Waziri Adio, the Executive Secretary Nigeria Extractive Industries Transparency Initiative, NEITI, announced on Wednesday that the Federal Government is set to reveal the beneficial ownership register for the oil and gas industry.
Adio said the register which would be unveiled on December 12 is a precursor that would set the tone for transparency in the oil and gas sector in Nigeria.
The beneficial ownership register is expected to contain information on the actual owners of the extractive industries companies, irrespective of the names of those who manage them in trust for their principals.
“NEITI’s engagement with the beneficial register is based on the agency’s mandate to promote corporate ethics, transparency and accountability in the governance of the country’s oil and gas industry,” he said
Adio who was represented by the Director, Communications and Advocacy of NEITI, Orji Ogbonnaya Orji after a meeting with the Head of International Secretariat of the Global Extractive Industries Transparency Initiative, Mark Robinson who was in Abuja on a working visit.
The meeting was organised for journalists and Civil Society Organisations, CSO’s to exchange views on Extractive Industries and Transparency Initiative, EITI, implementation in Nigeria, and the ongoing reforms in the oil, gas and mining sectors.
In his remarks, Robinson commended Nigeria for the effort it was making to ensure transparency in the oil and gas, mining sectors operations.
Robinson said that the Group Managing Director of the Nigerian National Petroleum Corporation informed him that the corporation was looking into remediation that had been reoccurring in the NEITI audit reports.
“The NNPC is addressing a lot of the issues that the NEITI reports have indicated over the years,’’ he said.
Also speaking, NEITI’s Director, Technical, Dieter Bassi said that NNPC had been very helpful to the watchdog organisation in its operation.
He said that there were community development agreements that had been signed by the companies and there were always issues about who signed on their behalf.
The report of NEITI, according to him, also covers the revenue from the minerals sector but there were limitations about accessing where the illegal miners are, so the reports only cover companies that make regular payments.