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Published On: Fri, May 23rd, 2014

NEITI lists oil block beneficiaries in Nigeria

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By Etuka Sunday, with agency report

The Nigeria Extractive Industries Transparency Initiative (NEITI), said plans have been concluded to release the names of oil block beneficiaries in the country.

This it said, was to enable it work in line with the revised reporting standards that were recently unveiled by the global Extractive Industries Transparency Initiative (EITI).

NEITI said, the details of crude oil blocks licence-holders would be contained in its yet-to-be-released 2012 audit of the oil and gas sector.

Once that is done, it would put to rest the unanswered question of licence-holders of crude oil blocks and those at the forefront of oil and gas business in Nigeria.

The Chairman, National Stakeholders Working Group of NEITI, Mr. Ledum Mitee, who made the disclosure yesterday, during a workshop organised to educate civil society organisations in the extractive industries on the new standards, said it would enhance greater transparency and accountability in crude oil production and revenue receipts.

He said the listing, which would be tagged: ‘disclosure of beneficial ownership’ would also form part of the revised EITI natural resource audit reporting standard.

“The revised standards require, for instance, disclosure of production figures, revenue flows to state, local and other accounts, as well as disclosure of ownership of the licence holders (disclosure of beneficial ownership),” he said.

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