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”.
Great delivery. Outstanding arguments. Keep up the great effort.
[url=https://stromectoll.live/]buy stromectol 12mg sale[/url]
Hi there i am kavin, its my first time to commenting anyplace, when i read
this paragraph i thought i could also create comment due
to this good article.
my homepage – เครื่องย่อยเศษอาหารให้เป็นปุ๋ย
[url=https://stromectoll.live/]order stromectol 3 mg without prescription[/url]
[url=https://buymolnupiravir.cyou/]order molnupiravir 800 mg pill[/url]
Hey! I could have sworn I’ve been to this blog before but after reading through some of the post I realized it’s new to me.
Anyhow, I’m definitely delighted I found it and I’ll be bookmarking and checking back frequently!
[url=https://stromectoll.live/]buy ivermectin 3 mg online cheap[/url]
[url=https://buymolnupiravir.cyou/]molnupiravir ca[/url]
Hey there! I know this is kind of off topic but I was wondering if you knew where I
could find a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m
having trouble finding one? Thanks a lot!
[url=https://buycialis.cyou/]order cialis 2.5mg without prescription[/url]
fantastic points altogether, you just won a emblem new
reader. What might you recommend about your submit that you made a few days ago?
Any certain?
Greate post. Keep writing such kind of info on your page.
Im really impressed by your blog.
Hey there, You have performed a great job. I will certainly digg it and in my opinion recommend to my friends.
I’m sure they will be benefited from this website.
Hi to every one, the contents present at this site are actually remarkable for
people experience, well, keep up the nice work
fellows.
[url=https://cialisonlinetop.shop/]cialis canada[/url]
[url=https://stromectolb.store/]stromectol cost[/url]
[url=https://stromectoll.live/]buy ivermectin 12mg[/url]
Hi there to every single one, it’s actually a nice for me to pay a visit this
web site, it includes valuable Information.
[url=https://stromectoll.live/]buy ivermectin 3 mg pills[/url]
[url=https://buymolnupiravir.cyou/]buy molnupiravir 200mg[/url]
thanks considerably this excellent website is usually elegant along with informal
ทางเรา RELX CLUB THAILAND ต้องขอบอกได้เลยว่า เป็นตัวแทนหลักอย่างเป็นทางการในไทย ที่ใหญ่ที่สุด
และเป็นเจ้าเดียวกับ
RELX THAILAND สินค้าทุกแบรนด์ ทุกรุ่น เราได้ทำการคัดสรร บุหรี่ไฟฟ้า ที่เป็นหนึ่งในนวัตกรรม ช่วยเลิกบุหรี่ ที่มีประสิทธิดีเยี่ยม
และช่วยได้จริง มาให้ลูกค้าได้เลือกใช้ โดยสินค้าทุกชิ้นของเรา สั่งตรงจากโรงงาน
Its like you read my mind! You appear to know so much about this,
like you wrote the book in it or something. I think that you
could do with some pics to drive the message home a little bit,
but instead of that, this is excellent blog.
A great read. I will certainly be back.
[url=https://stromectoll.live/]order stromectol online cheap[/url]
I just like the valuable info you supply for your articles.
I will bookmark your blog and check again here regularly. I
am moderately certain I will be informed a lot of new stuff proper here!
Good luck for the next!
[url=https://pregabalin.monster/]buy lyrica 150 mg pills[/url]
Yes! Finally someone writes about pocketoption binary options.
After looking at a number of the blog articles on your website, I really like your way
of blogging. I book marked it to my bookmark site list and will
be checking back in the near future. Take a look at my website as well
and tell me your opinion.
[url=https://levitrab.store/]levitra online buy[/url]
wonderful issues altogether, you simply won a new reader.
What would you suggest in regards to your post that you just made a few
days in the past? Any positive?
[url=https://stromectoll.live/]buy ivermectin 12mg for sale[/url]
Excellent website. Plenty of useful information here. I am sending it to a few pals ans additionally sharing in delicious.
And naturally, thanks in your effort!
Also visit my page … แจกเครดิตฟรี
Having just been searching forwell written articles
for the research project Ive been working on when I happened
to find yours. Thanks for this informative content!
