The Nigeria Extractive Industries Transparency Initiative (NEITI), the agency tasked with cleaning up Nigeria’s murky oil industry, has said even though financial accountability has improved, the Nigerian National Petroleum Corporation (NNPC) still has not explained billions of dollars of missing revenue. While energy producers have cooperated and complied with requirements to publish payments, NEITI has struggled with the state-owned oil firm, Waziri Adio, executive secretary of the agency, said in a recent interview with Bloomberg. The state oil company hasn’t explained what it did with at least $22.7 billion earned from the sale of oil licences and in dividends from its stake in the Nigeria Liquefied Natural Gas (NLNG) Company over a 15-year period, he said. “The sector is no longer the black hole that it once was, but we could still use more transparency,” Adio said. “Things are opening up. There could be more in the area of […]