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.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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