Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Nigeria recovers over $2 bil in unpaid taxes, royalties from oil companies

Oil | Jet Fuel

Turbulence ahead for EMEA jet fuel due to Asian exports, airline economics

Natural Gas | Oil

Platts Scenario Planning Service

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Mediterranean Bunker Fuel Conference, 8th Annual


Chad's Doba crude hits record high on demand for low sulfur grades

Nigeria recovers over $2 bil in unpaid taxes, royalties from oil companies


Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports

Supply and demand trends, government actions, exploration and technology

Daily futures summary

Weekly API statistics, and much more

Nigeria has now recovered over $2 billion, of a total $9.6 billion owed by oil and gas companies operating in the country in unpaid taxes, royalties and signature bonuses over 2009-2011, the country's oil and gas industry auditor said Thursday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

In its audit report for 2007-2011, the Nigeria Extractive Industries Transparency Initiative also said that Nigeria earned Naira 30 trillion ($188 billion) in revenue from oil and gas sales over the five year period. The agency said that following a fresh tax recovery drive that began last December, companies including Chevron, ExxonMobil and Total, paid Naira 64.4 billion ($403 million) in taxes. This adds to the $1.8 billion in unpaid dues recovered from companies at the end of 2013.

"Through the work of the Inter Ministerial Task Team set up last December by the Federal Government, NEITI ... has made recoveries from the 2009-2011 audit report a total of N64.4 billion from some companies," NEITI said.

In 2012, NEITI, in its audit report covering 2009-2011, stated that oil and gas companies operating in the West African country owed $9.6 billion in unpaid taxes, royalties and signature bonuses.

Although NEITI then did not give the breakdown of which companies owed how much, it did however, reveal that state-owned Nigerian National Petroleum Corp. failed to remit into the federation account $3.996 billion in oil and gas revenue earned between 2009 and 2011.

Nigerian President Goodluck Jonathan, who had been under pressure to clean up the country's oil industry which pumps more than 2 million b/d of crude, promptly directed revenue agencies to recover the money.

NEITI said in February this year that it had commenced the audit of the oil and gas industry for 2012, which would cover companies' tax and royalty payments to the government, checks on crude oil production and coastal liftings, and subsidy payments.

--Edited by Deepa Vijiyasingam,