NEITI

AcronymDefinition
NEITINigeria Extractive Industries Transparency Initiative
References in periodicals archive ?
She explained to New African that, as NEITI had yet to audit the period that Sanusi had referred to in his accusation that some $20bn was missing (and presumably corruptly diverted) she could not really comment on the former CBN governor's allegations.
But she did say that she had read Sanusi's original document, outlining the missing revenues, and that he had made frequent references to the work of NEITI.
The NEITI report added to the complications faced in getting the PIB to be passed.
The NEITI produced two audit reports in 2006 and 2009 that revealed a blatant lack of government oversight over extractive activities and revenues.
Thus, civil society did not play a key role within the NEITI process and does not appear to have benefited from the initiative in any substantive manner.
Orji said : "The media report from that presentation attributed to NEITI that the nation losses $8 billion annually through crude oil Swap.
The NEITI reported added to the complications being faced in getting the PIB to be passed before end-2011.
The media then claimed that Allison-Madueke had trouble explaining why despite her reforms to engender transparency in the petroleum sector, the 2011 NEITI report described the NNPC as one of the eight worst performing companies worldwide, scoring zero for poor organisational disclosure (see more on NEITI's report in omt8NigrWhoAug22-11).
The minister said : 'My presence at this event testifies to the fact that the Ministry of Petroleum Resources, its departments, parastatals and agencies including the NNPC (Nigerian National Petroleum Corporation) and all its subsidiaries are in full support of the NEITI process and the enthronement of transparency and accountability in the oil and gas industry.
He blamed the practice of discretional allocation of oil blocks on the 1969 Petroleum Act which empowered the Minister of Petroleum to so allocate blocks, stressing: "what we did to demonstrate the commitment of NEITI towards resolving this matter was that in 2005, for the very first time, the allocation of blocks was done in an open and very transparent manner".
Earlier efforts by NEITI and FIRS had led to the recovery of $2 billion.
At the end of the NEITI retreat in Abuja a statement has cited the President as saying that an inter-ministerial task team would bear the responsibility of ensuring the full execution of NEITI audit report findings.