Oil Companies, Mining firms to pay N30m Penalty

Everest Omaefule - PUNCH

Henceforth, any oil company or mining firm that failed to provide adequate information to the Nigerian Extractive Industry Transparency Initiative is liable to a penalty of N30m.

Again, companies in the extractive industries that default in making appropriate payments to government agencies will not only be made to make up the shortage in their payments but would also have the same fine imposed on them.

Directors of such firms are also liable in their personal capacities to a fine of N5m or a jail term of two years. Convicted companies also run the risk of losing their operating licences.

Besides, a government official that does not provide timely and accurate information on payment received is liable to two years in jail or a fine N5m.

These were contained in the Nigerian Extractive Industry Transparency Initiative Act, which was signed by former President Olusegun Obasanjo in Abuja on Monday.

To ensure that revenues from extractive industries benefit the generality of Nigerians, the Act empowers NEITI to obtain, verify and publicise information on payments by extractive companies to the government and the general operations of ...

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