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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
Judge Tells Duane Davis He Must Face Justice for Tupac’s Murder
Timini Egbuson Reflects on Embracing YouTube Movies in Nollywood
