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STEP UP NIGERIA PODCAST ON BENEFICIAL STEP UP NIGERIA PODCAST ON BENEFICIAL

STEP UP NIGERIA PODCAST ON BENEFICIAL - PowerPoint Presentation

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Uploaded On 2020-08-27

STEP UP NIGERIA PODCAST ON BENEFICIAL - PPT Presentation

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

nigeria register public ownership register nigeria ownership public disclosure conference private transparency direct citizens data neiti act corruption companies

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Slide1

STEP UP NIGERIA PODCAST ON BENEFICIAL OWNERSHIP REGISTER IN NIGERIA:

BY PETER OGBOBINE

DIRECTOR LEGAL SERVICES /GENERAL COUNSEL (NEITI),

7

TH

JULY

2020 (PODCAST)

Slide2

Background

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

Slide3

BO

Disclosure

Revealing who stands behind the companies

Slide4

The 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.

Slide5

Slide6

Slide7

Control: Direct and indirect

Ownership can be

direct

or indirect:

Example 1: DirectExample 2: IndirectExample 3: Direct and indirect

Slide8

Slide9

Slide10

Slide11

Background

Anti

Corruption

Crime

Prevention

Investment

Flow

Trust &

Accountability

Economic

Development

National

Security

Benefits of Ownership Disclosure

Slide12

QUOTES 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.

Slide13

Slide14

BVN: 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

Slide15

Slide16

Road so far: regulators identified to host the respective BO registers DPR

NEITI

MCO

NEITIBENEFICIAL OWNERSHIP REGISTER IN OIL & GASBENEFICIAL OWNERSHIP REGISTER IN SOLID MINERALS

Slide17

NEITI 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

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Slide26

Ensure sensitisation of society

Advocacy

To hold government accountable in the management of extractive resources

To fight corruptionRole of CSOs in BO disclosure

Slide27

Thank you