NEITI to Unveil a Comprehensive Register of Beneficial Owners of Oil and Gas and Mining Companies in Nigeria
17.10.2018ACAS-Law, Oil and Gas, Mining
The Nigeria Extractive Industries Transparency Initiative (“NEITI”) recently stated that a comprehensive register of beneficial owners of oil, gas and mining companies is set to be unveiled in December 2019. As reported by THISDAY on 9 October 2018, this was disclosed by the Executive Secretary of NEITI, Dr. Waziri Adio, at a one-day stakeholders’ engagement meeting held in Abuja on the implementation of the beneficial ownership roadmap in extractive industries in Nigeria.
NEITI is a Federal Government Agency established in 2007 by the NEITI Act, 2007 with the primary objective of ensuring that Nigeria conforms with the principles of Extractive Industries Transparency Initiative (“EITI”), among other things. EITI is the global standard to promote the open and accountable management of oil, gas and mineral resources. Requirement 2.5 of the EITI Standards 2016 recommends that implementing countries maintain a publicly available register of the beneficial owners of the corporate entities that bid for, operate or invest in extractive assets. In line with the EITI recommendation, NEITI developed a Roadmap on the Implementation of Beneficial Ownership in Nigeria which outlines the strategy for the implementation of Requirement 2.5 of the EITI standard.
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