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Nigeria recovers N64.4 billion unremitted revenue from oil companies

26 June 2014, 11:07

Abuja – Nigeria has recovered N64.4 billion unremitted revenue from some oil and gas companies operating in Nigeria between 2009 and 2011.

The Chairman of the Nigeria Extractive Industry Transparency Initiative (NEITI), Ledum Mitee, stated this at the Public Presentation of Independent Audit Reports of 2007 to 2011 Fiscal Allocation and Statutory Disbursement (FASD) audit.

Mitee said that the companies involved include AMNI, Chevron, Midwestern, Mobil, Agip and Total.

According to him, another $5.8 million (about N928 million) is expected to be paid this week by Express Petroleum and Gas Company.

He said that the figure was different from the well documented recoveries of over two billion dollars that had been made in the past.

The chairman said NEITI had worked with the relevant agencies to take necessary measures to recover the money.

According to him, NEITI will take all necessary measures to recover all outstanding debts by working with relevant agencies.

The chairman, however, refuted the claim that over N1billion had been spent on NEITI’s report since its inception.

According to him, the amount of money spent by NEITI is not up to the reported figure.

-     NAN

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