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NEITI launches ‘Opening Extractives’ for effective governance, transparency
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)
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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