The Nigeria Extractive Industries Transparency Initiative threatened oil firms operating in the country that it would not hesitate to activate its agreements with anti-corruption agencies in recovering the outstanding oil companies’ debts to the Federation Account if the affected firms fail to clear their indebtedness.
NEITI’s Executive Secretary, Ogbonnaya Orji, who disclosed this at an anti-corruption event in Abuja; noted that some oil companies had failed to remit outstanding taxes, royalties and levies to the Federation Account amounting to about $6.4bn.
Orji however, stated that a large portion of the amount had been tip by defaulting companies.
But the NEITI boss warned other oil firms that had failed to remit the outstanding fund; that the agency would instigate action against them if they refuse to comply.
He said those entrusted with public funds must convert the funds to their personal use. Stressing that there must be transparency in the use of such resources.