NEITI to Unveil Oil Blocks Owners by January 2020

The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that it would unveil the owners or holders of Nigeria’s crude oil blocks by January 2020.

Speaking during a press briefing in Abuja on the recent award of a satisfactory status to Nigeria by the global Extractive Industries Transparency Initiative (EITI) on the implementation of transparency and accountability principles in its extractive industry on Wednesday, the Executive Secretary of NEITI, Mr. Waziri Adio, explained that the agency’s push for the implementation of the “beneficial ownership” practice in the sectors was on course.

NEITI’s disclosure coincided with President Muhammadu Buhari’s approval for the 2019 operations budget of the Nigerian National Petroleum Corporation (NNPC).

NEITI also clarified that the $20 billion oil and gas tax backlog said to be owed the federal government and the states by the International Oil Companies (IOCs) accrued from the non-review of expired terms in the 1993 Production Sharing Contracts (PSCs) the country signed with the IOCs.

Adio explained that NEITI planned to meet a January 1, 2020 deadline on it, after which the agency would make public the register of everyone holding oil blocks’ licences and solid minerals rights in Nigeria.

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