The 2020 CAMA and Beneficial Ownership in the Extractive Industry
Communications
September 3, 2020
By Charles Uche ESQ
Incorporating and fronting companies is a convenient and effective way of concealing identity, engaging in illicit transactions and evading liabilities. In many countries, a company can be formed without disclosing the identity of the individual who ultimately controls or profits from the business, i.e., the beneficial owner. Criminals and politically exposed persons (PEPs) can assign “nominee” shareholders to be listed on official documents or can list other legal entities (other companies can be shareholders in a company) as the “owners,” thereby creating a chain of companies–often across borders–that can be difficult for investigators and law enforcement to trace and recover.
Connected Development (CODE), has over the year, through its Conflict & Fragility project, in partnership with Oxfam-in-Nigeria advocated for a robust beneficial Ownership transparency through the instrumentality of a robust legislation as an essential means for combating corruption, stemming illicit financial flows, and fighting tax evasion. While many initiatives exist to maintain and disclose beneficial owners of companies in Nigeria, like the Beneficial Ownership Register launched by Nigeria Extractive Industries Transparency Initiative (NEITI) in December 2019, none of them until the enactment of the 2020 Companies and Allied Matters Act (CAMA) had the statutory backing for enforcement.
Documents from Panama papers on Dan Etete and Kolawole Aluko can be used as classical case studies in demonstrating how these two individuals, like many others, capitalised on the non-existent or fragile regulatory framework in Nigeria’s extractive “oil & gas” sector to launder money and evade liabilities which has cost the Nigerian government and people revenue in the billions of dollars. Till date, none of the aforementioned persons has been successfully prosecuted and convicted partly due to concealment of identities and fronting of shell companies in their transactions. Shell companies are legal entities “companies” that are non-operational and lack assets or staff. They are conveniently used by money launderers to keep their identities hidden while they engage in illicit transactions across borders and evade tax.
Dan Etete: Dan Etete, a former Petroleum Minister under Nigerias Dictator Head-of-State, Gen. Sani Abacha had in 1998, incorporated a Shell company named “Malabu Oil & Gas Limited” using a fictitious name “Kweku Amafegha”, with few other persons, while he was the ultimate and beneficial owner of the company – though his real name did not appear in any official documents. Five days after he incorporated this company, he, as Petroleum Minister, awarded this company an oil block “OPL 245”. He used this shell company to launder money across the Nigerian border and acquire luxurious assets, while escaping liabilities.
Kolawole Aluko: Kola Aluko is a businessman and oil executive. Media reports have described Aluko as a key ally to Alison-Madueke, a relationship both have previously denied. He rose to prominence around 2011 when Nigeria’s government awarded two companies he founded or owned valuable oil blocks on a no-bid basis. One of his companies, Atlantic Energy, was created the day before it inked the deals to acquire multimillion-dollar oil licenses.
In Nigeria, only a member of a Public Company (PLC) was under obligation, under the old 1990 CAMA, to disclose in writing when required, the capacity in which he holds any shares in the company; either as a beneficial owner or as a nominee of an interested person. See Sections 94-98, old CAMA.
The 2020 CAMA in section 119 has extended such obligation (to disclose the particulars of shareholding by notifying the company) to persons with significant control in all companies. Similarly, as provided in section 120 of the new CAMA, a person who is a substantial shareholder in a public company and holding (either by himself or by his nominee/proxy) shares in the company which entitle him to exercise at least five per cent (5%) of the unrestricted voting rights at any general meeting of the company, is required to disclose such holding by notifying the company within a stipulated time.
This new disclosure provisions are poised to enhance transparency and prevent asset shielding as well as combat money laundering, terrorism financing and all forms of illicit financial flows by legal entities having limited liability.
While there is no gainsaying that the above disclosure provisions would enhance transparency and accountability in the Extractive sector in Nigeria, especially in the Petroleum Industry, as many of the oil and gas companies are private limited liability companies (LTD); many of which have ‘rightly’ escaped disclosure obligations with no legal sanction – there is also an urgent need for the enactment of the Petroleum Industry Governance Bill (PIGB) which has as one of its core objectives – “to promote transparency and accountability in the administration of petroleum resources of Nigeria”.
