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By Tracy Moses
The Nigeria Extractive Industries Transparency Initiative (NEITI) has emphasized that compliance with its mandatory industry audit is not negotiable but a statutory duty for every company operating in the country’s extractive sector.
Speaking at the opening of the NEITI Companies Forum in Lagos on Wednesday, the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji, maintained that transparency and accountability remain central to building investor trust, restoring citizens’ confidence, and ensuring Nigeria’s extractive practices measure up to global standards.
Dr. Orji explained that adherence to the NEITI audit framework is key to improving the nation’s investment climate and attracting durable international capital. He added that the Companies Forum has become an important platform for deepening collaboration with oil, gas, and mining operators, particularly on issues such as payment disclosures, beneficial ownership, contract openness, fiscal sustainability at state and local levels, climate change, and multi-stakeholder engagement.
He disclosed that work on the 2024 NEITI Industry Reports is already underway and scheduled for completion before the year runs out, urging companies to comply fully and within deadlines to avoid gaps in reporting.
The Forum also provided an opportunity for companies to present challenges facing their operations. Industry representatives from the oil, gas, and mining sectors appealed to NEITI to step in urgently to address the increasing problem of multiple taxation, royalties, and levies from various government bodies.
Officials from the Nigeria Upstream Regulatory Commission and the Ministry of Solid Minerals Development briefed participants on reforms taking place within their agencies and their relevance to creating a friendlier business environment and improving government–industry relations.
Chairman of the NEITI Companies Forum, Mr. Gwueke Ajaifia, criticized the overlapping demands for information and payments by several regulators, describing them as a major hindrance to business growth. He urged NEITI to escalate the matter to the federal government for resolution.
The President of the Miners Association of Nigeria and Deputy Chairman of the Forum, Mr. Dele Ayanleke, applauded NEITI for setting up the Companies Forum. He encouraged the agency to leverage its international alliances and multi-stakeholder structure to tackle industry concerns and rebuild confidence among investors.
From a regional perspective, Mr. Taiwo Abdel Jeleel Olasupo, who represents the South-West Zone on NEITI’s National Stakeholders Working Group (NSWG), underlined the region’s abundant mineral deposits. He called on investors to take advantage of these opportunities to create wealth and generate jobs in host communities.
Discussions at the Lagos Forum also covered major industry issues such as divestments, liabilities, and the effects of ongoing federal reforms on the sustainability and expansion of Nigeria’s extractive industries.