{"id":88326,"date":"2021-11-10T10:26:09","date_gmt":"2021-11-10T09:26:09","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=88326"},"modified":"2021-11-10T10:26:09","modified_gmt":"2021-11-10T09:26:09","slug":"fg-moves-against-illicit-financial-flows-secret-company-ownership","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/fg-moves-against-illicit-financial-flows-secret-company-ownership\/","title":{"rendered":"FG Moves Against Illicit Financial Flows, Secret Company Ownership"},"content":{"rendered":"<div id=\"m#msg-f:1716027906952793282\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">The federal government has launched an initiative called \u2018Opening Extractive\u2019 in Nigeria in its determination to unravel the secrecy surrounding ownership of companies and curb the high incidences of money laundering, revenue losses and illicit financial flows in the country.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n\u2018Opening Extractives\u2019 is a 5-year programme by global Extractive Industries Transparency Initiative (EITI) to support 13 countries to implement reforms to disclose the ownership of extractive companies.<\/p>\n<p>Minister of finance, budget and national planning, Mrs. Zainab Ahmed, at the official launch of \u2018Opening Extractives in Nigeria\u2019 in Abuja, said the government was determined to ensure openness in company ownership in Nigeria.<\/p>\n<p>Represented by minister of state budget and national planning, Prince Clem Agba, Mrs Ahmed noted that Nigeria has taken concrete steps through the opening of a beneficial ownership register by the Nigeria Extractive Industries Transparency Initiatives (NEITI) and the amendment of the Companies and Allied Matters Act (CAMA).<\/p>\n<p>She said: \u201cKnowing the real owners of the companies that bid for, invest in and operate Nigeria\u2019s extractive assets has practical implications for the economic growth, physical security and human development in our country. The federal government is aware and concerned that anonymous companies remain the major obstacle in the fight against money laundering and corruption.<\/p>\n<p>\u201cThey enable corrupt and criminal actors, often with close political connections, to hide behind the chains of companies registered in multiple jurisdictions, to deny the Nigerian citizens of the benefits they should derive from their common wealth.<\/p>\n<p>\u201cGovernment believes that access to quality beneficial ownership information and data has the capacity to strengthen accountability and transparency which will invariably improve governance of the energy and mining revenues, support businesses, curtail corruption, stop illicit financial flows and help light insecurity\u201d, she added.<\/p>\n<p>In his welcome remarks, the executive secretary of NEITI, Dr. Orji Ogbonnaya Orji said that the agency would continue to work to ensure that the regime of ownership secrecy was brought down completely.<\/p>\n<p>He however, noted it was important to underline that the campaign for beneficial ownership disclosure was not a zero-sum between government, society and business.<\/p>\n<p>\u201cThis is because while governments and citizens benefit in the form of increased revenues and welfare, legitimate businesses also benefit from improved business climate, fair and open markets, level playing field, corporate accountability, increased profitability, return on investments, reduced reputational risks and improved trust and confidence between them and their host communities etc\u201d, he stated.<\/p>\n<p>According to Dr. Orji, hidden corporate ownership poses real and present danger to Nigeria\u2019s collective developmental aspirations, especially in developing countries.<\/p>\n<p>He said that is why governments and organisations in both developing and developed countries were coming together to strategise on how best to lift the veil of secrecy over the ownerships of the extractive assets of resource rich countries. \u201cI am glad to note that beneficial ownership transparency is now a global norm and Nigeria cannot afford to be let behind given our history and experiences in the fight against corruption.\u201d<\/p>\n<p>The chief executive, Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe who endorsed the government\u2019s effort at ensuring transparency in the sector, said the Commission has opened a beneficial ownership register for companies operating in the petroleum industry.<\/p>\n<p>\u201cThe NUPRC is committed to collaborating on maintaining information on beneficial ownership, maintaining data on companies that own extractive licences, creating a better and healthy business climate. The result of these is that citizens will be aware of who they are doing business with or competing against and will also encourage appropriate stakeholder engagement which is a part of Nigeria\u2019s Open Government Action Plan\u201d, he added.<\/p>\n<div id=\"m_6701766631924254544ymail_android_signature\"><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The federal government has launched an initiative called \u2018Opening Extractive\u2019 in Nigeria in its determination to unravel the secrecy surrounding ownership of companies and curb the high incidences of money&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":79718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-88326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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