The Open Government Partnership (OGP) Global Support Unit says Nigeria emerged winner of the 2021 OGP Impact Award for Africa and Middle East Region.
The country won the award on account of implementation of the Beneficial Ownership Transparency (B.O.T.) in the Extractive sector by the Nigeria Extractive Industry Transparency Initiative (NEITI) and broader Beneficial Ownership Transparency by the Corporate Affairs Commission (CAC) in the OGP National Action Plan (NAP).
Minister of State for Budget and National Planning, Prince Clem Agba, had directed the Nigeria OGP Secretariat to prepare and submit Nigeria’s entry for the 2021 OGP Impact Award to showcase Nigeria’s efforts to entrench transparency in the extractive industry and on the larger scale of the corporate space, with the establishment of a public register of beneficial owners of corporate entities.
Announcing Nigeria as a winner, the OGP Global Support Unit said opacity in the country’s Nigeria’s extractive sector has decimated communities, destroyed lives and led to the rise of militancy in oil producing regions.
“The Companies and Allied Matters Act (CAMA) was passed in 2020 – making it mandatory to disclose persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency.It will enable public authorities to track the proceeds of corruption and redirect the resources for national benefit.”
Speaking on behalf of the Nigeria OGP National Steering Committee, the Co-chairs – Minister of State for Budget and National Planning, Prince Clem Agba and Dr Tayo Aduloju welcomed the recognition of Nigeria’s progress while acknowledging the long road ahead.
He said the “Beneficial Ownership Transparency will make more information about the individuals who own or control registered legal entities and arrangements available to those who can use it effectively.
According to him, by making Beneficial Ownership information available to authorities, businesses, and the public, Beneficial Ownership Transparency through the public register of beneficial owners can help disrupt the opacity on which criminals rely to perpetrate financial crimes.
Through a public register of Beneficial Owners, information about beneficial owners of companies and entities will be made available for financial and regulatory authorities and the general public to access and make use of.
Agba thanked President Buhari for his political leadership that has allowed NEITI and CAC to aggressively implement this commitment.
In his comment,the Chief Operations Officer of the Nigeria Economic Summit Group (NESG) and Non State Actor Co-Chair, Dr Tayo Aduloju said the OGP impact award reflects what is possible when we mobilise the collective capacity of society to solve our most formidable challenges.
“The OGP Beneficial Ownership has taken us on a journey of national reform in which civil society, private sector and government have built the consensus for action.
“With the passage of the two landmark acts; CAMA 2020 and the PIA 2020, the comprehensive legal framework for not just open government, but open private sector has been established, and the achievement of significant compliance as envisaged by the OGP National Action Plan I and II for extractive industries transparency and broader corporate transparency for final beneficiary owners has commenced in Nigeria,” he said.
Speaking on the award, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, stated that “Nigeria is among nine of the global EITI implementing countries of the Opening Extractives initiative.
Orji said: “The award is impressive and most encouraging, considering the political will and enormous resources the government has deployed to reposition the extractive industry to benefit all Nigerians.I want to thank the OGP National Steering Committee, sister agencies especially CAC as well as Civil Society Organisations and donors for their support as well. Nigeria’s journey to beneficial ownership disclosure followed a trajectory.
“In December 2019, NEITI created a Beneficial Ownership Register for extractive industries companies and became the first in Africa to have such a register. In 2021, Nigeria enacted the Petroleum Industry Act (PIA) and made copious provisions for beneficial ownership disclosures. Nigeria is also among nine the global EITI implementing countries of the Opening Extractive initiative. When Beneficial Ownership is fully mainstreamed into Nigeria’s governance culture, there will be public trust, citizen’s confidence, and increased revenue growth.”
Besides,Registrar General of Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, outlined the next phase of the implementation of BOT saying ” Corporate Affairs Commission is designed to be a part of history as Nigeria celebrates the award.
“This has been made possible by signing into law the Companies and Allied Matters Act (CAMA) 2020 by the President providing a legal framework for Beneficial Ownership Information Disclosure in Nigeria.
“The second phase of deployment will ensure compliance with the global requirements with emphasis on collection, storing, publishing and sharing quality Beneficial Ownership Data amongst implementing countries”