Hi, I do believe this is a great website. I stumbledupon it 😉 I will come back yet again since
i have saved as a favorite it. Money and freedom is the greatest way to change, may you be rich
and continue to guide others.
It’s a shame you don’t have a donate button! I’d definitely donate to this outstanding blog!
I guess for now i’ll settle for book-marking and adding your RSS feed to my Google account.
I look forward to fresh updates and will share this website with my
Facebook group. Talk soon!
https://buytadalafil.icu/# buy generic tadalafil
For the reason that the admin of this web site is working, no uncertainty very rapidly it will be well-known, due to its quality
contents.
Feel free to visit my website Reva Xtend Keto Gummies
ماساژ درمانی در مرکز کاردرمانی آزادی
برای مثال، ممکن است به کاهش درد، تورم، خستگی، حالت تهوع یا افسردگی
کمک کند یا عملکرد سیستم ایمنی بدن شما را بهبود
بخشد. ماساژ سنگ داغ برای افرادی که دچار درد و تنش عضلانی
هستند و یا صرفا قصد تمدد اعصاب دارند، بسیار مناسب است.
این ماساژ، تنش عضلانی و استرس را کاهش میدهد، جریان خون را بهبود میبخشد و با استفاده از سنگهای گرم شده، درد را
تسکین میدهد.
هنگامی که از ماساژ درمانی برای اهداف درمانی استفاده شود، این ماساژ جز خدمات بهداشتی درمانی محسوب شده و
حتی پزشک میتوند بیمارش را به ماساژور با تجربه
ارجاع دهد. هنگامی که ماساژ
توسط یک فرد متخصص در این زمینه انجام شود، عملا هیچ
گونه عوارضی برای فرد نخواهد داشت .
ماساژ درمانی برای اکثر افراد بی خطر است.فرد می تواند بلافاصله بعد از ماساژ بهبود و حس رضایت را داشته باشد
. مدت زمان عادی ماساژ معمولا 45 دقیقه است اما در صورت درخواست مشتری با
پرداخت وجه بیشتر می تواند زمان بیشتری ماساژ دریافت نماید.
هر چقدر تایم بیشتر شود، قیمت ماساژ درمانی
نیز افزایش پیدا می کند.
çiçek sepeti çiçek sepeti
Hakkinda çiçek sepeti
Karanfil (çiçek)
çiçek sepeti Üzerinde Buzz söylenti
çiçek sepeti Üzerinde Bu Rapor inceleyin
çiçek sepeti No Further Mystery
çiçek sepeti
Merely online checking points out … enjoy the photos!
I attempt to know by checking out other images, too.
%%
Look into my website – boat injury Attorney
%%
Also visit my blog post; Promo Code, W3701.Mirecom.Net,
%%
Review my site – vouchers (Bhandakcity.com)
Hey! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying to get my blog to rank for
some targeted keywords but I’m not seeing very good success.
If you know of any please share. Appreciate it!
Neat blog! Is your theme custom made or did you download it from somewhere?
A theme like yours with a few simple tweeks would really make my blog shine.
Please let me know where you got your design. Kudos
By Svea Herbst-Bayliss and Krystal Hu Aug 12 (Reuters) – Gaming equipment
provider Inspired Entertainment has made a
$370 million offer to acquire slot machine maker PlayAGS Inc, people
familiar with the matter said on Friday. Inspired has offered $10 per
share in cash to acquire PlayAGS, the sources said.
PlayAGS shares ended trading on Thursday at $6. There is no certainty
that PlayAGS will engage in negotiations with Inspired Entertainment or that any deal
will be reached, the sources added, asking for anonymity because the matter is confidential. Inspired Entertainment didn’t immediately
respond to requests for comment.
