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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

NEITI’s audit to cover excess crude account

Posted on 03 December 2012

A new audit to be conducted by the Nigerian Extractive Industry Transparency Initiative will cover the administration and application of excess crude oil accounts, 13 per cent derivation, allocation to states and local governments as well as ecological funds operations, NEITI has said.
A statement issued by Director of Communication at NEITI, Mr. Ogbonnaya Orji, in Abuja on Sunday, said the objective of the national audit was to establish how the funds were distributed and received by the three tiers of government………………………………………..Full Article: Source


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