NEITI, CAC to unmask owners of oil coys | Dailytrust

NEITI, CAC to unmask owners of oil coys

Nigeria Extractive Industries Transparency Initiative (NEITI)
Nigeria Extractive Industries Transparency Initiative (NEITI)

The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Corporate Affairs Commission (CAC) have resolved to establish a joint coordination committee to identify, document and disclose the real owners of Nigeria’s oil, gas and mining assets.

The decisions were taken at a meeting between the management of the two agencies held in Abuja, a statement by NEITI said on Monday.

Executive Secretary of NEITI, Dr Orji Ogbonnaya, Orji said: “The exclusion of information about our natural resources was at a huge cost to the Nigerian economy and affected Nigeria’s optimisation of revenues from its natural resource wealth. With your cooperation and reputation, we can help our government fight the resource course which is the reason the EITI and NEITI exist.

“The knowledge reposed in the two agencies makes it important for us to work together to ensure that the commitment made by Nigeria to the international community on effective implementation of Beneficial Ownership in the extractive industry is realised.”

The Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar, pledged CAC’s irrevocable commitment to partner with NEITI towards meeting the compliance standards set by the global EITI in beneficial ownership reporting.

“The CAC is already working on a comprehensive beneficial ownership register that will be a global standard.”

He disclosed that since January 3, 2021, all companies registering to do business in Nigeria were required to disclose the identity of their real owners.

“This information became a requirement by the CAC for purposes of beneficial ownership information in public interest for anyone who needs it and at no cost to other government agencies.”

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
Media Trust Ltd

Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Whatsapp: +234 806 990 3410