PlayAGS declined to comment. Las Vegas-based PlayAGS makes gaming tables and interactive solutions for
gaming houses. Backed by private equity firm Apollo Global
Management Inc, it went public in 2018. The casino gaming industry and its vendors
have been hard hit by the COVID-19 pandemic, with PlayAGS now worth
a fifth of what the market valued it at in 2019. However the
company is on the mend as gaming activities and travel rebound,
reporting $76.6 million in quarterly revenue
this week, beating analyst estimates. Inspired Entertainment
supplies gaming solutions, including virtual sports and mobile gaming, in casinos
and bars in more than 35 jurisdictions, according to its website.
It has a market value of close to $400 million. The New York-based firm reported a 72% jump in quarterly revenue to $71.3 million this week, as its business rebounds from
pandemic lockdowns. On an analyst call
on Wednesday, Inspired Entertainment Chief Financial Officer Stewart Baker said
the firm was actively looking at a number of M&A activities. “We are certainly willing to use capital for M&A if it’s something that strategically fits with what we are trying to do. And there seem to be a lot of things around right now presenting themselves as possibilities,”
said Baker.
(Reporting by Svea Herbst-Bayliss in Boston and Krystal
Hu in New York; Additional reporting by Greg Roumeliotis in New York; Editing by David Holmes)
I have read some excellent stuff here. Certainly worth bookmarking
for revisiting. I surprise how so much attempt you set to make this kind of
magnificent informative site.
My programmer is trying to persuade me to move to .net from
PHP. I have always disliked the idea because of
the expenses. But he’s tryiong none the less. I’ve
been using WordPress on a variety of websites for about a year and
am nervous about switching to another platform. I have heard great things
about blogengine.net. Is there a way I can transfer all my wordpress posts into
it? Any help would be really appreciated!
%%
Feel free to surf to my web page … Double Glazing Repairs Stretford
Hi there everybody, here every one is sharing these kinds of familiarity, so it’s nice to read this webpage, and I used to pay a
quick visit this weblog every day.
Hello! Someone in my Facebook group shared this website with us so I came to give it a look.
I’m definitely loving the information. I’m book-marking and will be tweeting this to my followers!
Terrific blog and excellent design and style.
%%
Feel free to surf to my blog post: auto Accident
Hayatı Film Olan Rahmetli Dilber Ay’ı Canlandıracak
Isim Belli Oldu
Bütün bu hizmetlerin yanı sıra Asyabahis kullanıcılarına tamamen yasal
para transfer araçları sağlamaktadır. Bu para transfer araçları arasında herkesin güvenliği bankaların havale yöntemleri ve cepbank yöntemleri de bulunmaktadır.
Hediye ettiğiniz biletler, hediye ettiğiniz kişiye SMS ve E-Posta yoluyla
10 haneden oluşan bir kod numarası ile ulaştırılmaktadır.
Hediyenizin doğru kişiye ulaşması için GSM No ve E-Posta adresinin doğru olduğundan emin olmalısınız.
Bahis ve casino sever üyelerine sahip olduğu lisanslar ve lisanslı sağlayıcılar sayesinde
kusursuza yakın bir site deneyimi sunan bu site, kullanıcılarının site üzerinde
başvurmaları için hizmete sunduğu çeşitli iletişim araçları bulunmaktadır.
Bu yöntemler arasında canlı destek, Whatsapp iletişim,
e-posta gibi yöntemler bulunmaktadır.
Bu sitede yayınlanan tüm materyalin her hakkı mahfuzdur.
Kaynak gösterilmeden alıntılanamaz. Malcom
X sayesinde Hristiyan inancını terkederek İslam’ı seçip…
Öte yandan kazanın, hatalı sollama nedeniyle sürücülerin çarpışmamak için manevra yapması
sonucu meydana geldiği öne sürüldü. Yaralanan sürücüler ile 23 yolcu,
ambulanslarla bölgedeki hastanelere kaldırıldı.
