The Executive Secretary, Nigerian Extractive Industry Transparency Initiative (NEITI), Orji Ogbonnaya Orji, has disclosed that the agency has identified outstanding remittances of N1.5 trillion owed the federation by some private companies and government agencies.
He also revealed that NEITI has unmasked the true owners of over 4,800 extractive assets and currently helping the government combat corruption and illicit financial flows.
Orji stated these in his address at the National Association of Energy Correspondents (NAEC) Energy Conference 2025 with the theme “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth” held in Lagos, yesterday.
The NEITI boss lamented that the unremitted funds could significantly support energy infrastructure, education and healthcare if recovered. He added that the agency’s findings also exposed the devastating cost of poor accountability.
“In 2022 alone, Nigeria lost 13.5 million barrels of crude oil valued at $3.3 billion to theft and sabotage. That is revenue that could have financed a full year of the federal health budget or provided energy access to millions of households.”
