FG steps up efforts to end secret ownership of companies

FG crafting 10-year National Development Plan ― Minister

The Federal Government is working on the beneficial ownership register that would see an end to secrete ownership of companies in Nigeria.

The Minister of State Budget and National Planning, Prince Clem Agba, disclosed this yesterday in Abuja when he received a team from the Nigeria Extractive Industries Transparency Initiative (NEITI), led by its Executive Secretary, Dr. Orji Ogbonnaya Orji, who came to present to the Minister the Open Government Partnership, OGP, award won by Nigeria in South Korea last December.

Agba said Nigeria won the award because of its extensive work on the beneficial ownership register of companies.

He stated: “The award on beneficial ownership commitment, for me, is not a surprise because of the commitment to both vision and realistic approach to Nigeria’s fight against corruption.

“The work that was done on CAMA (Companies and Allied Matters Act), the amendment, was very helpful with the multi-stakeholder forum. We are working on the beneficial ownership register.

“I have also written to the President for Nigeria to join the beneficial ownership leadership forum. The ministries that are required to put in their comments have done that and so we are getting closer to joining that forum”, he stated.

Earlier, Orji pointed out that Nigeria has a lot to gain by being one of the few countries that have signed up to implement both the Extractive Industries Transparency Initiative, EITI, and the Open Government Partnership.

He pointed out that the objectives of the OGP is consistent with the overall goals of the EITI, adding that “this similarity of objectives, shared commitments and goals provide the opportunity for the two initiatives to collaborate on implementation of several programs and activities in the areas of common concerns.”


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