The Open Government Partnership (OGP) Global Support Unit announced Nigeria as a winner of the 2021 OGP Impact Award for Africa and Middle East Region for Nigeria’s implementation of the Beneficial Ownership Transparency (BOT) in the Extractive sector.
This was done by the Nigeria Extractive Industry Transparency Initiative (NEITI) and broader Beneficial Ownership Transparency by the Corporate Affairs Commission (CAC) in the OGP National Action Plan (NAP).
In announcing Nigeria as a winner, the OGP Global Support Unit said, “Opacity in Nigeria’s extractives sector has decimated communities, destroyed lives and led to the rise of militancy in oil producing regions. The Companies and Allied Matters Act (CAMA) was passed in 2020 – making it mandatory to disclose persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency. It will enable public authorities to track the proceeds of corruption and redirect the resources for national benefit.”
Speaking on behalf of the Nigeria OGP National Steering Committee, the Co-chairs, Minister of State for Budget and National Planning, Prince Clem Agba and the Chief Executive Officer of Public Private Development Centre (PPDC), Nkem Ilo, welcomed the recognition of Nigeria’s progress while acknowledging the long road ahead.
Prince Clem Agba said that beneficial ownership transparency will make more information about the individuals who own or control registered legal entities and arrangements available to those who can use it effectively.
He further said that by making beneficial ownership information available to authorities, businesses, and the public, BOT through the public register of beneficial owners can help disrupt the opacity on which criminals rely to perpetrate financial crimes.
Speaking on the award, the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, said, “Nigeria is among nine of the global EITI implementing countries of the Opening Extractives initiative. The Award is impressive and most encouraging, considering the political will and enormous resources the government has deployed to reposition the extractive industry to benefit all Nigerians.”
Also, the Registrar General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, outlined the next phase of the implementation of BOT saying that the commission is designed to be a part of history as Nigeria celebrates the award.
“This has been made possible by signing into law the Companies and Allied Matters Act (CAMA) 2020 by the President providing a legal framework for Beneficial Ownership Information Disclosure in Nigeria. The second phase of deployment will ensure compliance with the global requirements with emphasis on collection, storing, publishing and sharing quality Beneficial Ownership Data amongst implementing countries.”
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