The audit exercise was awarded to Taju Audu Consortium.
The Nigeria Extractive Industries Transparency Initiative, NEITI has formally opened the process of auditing Nigeria’s oil and gas industry for 2012.
The agency awarded the contract for the process to an auditing firm Friday.
The process kicked off after the contract signing ceremony between NEITI management and representatives of the consortium of Taju Audu Effectivo.
Taju Audu Effectivo Consortium is composed of four firms: two Nigerian firms – Taju Audu & Co. and Effectivo Capital Limited, and two international firms – Baker Tilly International and Resource Consulting Services Limited.
The NEITI Executive Secretary, Zainab Ahmed, noted how critical the audit exercise was for the transparency agency. Apart from the importance of the audit towards maintaining NEITI’s high ranking at the global Extractive Industries Transparency Initiative, EITI, Mrs. Ahmed said its outcome was necessary to help meet the requirements of the NEITI Act and the expectations of Nigerians.
She urged the consultants to put in their best to ensure that the assignment is completed by November 2014. Mrs. Ahmed pointed out that 85 per cent of the data required for the audit exercise have already been collated by NEITI. She said what was left was for the consortium to ensure that it speedily completed the reconciliation, verification and validation of the data for the exercise.
The Executive Secretary enjoined the auditors to be diligent and to display high level of professionalism, integrity and objectivity in the discharge of the assignment.
A representative of the consortium, Taju Audu, thanked NEITI management for the confidence reposed in them to be selected to handle the contract. He said the consortium fully understood the import of the assignment and would endeavour to give it their best to ensure they met the November 30, 2014 deadline for the conclusion of the audit.
The 2012 oil and gas industry audit is the fifth in NEITI’s cycle of audits in the oil and gas sector since the agency commenced operations in 2004 as a member of the global EITI. The previous audits covered the periods 1999-2004, 2005, 2006-2008 and 2009-2011.
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