· Lack of transparency with regard to the ownership of companies in Nigeria has been a major menace fuelling money laundering and corruption undermining the economic growth of the country.
· The Federal Government, through the recently established Nigerian Upstream Petroleum Regulatory Commission (NUPRC) proposes to make it mandatory for the oil and gas companies operating in the country to disclose their owners under the Beneficial Ownership (BO) Reporting system.
Lack of transparency with regard to the ownership of companies in Nigeria has been a major menace fuelling money laundering and corruption undermining the economic growth of the country. The Federal Government, through the recently established Nigerian Upstream Petroleum Regulatory Commission (NUPRC) proposes to make it mandatory for the oil and gas companies operating in the country to disclose their owners under the Beneficial Ownership (BO) Reporting system.
The Nigeria Extractive Industry Transparency Initiative (NEITI, has pegged the losses in the region at $1 trillion yearly due to secret ownership of companies, especially in the oil, gas and mining sectors. Under the current system, owners can run shell companies, charities, and foundations, trust etc. They can nominate their representatives on the board of companies. These anonymous companies were major hurdles in the fight against money laundering and corruption.
The Minister of State Budget and National Planning, Prince Clem Agba, at the official launch of global Opening Extractives in Nigeria, in Abuja, disclosed that Nigeria has opened Beneficial Ownership Register by the NEITI and amended the Companies and Allied Matters Act (CAMA).The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed observed that Knowing the real owners of the companies that bid for, invest in and operate Nigeria’s extractive assets is important and has relevance for the economic growth, physical security and human development in the country.
Speaking at the event, the Chairman of the NUPRC, Gbenga Komolafe, informed that the Nigerian Oil and Gas Asset Beneficial Ownership Register (NOGABOR) portal has gone live. For successful implementation, he felt that it was important for the government, industry and civil society to work together. He assured that the commission would function in a transparent, cost-efficient, safe, and sustainable way to manage the nation’s hydrocarbon resources.
