No fewer that 80 oil and gas firms and 10 government agencies would be captured in the new compliance ranking being planned the Nigeria Extractive Industries Transparency Initiative (NEITI) for entities participating in its ongoing 2019 oil and gas industry audit.
Director, Communications and Advocacy, Dr. Orji Ogbonnaya Orji, stated that the ranking exercise which is instituted to examine levels of compliance to the data gathering component of the NEITI’s audit process among participating entities would focus mainly on two indicators– timeliness and completeness of submitted templates, checklists and supporting documents.
While timeliness examines how participating entities are able to meet the deadlines for submission of templates and supporting documents, completeness is concerned with full, comprehensive and accurate disclosure of all necessary information and data.
Orji said the information on the ranking exercise, the indicators and the deadlines has been communicated to the participating entities and the general public.
He noted that after extensive consultations with the concerned companies and agencies, the deadlines for submission of the audit templates was moved from the initial date of 13th July to 27th July while the date for the submission of the supporting documents was moved to 3rd August 2020, from the initial date of 13th July 2020.
Orji also noted that the outcome of the ranking exercise would be shared with the companies and government agencies covered by the audit and would also be made public.
A total of 80 oil and gas companies that fall within the materiality threshold of the NEITI audit are expected to participate in the audit exercise. The audit also covers ten government entities that are receiving, managing or warehousing oil and gas revenues.
NEITI reiterates its intention to release the 2019 audit report this year, which will be a new record for among EITI-implementing countries and further cement Nigeria’s current profile of setting new reporting standards by its publication of its EITI reports months before the deadline set by the global body.
It also enhances the timeliness and usefulness of the reports by stakeholders who need the data contained in the report for informed engagements and decision making in the oil and gas sector.
