EFCC Warns Oil Firms To Comply With NEITI Audit Process

The chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has urged all players in the oil and gas companies and relevant government agencies to fully comply with the annual Nigerian Extractive Industries Transparency Initiative (NEITI) Industry Audit process.

He warned that it would be a costly mistake if those involved choose to turn a deaf ear to his directive.

He noted that where the work of NEITI stops marks the beginning of EFCC investigations.

Olukoyede warned while presenting the 2022-2023 NEITI oil and gas financial audit reports in Abuja.

NEITI Communications & Stakeholders’ Management, Assistant Director, Chris Ochonu revealed this in a press statement on Saturday.

According to the statement, Olukoyede promised that the current NEITI Report on the Oil and Gas sector is now with the Commission for further necessary action.

He disclosed that just before the event, he signed off a remittance of recovery of ₦1 billion naira to the beneficiary agency of the government courtesy of NEITI Report findings.

The Chairman commended NEITI for its credible data and promised to deepen cooperation with the agency.

NEITI said over five trillion standard cubic feet of gas were produced in Nigeria in the last two years.

A breakdown shows that 2.521 trillion standard cubic feet were produced in 2022, representing a decline when compared with 2.744 trillion standard cubic feet produced in 2021, while in 2023, the gas sector recorded a total production of 2.491 trillion standard cubic feet, representing only a 1% drop in gas production when compared with the total production recorded in 2022.

This information and data were contained in the latest oil and gas industry independent report released to the public in Abuja by the Nigeria Extractive Industries Transparency Initiative (NEITI).