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Monday, August 8, 2022

NEITI to spend N363m on 2009-2011 extractive industry audits


The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced the selection of two indegenous  auditing firms to conduct  the oil and gas industry audit from 2009 to 2011 and the solid minerals audit from 2009 to 2010 respectively.

The oil and gas industry audit is to be conducted by Sada Idris & Co. for N226.6 million while Haruna Yahaya & Co. is to conduct the first Nigeria’s solid minerals sector audit at the cost of N137 million.

The industry audits in the extractive sector are NEITI’s major functions under the NEITI Act of 2007. The exercise is expected to enthrone transparency and accountability in the management of Nigeria’s oil, gas and mining revenues especially at this moment when issues of corporate governance and accountability in the sector have become a matter of national concerns.

NEITI’s process of selecting the auditors followed an international competitive bid which includes public advertisement in both local and international media. During the bidding exercise for oil and gas, a total of 22 companies expressed interests out of which eight  met the requirements of both NEITI Act and Public Procurement Act in relation to the job and were offered the bid documents to submit technical and financial proposals.

The companies bidded with technical partners with expertise in various sections of the industries. The same procurement procedure was strictly followed in selecting the consultant for the solid minerals industry audit. The opening of EOIs, technical and financial bids were observed by large pool of media and civil society organizations, as well as representative of the bidding firms.

The technical and financial evaluations were carried out by a seven-man committee under a rigorous quality and cost-based procurement selection methods. In the exercise, the two companies emerged as preferred bidders and were accordingly recommended to the Bureau of Public Procurement (BPP) for vetting and issuance of Due Process Certificates of “No Objection” leading to Federal Executive Council (FEC) approval.

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NEITI to spend N363m on 2009-2011 extractive industry audits

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