Uche Usim, Abuja
There is no more hiding place for the real owners of crude oil and gas and mining assets in Nigeria as the Nigeria Extractive Industries Transparency Initiative, NEITI, has finally unveiled the extractive sector Beneficial Ownership Register for Nigeria on Thursday.
The disclosure began with the unveiling of the real owners of 270 licences in the mining sector, the owners of 61 assets and 56 companies in the oil and gas sector.
Speaking at the launch of the extractive sector Beneficial Ownership Register for Nigeria, the Executive Secretary of NEITI, Mr. Waziri Adio, said the register was a way of enthroning transparency, as anyone would easily access it electronically.
He added that the portal would be continuously updated as more information becomes available and would periodically be upgraded to allow for better user-interface.
According to Adio, knowing who-owns-what, especially in a sector given to opacity, was a strategic platform needed for resource-rich countries including Nigeria as it promotes legitimate business.
He explained that ownership transparency advances the frontiers of transparency and accountability in more than symbolic ways.
Adio added that the beneficial ownership register was a practical and potent tool that countries can use to tackle the potential ills that hidden ownership usually mask, such as tax evasion, corruption, conflict of interests, illicit financial flows, money laundering, and even drug and terrorism financing.
“When these ills are reduced or eliminated, resource-rich countries will have more resources to invest in the welfare of their citizens and in physical infrastructure needed for individuals and businesses to thrive.
Legitimate businesses, and other forms of enterprise also stand to benefit from knowing who they are doing business with, from reduced exposure to reputational risks, from having a level-playing field, and from improved trust in their operating environment.
So let me say this upfront: this beneficial ownership register is not against businesses. Rather, it is for the good of businesses as it is for the good of countries, and it is for the good of civil groups, the media, and individuals. So there is nothing for anyone, especially anyone engaged in legitimate business, to be jittery about.
In a short while, the beneficial ownership register for the extractive sector in Nigeria will go live. At the touch of a button, anyone with internet access can find out, for free, the owners and the ownership structure of extractive assets that are in production in Nigeria. These are the assets covered within the scope of the NEITI audits.
“In this free electronic register, you will find the owners of 270 licences in the mining sector, and the owners of 61 assets and 56 companies in the oil and gas sector. The register will continuously be updated as more information becomes available and will periodically be upgraded to allow for better user-interface.”
Adio further stated that the soon-to-be introduced beneficial ownership registers by the Department of Petroleum Resources, DPR, and the Mining Cadastral Office, MCO, are in progress,and would be more comprehensive because they will contain ownership information of all extractive assets, whether producing or not.”
Also in progress, according to the NEITI boss, is the Corporate Affairs Commission, CAC, beneficial ownership register which would have ownership information of all the companies operating in Nigeria.
He declared that the register aligns with the anti-corruption mandate of President Muhammadu Buhari administration, adding that it aligns with the spirit of the Open Treasury Portal unveiled by the President recently.
He added that the move my NEITI to open up activi ties in the sector was in fulfilment of the commitment that President Buhari made at the London Anti-Corruption Summit in 2016, and the ideals of Nigeria’s commitment under the Open Government Partnership and to the EITI.