The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced plans to review recent divestments by International Oil Companies (IOCs) totaling $6.03 billion. These transactions include significant sales such as Shell's $2.4 billion transfer to Renaissance, ExxonMobil's $1.28 billion deal with Seplat, and TotalEnergies' $860 million sale to Chappal.
NEITI's Executive Secretary, Orji Ogbonnaya Orji, emphasized the need to ensure that these divestments adhere to due process, given their potential to reshape Nigeria's oil and gas industry. The review aims to address concerns related to environmental impacts and other issues arising from these transactions.
This initiative underscores NEITI's commitment to promoting transparency and accountability in Nigeria's extractive sector, ensuring that such significant industry changes benefit the nation's economy and environmental sustainability.
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