NEITI, NNPC, CBN to meet on oil losses

Obinna Ezeobi, Abuja

The Nigeria Extractive Industry Transparency Initiative said on Wednesday that it would convene a roundtable with key government agencies that would focus on remediation efforts on the lapses identified in Nigeria’s petroleum industry.

The lapses had been detected from the first comprehensive audit of Nigeria’s petroleum industry.

Agencies expected at the meeting include the Nigerian National Petroleum Corporation, its marketing arm, Pipelines and Products Marketing Company Limited, Central Bank of Nigeria and Federal Inland Revenue Service.

NEITI initiated an international consortium led by the Hart Group of United Kingdom to conduct the audit, which covered between 1999 and 2004.

The report, which was presented in late 2006, had indicted these key government agencies of serious dereliction in their handling of accounts as regard the extractive industry.

The Hart Group found out that; “There was no defined process for determining who should lift government crude oil. Since 1999, the list ...

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