Business
NEITI Set to Release Probe Report on 198 Extractive Companies and Agencies
The Nigerian Extractive Industries Transparency Initiative (NEITI) is preparing to release a comprehensive report on its ongoing investigation into 198 extractive companies and government agencies.
This probe is part of the organization’s nationwide reconciliation and validation exercise for revenues collected in 2022 and 2023.
NEITI’s Executive Secretary, Dr. Orji Ogbonnaya, made this announcement through a statement issued by the agency’s spokesperson, Mrs. Obiageli Onuorah, on Monday.
Dr. Ogbonnaya shared these details during a meeting with stakeholders from Civil Society Organizations (CSOs) in Abuja, emphasizing the importance of transparency in the extractive sector.
According to him, the 198 entities under scrutiny are spread across both the oil and gas sector, as well as the solid minerals industry. Of these, 63 companies in the oil and gas industry have been found to meet the materiality threshold, defined as making a minimum royalty payment of $5 million.
Meanwhile, 135 companies from the solid minerals sector have met the criteria, requiring a minimum payment of N6 million in royalties.
Dr. Ogbonnaya further revealed that the 2022/2023 reports on the oil, gas, and solid minerals industries are nearing completion, with the reconciliation process in its final stages.
The findings of this report are expected to provide critical insights into the operations of the extractive sector, fostering greater transparency and accountability in the management of Nigeria’s natural resources.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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