The Economic and Financial Crimes Commission (EFCC) has warned oil and gas, solid minerals and extractive companies and agencies against non-compliance with the Nigeria Extractive Industries Transparency Initiative (NEITI) audit processes.
Nigeria’s anti-graft agency, it will investigate oil & gas companies and government agencies over their failure to comply with the NEITI Industry Audit.
The chairman of the EFCC, Olanipekun Olukoyede, disclosed the planned action at the presentation of the 2022 and 2023 independent oil and gas industry report, which was released on September 26, 2024.
Only 198 oil firms and government agencies complied with the audit process which was an improvement when compared to the previous audits.
The EFCC warned all industries players, oil and gas companies and relevant government agencies that refusal or resistance to comply fully with the annual NEITI Industry Audit process is considered by the EFCC as a costly mistake adding that where the work of NEITI stops marks the beginning of EFCC investigations, according to a statement issued by NEITI.
Olukoyede said the EFCC is working closely with NEITI for further necessary action against the offenders.
The EFCC boss further revealed he signed the remittance of a recovery of N1bn to the beneficiary agency of government following their assessment of a NEITI Report findings.
