Connect with us

News

NEITI launches ‘Opening Extractives’ for effective governance, transparency

Published

on

The Nigeria Extractive Industries Transparency Initiative (NEITI), has inaugurated Opening Extractives in Nigeria, to tackle corruption and illicit financial flow for effective governance in the extractive sector.

The programme would also transform the availability of beneficial ownership information to respective stakeholders.

The News Agency of Nigeria (NAN), reports that Opening Extractives is a global programme designed to support national governments and stakeholders, to deepen beneficial ownership transparency and reforms in respective countries.

The programme was formally launched on Tuesday in Abuja, by Dr Zainab Ahmed, Minister of Finance, Budget and National Planning.

Ahmed was represented by Prince Clem Agba, Minister of State for Budget and National Planning.

NAN reports that the programme is jointly implemented by Global Extractive Industries Transparency Initiative (EITI) and Open Ownership.

The programme would ensure that government, industries and civil society actors, accessed reliable information on the ultimate owners of extractive companies.

Dr Orji Ogbonnaya Orji, Executive Secretary, NEITI, in an address, said the programme would operate an effective tax system and strengthen corporate accountability.

Orji noted that governments and organisations both in developing and developed countries were strategising to lift the veil of secrecy over ownerships of extractive assets of resource countries.

He lauded participating countries, bilateral and multilateral organisations, especially BHP Foundation, for their commitment towards the implementation of Opening Extractives in nine resource-rich countries to the tune of 7.2 million dollars in the next five years.

The NEITI helmsman, who noted that hidden corporate ownership posed danger to collective developmental aspirations, said NEITI was, however, working to expand its reports’ scope and deepen disclosures of beneficial ownership of Nigeria’s extractive assets.

He described the beneficial ownership transparency as a global norm of which Nigeria would not be left behind, given its experiences in the fight against corruption, insecurity, terrorism, money laundering and illicit financial flows.

Orji stated that the selection of Nigeria as one of the nine countries currently implementing Opening Extractives was a direct acknowledgement and recognition of President Muhammadu Buhari’s administration’s commitment to beneficial ownership transparency reforms.

He recalled that Nigeria joined the league of countries with a legal framework on the implementation of beneficial ownership transparency when the amended Companies and Allied Matters Act (CAMA) was signed into law in 2020.

The executive secretary explained that the act introduced mandatory disclosure of persons with significant control of the company in a register of beneficial owners.

He added that the President also signed the Petroleum Industry Act (PIA), which required the Nigerian Upstream Petroleum Regulatory Commission (NURPC) to keep a public register of beneficial ownership of licenses, leases and permits, among others.

He urged governments across the globe to emulate Nigeria and put in place the required legal frameworks on beneficial ownership disclosures in their respective countries to end the regime of corporate secrecy globally.

The NEITI boss, however, said it was bringing fresh perspectives by broadening the scope of its engagements with extractive industries stakeholders and finalising plans to revitalise the inter-ministerial Task Team (IMTT), to address remediation issues in NEITI.

He disclosed that NEITI 2020 Reports- Oil, Gas and Solid minerals are now in the final stages of completion, and shall be ready for release by the National Stakeholders’ Working Group (NSWG) before the end of 2021.

In a remark, Mark Robinson, EITI Executive Director, urged relevant agencies to improve transparency on beneficial owners of companies operating in Nigeria.

Robinson said the programme had the potential to accelerate Nigeria’s impressive efforts in advancing beneficial ownership transparency.

He said that the programme would enable stakeholders to address governance risks related to hidden ownership, and also maximise revenues from the extractive industries.

Robinson added that technical assistance would be delivered by EITI and other partners who could advise on and help improve frameworks and systems, and the use of high-quality ownership data through public registers. (NAN)

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Gov Eno Urges Corps Members to Champion Unity and Development in Akwa Ibom

Published

on

Governor Umo Eno

Governor Umo Eno of Akwa Ibom State has called on members of the National Youth Service Corps (NYSC) to serve with diligence and contribute meaningfully to the development of the state and the nation.

The governor made this appeal on Friday during the swearing-in ceremony of Batch C, Stream II corps members at the permanent orientation camp in Ikot Itie Udung, Nsit Atai Local Government Area.

Represented by the Permanent Secretary of the Ministry of Youth Development, Mr. Effiong Nicholas, Governor Eno encouraged the corps members to maximize the opportunity to serve their fatherland and foster unity across diverse backgrounds.

“As stakeholders in Nigerian projects, it is incumbent on you to continue the building process across linguistic, religious, ethnic, and socio-cultural boundaries,” he said. “Nigerians are looking up to you to give the country a new lease of life.”

The governor assured the corps members of the state government’s unwavering commitment to their welfare and safety.
“We are consciously taking necessary steps to ensure that your life and property, including those of other citizens, are protected against all forms of molestation and abuse,” he added.

Governor Eno also urged the corps members to develop a positive attitude to work, embrace innovation, and make lasting friendships during their service year.
“Nigeria needs people like you to show that we can stay together and achieve our aim of a united and indivisible nation, though tribe and tongue may differ,” he said.