Kişisel verilerimin işlenmesine ilişkin Açık Rıza Metnini onaylıyor
ve kabul ediyorum.
Wonderful views on that!
Heya i’m for the first time here. I found this board and I find It truly useful
& it helped me out a lot. I hope to give something back and help others like you helped me.
Hi to all, how is the whole thing, I think every one is getting more from this web site, and your views are pleasant for new people.
Thanks for another informative site. Where else could I am getting
that kind of information written in such a perfect approach?
I’ve a undertaking that I am simply now working on, and I
have been at the glance out for such info. http://jobs.ict-edu.uk/user/gold788/
Aw, this was a really nice post. Taking the time and actual effort to make
a great article… but what can I say… I put things
off a whole lot and don’t manage to get anything
done. https://www.mixcloud.com/GOLD788/
Wow that was odd. I just wrote an very long comment but after I clicked submit my comment didn’t show up.
Grrrr… well I’m not writing all that over again.
Anyway, just wanted to say superb blog! https://www.customers.com/members/GOLD222/
I’m really enjoying the design and layout of your website.
It’s a very easy on the eyes which makes it much more pleasant
for me to come here and visit more often. Did you hire out a designer
to create your theme? Outstanding work! https://www.consumer-genie.co.uk/forums/users/GOLD788/
Hello, Neat post. There is a problem along with your website in internet
explorer, might test this? IE nonetheless is the market chief
and a good component of folks will omit your wonderful writing due to this
problem. http://id.kaywa.com/GOLD878
Hi there everybody, here every person is sharing
these kinds of know-how, therefore it’s good to read this web site,
and I used to go to see this blog every day.
%%
Also visit my blog post :: sex Toys near me
Hi it’s me, I am also visiting this website on a regular basis, this web site is in fact fastidious and the viewers are really sharing good thoughts. http://hoidapnhanh.org/tai-khoan/GOLD222
Piece of writing writing is also a fun, if you know after that you can write or else it is complex to write.
Wow that was unusual. I just wrote an incredibly long comment but after I clicked submit my comment didn’t appear.
Grrrr… well I’m not writing all that over again.
Anyways, just wanted to say excellent blog! https://wakelet.com/wake/mVS9uWnW8Sky_X7I0ll1d
Awesome post. https://botdb.win/wiki/User:GOLD878
Hey! Someone in my Myspace group shared this site with us so I came
to take a look. I’m definitely enjoying the information. I’m bookmarking and will be tweeting
this to my followers! Excellent blog and fantastic design. https://priti-nag.tribe.so/user/gold222
We are a bunch of volunteers and starting a new scheme in our community.
Your site offered us with valuable information to work on. You’ve
performed a formidable job and our whole group will likely be thankful to you.
%%
Feel free to surf to my webpage; lock replacement Macclesfield
%%
Here is my site – 18 wheeler accident lawyer
%%
Feel free to surf to my blog post: auto accident lawyer
%%
My site windows and doors high wycombe
Hi to every body, it’s my first go to see of this blog; this weblog
includes amazing and truly good information in favor of visitors.
%%
my blog post: Cbd Vape cartridge
I like reading through an article that will make people think.
Also, many thanks for permitting me to comment!
%%
Here is my blog; buy Magic wand massager
video bokep indonesiadownload free video bokep
indonesiavideo bokep indonesia 2018video bokep terbaru indonesiavideo bokep indonesia 2021indonesia porn videostreaming video bokep indonesiavideo bokep indonesia terbaruvideo bokep indonesia 2016
%%
Also visit my web-site :: Beginners Vibrating butt plug
%%
Here is my webpage Night cream retinol
%%
Have a look at my blog custom love Dolls
%%
My webpage … beginners vibrating Butt plug
This is the right site for everyone who hopes to find out about this topic.
You realize so much its almost tough to argue with you (not that I actually will need to…HaHa).
You certainly put a brand new spin on a topic that’s been written about for many years.
Great stuff, just great!
%%
Also visit my webpage :: netsuite Consultant los angeles