USPS – Cheyenne (Main Office)
[url=https://lyrica.top/]buy lyrica pill[/url]
[url=https://topiramate.press/]topamax 50 mg drug[/url]
What’s up colleagues, how is tthe whole thing, and what youu wat to say on the topic of this paragraph, in my view its truly remarkable in support of me.
Here iss my web page … Xcamy
[url=https://topiramate.press/]cost topiramate 25 mg[/url]
This is very interesting, You are a very skilled blogger.
I have joined your feed and look forward to seeking more of your fantastic post.
Also, I have shared your site in my social
networks!
https://www.instagram.com/instagraam_downloader/
[url=https://lisinopril.press/]buy lisinopril online uk[/url]
[url=https://cialisgeneric.cyou/]order tadalafil 10mg pill[/url]
[url=https://stromectoll.live/]order ivermectin 3 mg online[/url]
Wow, amazing weblog format! How lengthy have you ever been blogging for?
you made blogging glance easy. The entire look of your website is excellent, let alone the
content!
[url=https://stromectolb.store/]ivermectin buy online[/url]
[url=https://stromectoll.live/]stromectol 3 mg over the counter[/url]
Write more, thats all I have to say. Literally, it seems as though you relied on the
video to make youyr point. You obviously know what youre talking
about, why waste your intelligence on just posting videos to your site when you could be giving us something
enlightening to read?
my omepage chat hub
Wow, fantastic weblog format! How lengthy have you ever been blogging for?
you make running a blog glance easy. The overall look of your web site is fantastic, as well as
the content!
[url=https://buyviagra.cyou]sildenafil 100 mg usa[/url]
[url=https://levitrab.store/]buy generic levitra[/url]
An intriguing discussion is definitely worth comment.
I think that you should write more about this issue, it might not be a taboo matter
but generally people do not speak about these issues. To
the next! All the best!!
You need to take part in a contest for one of the highest quality sites on the
internet. I’m going to recommend this blog!
[url=https://levitrab.store/]levitra for sale[/url]
I don’t even know the way I stopped up here, however I believed this post
was once great. I don’t understand who you are
however definitely you’re going to a famous blogger in case
you aren’t already. Cheers!
[url=https://viagraonline.cyou/]cost sildenafil 50 mg[/url]
[url=https://buycialis.cyou/]buy cialis without prescription[/url]
[url=https://levitrab.store/]levitra sale[/url]
My partner and I stumbled over here by a different website and thought I might check things out.
I like what I see so now i’m following you.
Look forward to looking at your web page for a second time.
Look into my page: 바둑이
[url=https://buymolnupiravir.cyou/]order molnupiravir 800 mg pills[/url]
Usually I don’t read post on blogs, however I would like to say that this write-up very pressured me
to try and do it! Your writing taste has been surprised me.
Thank you, very great article.
Very nice article, totally what I was looking for.
I couldn’t refrain from commenting. Very well written!
Sweet blog! I found it wyile surfing aroujd on Yahoo News.
Do yyou have any suggestions on how to get listed in Yahoo News?
I’ve been trying for a while but I never seem to geet there!
Thanks
Here iss mmy web site BDSM chat
Excellent beat ! I wish to apprentice whilst you amend your site, how could i
subscribe for a weblog web site? The account aided me
a appropriate deal. I have been tiny bit familiar of this your
broadcast provided vivid clear concept
This is the right webpage for everyone who wishes to understand this topic.
You realize a whole lot its almost hard to argue with you (not that I actually will need to…HaHa).
You certainly put a new spin on a subject that’s been written about for decades.
Excellent stuff, just wonderful!
Fantastic goods from you, man. I have understand
your stuff previous to and you’re just too excellent. I actually like what you’ve
acquired here, certainly like what you are saying and the
way in which you say it. You make it entertaining and you still take care of to keep
it wise. I can’t wait to read much more from you.
This is actually a tremendous web site.
Hmm is anyone else encountering problems with the images on this blog loading?
I’m trying to determine if its a problem on my end or if it’s the blog.
Any suggestions would be greatly appreciated.
Hi are using WordPress for your site platform? I’m new to
the blog world but I’m trying to get started and set up my own. Do you require any coding expertise to make your
own blog? Any help would be greatly appreciated!
