Abuja — An agency tasked with cleaning up Nigeria’s murky oil industry says even though financial accountability has improved, the state oil company still has not explained billions of dollars of missing revenue. While energy producers had co-operated and complied with requirements to publish payments, the Nigeria Extractive Industries Transparency Initiative (Neiti) had struggled with the state-owned Nigerian National Petroleum Corporation (NNPC), Neiti executive secretary Waziri Adio said last week in an interview in Abuja. The state oil company had not explained what it did with at least $22.7bn earned from the sale of oil licences and in dividends from its stake in Nigeria LNG over a 15-year period, he said. "The sector is no longer the black hole it once was, but we can still use more transparency," Adio said. "Things are opening up. There could be more in the areas of contracts, ownership and expenditure transparency, but definitely there is some progress." NNPC spokesperson N...
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