Beneficial ownership conference set for Dakar

OrderPaperToday – A forum aimed at unraveling the real owners of oil, gas and mining companies will hold in Dakar, Senegal from 31 October 2018.

The “Beneficial Ownership Conference” will attract participants drawn from governments, extractive companies, civil society and non-governmental organizations.

A statement on the conference by the EITI international secretariat shared with the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that participants in the conference will dialogue, debate and evolve strategies to tackle the challenges posed by hidden ownership syndrome in the extractive industries.

The EITI statement further noted that in resource-rich countries like Nigeria, public disclosure of real owners of companies in the oil, gas and mining sectors could translate to billions of dollars in extractive revenue payments to governments; which could be channeled into reducing poverty and improving the standard of living for citizens.

“NEITI has since published a road map on beneficial ownership disclosures as part of Nigeria’s commitment to EITI implementation and Open Government Partnership (OGP). The road map is in fulfillment of President Muhammadu Buhari’s declaration at the London Anti-corruption summit in 2016 that Nigeria would undertake the development of a public register of beneficial owners of companies in the oil, gas and mining sectors.

“The scope of NEITI independent audit reports has equally expanded to cover voluntary beneficial ownership disclosures. This is in addition to series of multi-stakeholders’ engagements to drive home the message that beneficial ownership disclosures is an idea whose time has come in Nigeria’s extractive sector,” Orji Ogbonnaya Orji, NEITI’s Director, Communications and Advocacy said.

It would be recalled that Vice President, Yemi Osinbajo led Nigeria’s delegation to last year’s conference in Jakarta, Indonesia where he re-stated Nigeria’s commitment to beneficial ownership disclosures.


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