Nigeria: Neiti Plans Review of $6.03bn Divestments By IOCs, Amid Environmental Issues, Other Concerns

NEITI said the oil and gas divestments were reshaping Nigeria’s industry, hence the need to ensure that the divestments adhered to due process.

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced a review of divestments involving 26 oil blocks worth $6.03 billion by five International Oil Companies (IOCs), amid lingering environmental concerns raised by host communities and other unresolved issues.

The Executive Director, NEITI, Ogbonnaya Orji, said this during the…