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.