Earlier, the State Coordinator of NYSC, Mr. Sam Pepple, disclosed that 1,660 corps members, comprising 718 males and 942 females, had been deployed to the state. He noted that the corps members were settling into the orientation exercise, which was designed to instill the vision and ideals of the NYSC scheme.

Pepple appealed to the state government to address the camp’s infrastructure challenges and urged local government chairmen to construct corpers’ lodges in their respective areas for the benefit of the corps members.

The ceremony’s highlight was the administration of the oath of allegiance by the Chief Judge of Akwa Ibom State, Justice Ekaete Obot.

Continue Reading

Headlines

Delta Governor Urges Private Sector to Boost NYSC with Community Projects

Published

on

Delta Governor Urges Private Sector to Boost NYSC with Community Projects

Delta State Governor, Sheriff Oborevwori, has called on the private sector to support the National Youth Service Corps (NYSC) by sponsoring community development projects initiated by corps members.

Governor Oborevwori, represented by Prof. Nyerhovwo Tonukari, the Commissioner for Higher Education, made the appeal on Friday during the swearing-in ceremony of the 2024 Batch C, Stream 2, corps members at the NYSC Orientation Camp in Issele-Uku.

He emphasized that such investments would enhance the quality of life in host communities and positively engage corps members.

“My dear corps members, the NYSC, established over four decades ago, has consistently proven its relevance in the development of the nation,” Oborevwori stated. “Its appeal to Nigerian youths remains strong despite challenges, including the contemporary issues of insecurity in some parts of the country.”

The governor also acknowledged the efforts of the NYSC management in tackling youth unemployment through the Skill Acquisition and Entrepreneurship Development (SAED) programme. He urged corps members to take full advantage of the initiative during their orientation course.

Reiterating his administration’s commitment to the NYSC, he said, “My administration is committed to supporting NYSC with the necessary resources, encouragement, and enabling environment to foster progress in the scheme.”

Oborevwori disclosed that the state government had sensitized and mobilized communities to prioritize the security and welfare of corps members. He also urged the corps members to actively participate in orientation camp activities designed to engage and prepare them for their service year.

“The state government is continuously striving to make this camp more conducive and leave a lasting positive impression on you. With God on our side and adequate financial resources, we shall achieve this objective,” he added.

The Secretary to the State Government, Kingsley Emu, also addressed the corps members, encouraging them to embrace the challenges of transitioning from academic life to a more demanding environment.

“Take full advantage of the various skill acquisition programmes offered by the scheme, which are aimed at empowering you with the requisite knowledge and skills to address the challenge of post-service unemployment,” Emu said.

Delta State NYSC Coordinator, Mr. John Kwaghe, commended the corps members for their discipline and readiness to serve. He urged them to apply the knowledge and skills acquired during the orientation course to make a meaningful impact in their host communities.

“Serve with humility, diligence, and creativity. Be exemplary in your roles as teachers and leaders, and strive to impact positively on the lives of those you encounter,” Kwaghe advised.

He expressed gratitude to the state government for its continuous support, including the promise to provide a 150KVA generator to address the camp’s power challenges. However, he appealed for attention to the camp’s perimeter fencing, which he described as weak and inadequate.

A total of 2,159 prospective corps members, comprising 993 males and 1,166 females, were registered at the camp. Community leaders were also urged to prioritize the welfare and security of the corps members, treating them as their own children.

Continue Reading

Headlines

FEC Mourns Ex-FCT Minister, Lt.-Gen. Jeremiah Useni at 82

Published

on

FEC Mourns Ex-FCT Minister, Lt.-Gen. Jeremiah Useni at 82

The Federal Executive Council (FEC) has expressed deep sorrow over the death of Lt.-Gen. Jeremiah Useni (rtd.), a former Minister of the Federal Capital Territory (FCT), who passed away at the age of 82.

In a condolence message issued on Friday in Abuja, the Secretary to the Government of the Federation (SGF), Sen. George Akume, conveyed FEC’s sympathies through a statement signed by Mr. Segun Imohiosen, Director of Information and Public Relations in the SGF’s office.

The late General Useni, who also served as Minister of Transport during the military regime of Gen. Sani Abacha, was praised for his pivotal role in implementing the FCT’s master plan during its formative years.

“Late General Useni served the nation meritoriously in the implementation of the master-plan of the FCT during its budding stage,” Akume said.

Describing Useni as a “quintessential army general,” the SGF lauded his selfless contributions to promoting peace and unity in Nigeria, noting that his sacrifices would remain indelible. He urged younger military officers to emulate Useni’s outstanding legacy.

Akume also highlighted Useni’s transition into politics, where he served as a Senator of the Federal Republic under the platform of the Peoples Democratic Party (PDP) in 2015.

The SGF commiserated with the Government and people of Plateau State, Useni’s family, and associates, praying for divine comfort and eternal rest for the departed.

Useni’s demise marks the end of an era for a distinguished soldier, statesman, and patriot whose dedication to the nation remains a shining example.

Continue Reading

You May Like

Copyright © 2024 Acces News Magazine All Right Reserved.

Verified by MonsterInsights