Nigeria stands the risk of having its membership suspended from the global Extractive Industries Transparency Initiative because it failed to meet the deadline to publish the 2013 audit reports for its extractive industry. The Punch reports that EITI made the threat on Monday during a meeting, which had representatives from both agencies as well as delegates from the civil society in Abuja.
EITI had extended the December 2015 deadline given to Nigeria to publish the reports to February 2016 and warned the country about the absence of a board to approve the already completed reports.
The Nigeria Extractive Industries Transparency Initiative complained that it was difficult for it to identify the true owners of oil blocks as well as other oil and gas assets across the country.
According to NEITI, owners of such assets were manipulating their records in the Corporate Affairs Commission in a bid to hide their real identities.
The disclosure by NEITI’s revelation and EITI’s warning were made public during a meeting, which had representatives from both agencies as well as delegates from the civil society in Abuja.
Delegates from the global transparency body were led to the meeting by the incoming Chair, Mr. Fredrik Reinfeldt.
NEITI had explained that the non-constitution of a board for the agency was responsible for the delay in publishing the 2013 audit reports for the oil and gas sector as well as the mining industry.