Names of Actual Owners of Oil and Gas Companies to Be Published

Dec. 12, 2019 — The federal government will publish the beneficial ownership register for the oil and gas industry. Thus said Mr Waziri Adio, executive secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI.

The beneficial ownership register is expected to contain information on the actual owners of the extractive industries companies, irrespective of the names of those who manage them in trust for their principals.

NAN reports that Adio was addressing journalists after a meeting with Mark Robinson, head of the international secretariat of the global Extractive Industries Transparency Initiative (EITI), who was on a working visit.

NEITI’s director of communications and advocacy Orji Ogbonnaya Orji represented Adio on the occasion.

He said the meeting was organised for journalists and civil society groups to exchange views on EITI implementation in Nigeria, and the ongoing reforms in the oil, gas and mining sectors.

In his remarks, Robinson commended Nigeria for the effort it was making to ensure transparency in the oil and gas and mining sectors’ operations.

Robinson said the group managing director of the Nigerian National Petroleum Corporation (NNPC) informed him that the corporation was looking into remediation that had been reoccurring in the NEITI audit reports.

NEITI’s technical director Dieter Bassi said his organisation’s reports cover revenue from the minerals sector, adding however that there are limitations to accessing the location of illegal miners, and so the reports concentrate on companies that make regular payments.

He said that there were community development agreements that had been signed by the companies and there were always issues about who signed on their behalf.

Source: TheCable.ng

Most Popular

To Top