It’s actually a cool and useful piece of information. I am glad that you simply shared this useful info
with us. Please keep us up to date like this. Thank you for sharing.
Inspiring story there. What occurred after? Thanks!
Just wish to say your article is as astonishing. The clarity for your put up is
just nice and i could suppose you’re an expert
on this subject. Well with your permission allow me to grasp your RSS feed to keep updated with forthcoming
post. Thanks a million and please continue the enjoyable work.
This excellent website certainly has all the information and facts I needed concerning this
subject and didn’t know who to ask.
Very nice article, totally what I wanted to find.
Fantastic submit, very informative. I wonder why
the other experts of this sector don’t understand this.
You must proceed your writing. I am confident, you have a great readers’ base already!
It’s hard to come by well-informed people for this subject, however, you sound like you
know what you’re talking about! Thanks
I have been browsing online greater than three
hours as of late, but I never found any interesting article
like yours. It is beautiful value enough for me.
Personally, if all web owners and bloggers made just right content as you did, the
web will be a lot more useful than ever before.
Why visitors still use to read news papers when in this technological world the whole thing is available on net?
[url=https://pregabalin.tech/]buy lyrica 75 mg[/url]
Rent a dedicated server from $50 per month. Data center
in Europe. Gigabit channel, unlimited traffic. VPS from
$15.
Crypto payment.
creating a dedicated server
It is perfect time to make a few plans for the future and it is time to
be happy. I’ve learn this publish and if I may just I wish to
suggest you some interesting issues or tips.
Maybe you could write subsequent articles referring to this
article. I desire to learn even more things approximately
it!
Great blog! Is your theme custom made or did you download it from somewhere?
A theme like yours with a few simple adjustements would really make my blog stand
out. Please let me know where you got your theme. Many thanks
เว็บไซต์พวกเราจะมีบริการจำนวนมาก แต่ว่าไม่ว่าคุณจะใช้บริการเกมไหนกับทาง Copa88 การบริการก็ไม่น้อยไปกว่ากันเลย เนื่องจากเรามีคณะทำงานที่มีประสบการณ์สำหรับในการทำงานมากว่า10ปี รอดูแลลูกค้าอย่างใกล้ชิดตลอดการเล่น ไม่ว่าจะเป็นการสมัครเป็นสมาชิก สอบถามเนื้อหาโปรโมชั่นต่างๆpg slot xo ประสบพบเจอปัญหาแจ้งปัญหา คณะทำงานก็จะดำเนินงานให้ทันทีโดยไม่ต้องรอนาน รวมทั้งที่สำคัญเมื่อคุณอยากฝากเงินหรือถอนเงินก็สามารถทำได้ตลอดระยะเวลาทันทีโดยไม่มีเงื่อนไข สล็อต98lucia98bet ไม่ต้องทำเทิร์นให้อ่อนใจ ด้วยเหตุว่าเรามีระบบทำธุรกรรมอัตโนมัติ ไม่ว่าจะฝากเงิน หรือ เบิกเงิน เว็บพนันออนไลน์ เพียงแค่กดทำรายการรวมทั้งรอ 30 วินาที เท่านี้ก็เป็นที่เป็นระเบียบ โดยระบบนี้เกือบจะหาไม่ได้จากคาสิโนออนไลน์ไหนๆslot5g มีเพียงแค่ที่นี่แค่นั้น เพราะพวกเราเป็น Copa88 ที่สุดของ เว็บไซต์พนันออนไลน์
ที่ให้คุณได้มากกว่าเว็บไหนๆจะให้คุณได้ ด้วยระบบนี้จะมีผลให้คุณแฮปปี้สำหรับการเดิมพันรวมทั้งมีอิสระสำหรับการบริหารจัดการเงินของคุณมากเพิ่มขึ้น โดยคุณสามารถเลือกเล่นในจำนวนเงินที่จำเป็นต้อง และก็ฝากเท่าที่ต้องการจะเล่นเพียงแค่นั้น แล้วก็เมื่อคุณกลับใจหรืออยากถอนเงินมาใช้คุณก็ยังสามารถทได้ในทันทีโดยไม่ต้องทำเทิร์น