and attract sustainable international investments.
He noted that the NEITI Companies Forum has become a strategic platform for forging closer partnerships with companies in the oil, gas, and mining sectors, focusing on:
- data disclosure on company payments,
- beneficial ownership transparency,
- contract transparency,
- sub-national fiscal sustainability,
- climate change, and
- multi-stakeholder collaboration.
He announced that work on the 2024 NEITI Industry Reports has already commenced and will be concluded before the end of the year, urging companies to ensure full and timely compliance to meet reporting deadlines.
The Forum also served as a platform for companies to raise pressing operational challenges. Representatives from oil, gas, and mining companies appealed for NEITI’s urgent intervention to address the burden of multiple taxation, royalties, and levies imposed by various government agencies.
Representatives of the Nigeria Upstream Regulatory Commission, the Ministry of Solid Minerals Development briefed the Forum on the status of the reforms in their respective institutions and the relevance to boost business environment for better government-industry relations.
The Chairman of the NEITI Companies Forum, Mr. Gwueke Ajaifia, described the proliferation of demands for data and payments from multiple agencies as a key factor frustrating the business environment. He called on NEITI to escalate the matter to the federal government.
The President of the Miners Association of Nigeria and Deputy Chairman of the Forum, Mr. Dele Ayanleke, commended NEITI for establishing the Companies Forum and urged the agency to leverage its multi-stakeholder framework and international affiliations to ensure that the industry’s concerns are promptly addressed to restore investors’ confidence.
Adding a regional perspective, Mr. Taiwo Abdel Jeleel Olasupo, representing the South-West Zone on NEITI’s National Stakeholders Working Group (NSWG), highlighted the vast mineral deposits in the South-West. He called on investors to seize these opportunities for profit and job creation in host communities.
The Lagos session of the NEITI Companies Forum also discussed critical industry issues including divestments, liabilities, and the impact of ongoing federal government reforms on the growth and sustainability of Nigeria’s extractive industries.
