Comprehensive insights, meeting deadlines of the EITI global community: Adeshile Adedeji & Co delivers NEITI reports
By Lanre Shodimu
Nigeria’s quest for transparency in the extractive industries has reached a significant milestone, with the Nigeria Extractive Industries Transparency Initiative (NEITI) leading the charge. The NEITI was established to promote openness and good governance, and ensure more disclosures and accountability in the sector.
The Extractive Industries Transparency Initiative (EITI) is a global standard for improving transparency and accountability in the oil, gas, and mining sectors. The EITI implementation has two core components: Transparency and Accountability. The Nigeria Extractive Industries Transparency Initiative (NEITI) seeks to strengthen government and company systems, inform public debate, and promote understanding.
In a remarkable achievement, Adeshile Adedeji & Co., a leading indigenous Nigerian firm, made significant strides in the timely completion of the 2022/2023 Nigeria Extractive Industries Transparency Initiative (NEITI) reporting for the oil and gas sector.
This outstanding accomplishment showcases the firm’s expertise and unwavering commitment to upholding EITI standards, while also demonstrating Nigeria’s dedication to meeting global deadline expectations and promoting transparency and accountability in the extractive industries.
The reports were formally launched in Abuja on Thursday, 26th of September 2024 attracting key stakeholders such as the Secretary to the Government of the Federation (Sen. George Akume) who is also the Chairperson of the NEITI board, and the EFCC Chairman, who recognized the initiative’s impact on promoting transparency and accountability.
It underscores Nigeria’s commitment in enhancing natural resource governance, providing valuable insights into sector performance, and identifying areas of strength, weakness, and opportunities for improvement. Adeshile Adedeji & Co.’s pivotal role in this achievement reinforces its reputation as a trusted partner in promoting transparency and accountability in Nigeria’s extractive industries.
NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, praised the achievement, noting that it demonstrates the organisation’s progress in fostering a culture of transparency and accountability in Nigeria’s extractive industries. Dr. Orji emphasised that the reports provide valuable insights into the sector’s performance, highlighting areas of strength and weakness.
“The completion of these reports is a testament to the collaborative efforts of NEITI and Adeshile Adedeji & Co. This achievement sets a positive precedent for future reporting cycles and reinforces Nigeria’s commitment to EITI principles,” he noted!
Some of the key recommendations are the need to re-constitute a Presidential Steering Committee on Implementing the Petroleum Industry Act due to the slow pace in the implementation of the Petroleum Industry Act (2021), tackling Oil theft to further enhance efficiency in the sector, developing gas utilisation policy with linkages to Nigeria’s Energy Transition Plan, fast-tracking the repairs of government-owned refineries as a means of addressing local demand for products and minimising importation and the associated costs and impact on the economy, among others.
