OrderPaperToday – The Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that it will undertake a compliance ranking of all companies and government agencies that are participating in its ongoing 2019 oil and gas industry audit.
This was contained in a press lease by the director of communications and advocacy, Dr. Orji Ogbonnaya Orji.
NEITI in the statement reiterated that the ranking exercise would examine levels of compliance to the data gathering component of the audit process among participating entities and will focus mainly on two indicators– timeliness and completeness of submitted templates, checklists and supporting documents.
According to the extractives watchdog, “while the 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.
“The information on the ranking exercise, the indicators and the deadlines has been communicated to the participating entities and the general public”.
NEITI also 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.
“A total of 80 oil and gas companies that fall within the mat 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,” the statement also noted, adding:
“NEITI introduced the audit data compliance ranking in 2017 to incentivize greater compliance at this critical stage of the audit process and recognize highly compliant companies.”