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EITI Seeks Stakeholders Commitment To New Standards For The Sector

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The Chair of the Board, Extractive Industries Transparency Initiative (EITI), Helen Clark, has called on the stakeholders in the sector to  show commitment in strengthening transparency and the implementation of EITI goals.

She made the call during the launch of a new standard for the extractive industries at the just ended EITI 2023 global conference in Dakar, Senegal, themed “Transparency in Transition.”

At the event, hosted by the government of Senegal at the Centre International de Conférences Abdou Diouf, Diamniadio,  and which drew  participants from across the globe, she said that the new standard focuses on beneficial ownership transparency as a key anti-corruption mechanism in the extractive sector.


The key players in the industry deliberated on different areas bordering on key issues plaguing the institution in promoting transparency and accountability in the extractive industry, benefits of disclosing contract from energy in the extractive and energy transition.

Highlights of The  New Standard

• A new requirement to request full disclosure of beneficial ownership by politically exposed persons (PEPs), regardless of their level of ownership.
This is intended to ensure that any amount of ownership by PEPs is publicly disclosed, and if implemented effectively, will act as an important mechanism to detect conflicts of interest, for example in the awarding and management of licences.

• The Standard now encourages EITI implementing countries to adopt a threshold of 10% or lower for beneficial ownership reporting.
In extractives, a high-risk sector for corruption, it has long been acknowledged that low thresholds are important for understanding ownership, for example of a small percentage stake in a very large extractives company.

• Requirements for information to be disclosed when state-owned enterprises (SOEs) hold beneficial ownership or control. The Standard now specifies the key information that is required: the name of the state, level of ownership, and detail about how ownership or control is exerted.

Given the prominent role of state-owned enterprises in the extractive sector, when combined with the EITI requirement on PEP disclosure, this represents a significant strengthening of the potential for the EITI Standard to deliver anti-corruption impact.

• Requirement 2.6e) also encourages SOEs to disclose beneficial ownership information for their agents, intermediaries, suppliers or contractors.

•The Standard now contains additional requirements to support the disclosure of full ownership chains where beneficial ownership is held indirectly.
This comprises a new requirement to disclose the legal ownership of entities as well as beneficial ownership, and is coupled with an encouragement for companies to disclose their ownership structure and full ownership chain.

• Finally, the Standard now encourages the EITI multi-stakeholder groups to review the comprehensiveness and reliability of beneficial ownership information disclosed through stock exchange filings for listed extractives companies, although it does not require any action if the data is not found to be reliable.
This remains an issue for actors wishing to understand ownership and control in listed companies in the extractive sector, as in practice there is wide variation in the availability of information from different stock exchanges.

Together, these new developments in the 2023 EITI Standard signal the continued strengthening of the ambitions of the EITI and its work to embed beneficial ownership transparency.


The transition from fossil fuel to renewable energy took the center stage of the discussion.

Business

Dangote Refinery Slashes Petrol Price by N30

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Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N30.00, from N850 to N820 per litre, effective from 12th August 2025.

According to a statement released by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Refinery, they assure the public of a consistent and uninterrupted supply of petroleum products as part of its unwavering commitment to national development”.

He said, “In line with their dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks for fuel distribution across Nigeria, effective August 15, 2025.

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Dangote Refinery Debunks shutdown rumour, says PMS’s gantry price remains N850

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The Dangote Petroleum Refinery has firmly dismissed recent reports alleging a shutdown of its operations, reassuring the public and market stakeholders that its activities remain fully active and stable.

In an official statement by the Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery’s management categorically denied claims that truck loading has been suspended or that production has been interrupted. “The Dangote Petroleum Refinery is fully operational. There has been no shutdown, nor has there been any suspension of truck loading activities” the statement reads.

The refinery also clarified that the intermittent sale of Residual Catalytic Oil (RCO) is part of normal business operations, often involving large parcel sales, which explains the recent fuel oil tender.

According to the management, Dangote Petroleum Refinery consistently supplies over 40 million litres of PMS daily, alongside steady volumes of Automotive Gas Oil (diesel). These supplies continue unabated, despite speculation suggesting otherwise.

“As the world’s largest single-train petroleum refinery, the facility employs advanced predictive and preventive maintenance protocols to ensure uninterrupted operations. Routine maintenance activities are standard and do not impact the overall fuel supply” the statement further clarified.

In response to speculation about potential supply shortages and price increases, the refinery challenged those sponsoring the rumour to place orders for daily deliveries of up to 40 million litres of PMS and 15 million litres of diesel for the next 90 days.

“To those who believe this misinformation and anticipate a bullish market, we extend a challenge: We invite interested buyers to place immediate orders for up to 40 million litres of PMS daily and 15 million litres of AGO daily, for the next 90 days, with full upfront payment. Should any supposed supply shortage occur, these buyers would be well-positioned to benefit from the predicted market rise,” it added.

The refinery reaffirmed its commitment to transparency and Nigeria’s energy security, urging the public to disregard unfounded rumours sponsored by unscrupulous and unpatriotic individuals seeking to undermine the country’s energy independence for their own selfish interests, including the importation of substandard fuels under the false pretext of domestic supply shortages.

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Ikeja Electric releases new prepaid meter prices

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Ikeja Electric has released updated prices for prepaid meters, which take effect from August 6, 2025. The revised rates cover both single-phase and three-phase meter types and are inclusive of VAT.

The revised rates were announced on the disco’s official X account on Friday.

The company announced that “MBH Power Ltd’s one-phase costs ₦135,987.50,  while the three-phase costs ₦226,825.00. Turbo Energy Ltd’s one-phase costs ₦145,608.75, while the three-phase costs ₦236,903.13.

“Aries Electric Ltd’s one-phase costs ₦145,125.00, and the three-phase costs ₦258,000.00. Mojec Asset Management Company Ltd’s one-phase costs ₦135,718.75, and the three-phase costs ₦226,825.00.

“Paktim Metering Nig. Ltd, the one-phase meter costs ₦137,600.00, while the three-phase meter costs ₦233,275.00. Holley Metering Ltd’s one-phase meter costs ₦133,854.03, three-phase meter costs ₦219,497.09.

“CIG Metering Assets Nigeria Ltd’s one-phase meter costs ₦150,500.00, New Hampshire Capital Ltd’s one-phase meter costs ₦133,300.00 and the three-phase costs ₦231,125.00.”

The electricity distribution company noted that the prices are “valid subject to meter availability,” adding that the changes are part of its effort to ensure customers have access to up-to-date information on meter procurement.

The company also assured customers that the new pricing reflects the latest approved rates for meter providers under its Meter Asset Provider scheme.

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