The Nigeria Extractive Industries Transparency Initiative (NEITI) has threatened to report oil companies who refuse to pay up debts owed to Nigeria to the Economic and Financial Crimes Commission (EFCC), describing the act as an economic crime.
The threat was issued by Dr Orji Ogbonnaya Orji, Executive Secretary of NEITI on Tuesday, September 13, 2022, at its Civil Society Organisations (CSO) and media engagement on Extractive Industries Transparency Initiative (EITI) validation
He disclosed that the agency has so far recovered N2.6trn with $2.6bn (N1.1tn) outstanding as of March 2022.
The EITI validation, which is conducted every three years is a quality assurance mechanism to ascertain the level of compliance and progress in implementing its standards among member countries, including Nigeria.
Orji said NEITI’s financial report led to the recovery of the debt.
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“By the time we release 2021 report, any company owing Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime,” he said.
He said the recovery was a result of NEITI’s appearance at the National Assembly to defend its position based on data it provided.
Recently, NEITI released 2019 reports which included a list of 77 oil and gas companies that owed the government up to $6.8bn.
The National Assembly had summoned the organisation to come and defend it by showing how it arrived at that.
According to Orji, as soon as NEITI released the 2020 report, companies that wanted their names protected were rushing to the relevant agencies to pay up.
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“Which shows that from the point we released that information a lot of money came in. None of them disputed our report rather they were giving excuses for why they did not pay.
“The money includes all taxes and VAT being collected by the Federal Inland Revenue Service (FIRS) and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
“NEITI collects nothing, all we are asking is for us to be recognised and offered thank you,” he said.
He said that through NEITI, there had been increased demand, easy access and availability of verified information and data in the public domain.
He said President Muhammadu Buhari’s administration should take credit for doing well on extractives sector reforms.
“The content of our up-to-date reports is very incisive and is shaping public debates,” the executive secretary said.