OWNERSHIP REGISTER IN NIGERIA BY PETER OGBOBINE DIRECTOR LEGAL SERVICES GENERAL COUNSEL NEITI 7 TH JULY 2020 PODCAST Background Revenue Transparency payments by companies and receipts by governments ID: 804218
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STEP UP NIGERIA PODCAST ON BENEFICIAL OWNERSHIP REGISTER IN NIGERIA:
BY PETER OGBOBINE
DIRECTOR LEGAL SERVICES /GENERAL COUNSEL (NEITI),
7
TH
JULY
2020 (PODCAST)
Slide2Background
Revenue Transparency
: payments by companies and receipts by governments
K
nowing how much paid and how much received important, but not enough
Expanded to
Ownership Transparency
to give fuller picture
Slide3BO
Disclosure
Revealing who stands behind the companies
Slide4The legal owner of an asset is the person who owns the legal title (as per documents) to the asset, whereas the beneficial owner is the person who is entitled to the benefits (control) of the property.
Slide5Slide6Slide7Control: Direct and indirect
Ownership can be
direct
or indirect:
Example 1: DirectExample 2: IndirectExample 3: Direct and indirect
Slide8Slide9Slide10Slide11Background
Anti
Corruption
Crime
Prevention
Investment
Flow
Trust &
Accountability
Economic
Development
National
Security
Benefits of Ownership Disclosure
Slide12QUOTES FROM THE ADDRESS BY H.E., PROF. YEMI OSINBAJO, VP OF THE FEDERAL REPUBLIC OF NIGERIA, AT THE EITI BO CONFERENCE IN JAKARTA, INDONESIA ON 23 OCT 2017
For us in Nigeria, we will remain on board the EITI and the ownership transparency train because they align with our national priorities and will help to advance the electoral mandate of our administration, which is to fight corruption, combat insecurity and grow the economy.
Legitimate businesses benefit not only from the better business climate that results when governments better serve their citizens but also from knowing who they are doing businesses with or competing against, they benefit from a level playing field, lower costs of doing business, and from reduced reputational risks
.Making the register count will take a lot of work. It will be important to develop mechanisms to verify the data disclosed and to build the capacities of tax authorities, law enforcement agencies, media and civic groups and even citizens to wade through, interrogate, make sense of and use the data in the registers.
Slide13Slide14BVN: putting faces to corporate and private bank accounts through bio-metric data. To be linked to BO register
Freedom of information Act: citizens can request certain info from public institutions
Code of Conduct and Tribunal Act requires government officials (PEP) to declare their assets and interest in private and public companies: not in the public domain
Lifting of the corporate veil: contingent on fraud and only to the aggrieved party (not to the public)Public Complaints Commission Act empowers the Comm. to request for any info from any organisation (incl private): contingent on both complaint and request.Other attempts at BO disclosure: sunshine laws
Slide15Slide16Road so far: regulators identified to host the respective BO registers DPR
NEITI
MCO
NEITIBENEFICIAL OWNERSHIP REGISTER IN OIL & GASBENEFICIAL OWNERSHIP REGISTER IN SOLID MINERALS
Slide17NEITI on the 12
th
December 2019 launched the BO register
for the extractive sector in Nigeria.The launch was well attended by international observers and widely reported in the international press.The Conference of States to the United Nations Convention Against Corruption (UNCAC) in its conference in the UAE earlier this year commended Nigeria for the establishment of the BO register. Nigeria is the first to establish the BO register amongst developing countriesLaunching of BO in Nigeria
Slide18Slide19Slide20Slide21Slide22Slide23Slide24Slide25Slide26Ensure sensitisation of society
Advocacy
To hold government accountable in the management of extractive resources
To fight corruptionRole of CSOs in BO disclosure
Slide27Thank you