NEITI moves to unmask real owners of oil, mining firms

The Nigeria Extractive Industries Transparency Initiative (NEITI) has unveiled new guidelines that would reveal the real owners of oil, gas and mining companies in the country.

NEITI said yesterday in Abuja that the guidelines named “Roadmap on beneficial ownership disclosure,” outlines Nigeria’s strategy towards the implementation and fulfillment of the Extractive Industries Transparency Initiative (EITI) standard, which among other things demands public disclosures of the real owners of oil, gas and mining companies.

The document also defined those who fall into the category of Politically Exposed Persons (PEPs) and the reporting obligations expected of them.

A member of EITI, Faith Nwadishi, lauded NEITI for designing the roadmap. She explained that beneficial ownership as enunciated by the global goes well beyond declaration of intention but a total commitment and designing implementable strategies to expose the real owners of mining, oil and gas companies especially PEPs. “The step is a welcome development.”

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