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Lift Corporate Veil of Owners of Oil wells, FG Orders Operators
Lease and licence holders operating in Nigeria’s oil and gas sector, have been given a seven-day ultimatum to unveil the true identities of the real owners of their companies.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) issued the directive on Thursday, in a notification, under the subject, “Notification No. 1 to All Licence and Lease Holders in Nigeria on the Requirement for Submission of Beneficial Ownership Information”.
According to the Chief Executive, NUPRC, Gbenga Komolafe, the information to be disclosed must include the accurate identity(ies) of the beneficial owner(s), including the level of ownership, and details of how control is exerted.
The Commission insists that the full list of the real owners of the companies be formally made available to it.
The directive follows the recent release of a beneficiary ownership register by the Nigerian Extractive Industries Transparency Initiative (NEITI), and the Corporate Affairs Commission (CAC).
NUPRC averred, “The commission hereby requires all entities that apply for or hold a participating interest in an exploration or production oil and gas licence, lease or contract to provide information of their owners, including the identity(ies) of their beneficial owner(s), the level of ownership and details about how that ownership or control is exerted.
“Accordingly, all relevant persons are hereby required to provide the information of persons with significant control over them: A person with significant control means any person directly or indirectly holding at least five per cent of the shares or interest in a relevant person.
“Or a (person) directly or indirectly holding at least 5 per cent of the voting rights in a relevant person; and directly or indirectly holding the right to appoint or remove a majority of the directors or partners in a relevant person.”
The notice required affected persons to use the beneficial ownership declaration form included in the notification.
“At the NUPRC, we are implementing the beneficial ownership reporting system, as it is a statutory requirement, which demands full disclosure of beneficial ownership information.
“The commission is engaging the oil and companies to ensure their mandatory compliance,” Komolafe stated.
The NUPRC made it clear that those expected to comply with the directive, are persons with significant control of at least five percent shares and directly or indirectly holding the same percentage of voting rights, among others, described as significant persons.
It further stipulates that the significant persons were those otherwise having the right to exercise or actually exercising significant influence or control over a relevant person; or having the right to exercise, or actually exercising significant influence or control over the activities of a trust or firm, whether or not it is a legal entity.
Super Eagles Captain, Ahmed Musa has been signed up by Jaiz Bank as a brand ambassador.
An elated Musa made the disclosure in a statement on his verified handle on micro-blogging site, X on Thursday.
The Kano Pillars striker urged his fans to troop to Jaiz Bank to do business for trusting him with the new role.
He exclaimed, “And to my amazing fans – if you want to support me, make sure to head over to Jaiz Bank and open your accounts with them today! ”
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He wrote, “✨Alhamdulillah✨ I am SO excited to announce that I’ve officially joined Jaiz Bank as their newest ambassador! 🎉💼
“A huge thank you to @JaizBankNG for trusting me and allowing me to be a part of this amazing journey! 🙏🏼💚 It’s an honor to represent a brand that believes in growth, security, and financial empowerment.
“I can’t wait to share all the incredible things we’ll be doing together! 🚀💡
And to my amazing fans – if you want to support me, make sure to head over to Jaiz Bank and open your accounts with them today! Let’s grow together! 💪🏼🔑
“@JaizBankNG is a non interest Financial institution poised with a mission to make life better through ethical Finance. 👌👌”
#NewBeginnings #BankWithJaizBank #PartneredUp #TeamJaizBank”
On November 20, 2024, Kenya’s First Lady, Rachel Ruto, celebrated her 56th birthday and her husband President William Ruto publicly expressed his love and appreciation for his wife on this special day, wishing her well.
The birthday celebrations were marked by an outpouring of goodwill from political figures, media, and citizens across Kenya, who praised her for her grace, leadership, and significant contributions to society, particularly through initiatives like the Joyful Women Organisation, which aims to empower rural women.
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The day was characterized by a collective acknowledgment of her role as a national figure dedicated to community upliftment.
In a heartfelt message, President William Ruto took to social media, writing, “Happy birthday my love, @MamaRachelRuto. Continue being a blessing to me and our children. Mungu akubariki sana,” which translates to “God bless you abundantly.”
Other prominent leaders also extended their wishes to the First Lady, with Anne Waiguru, EGH, OGW, Governor of Kirinyaga County, tweeting, “Happy Birthday First Lady,” further showing the respect and admiration for Rachel Ruto’s leadership and impact.
A gas cylinder explosion at a filling station in Jibia Local Government Area of Katsina State has resulted in significant damage to six vehicles, according to a statement from the Katsina State Police Command.
The command’s spokesperson, Abubakar Sadiq-Aliyu, confirmed the incident, which occurred on Friday, November 15, 2024.
He explained that a loud explosion alerted police operatives from the Jibia Divisional Police Headquarters. Responding promptly, the Divisional Police Officer led a team to the site, supported by military personnel.
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“Upon arrival, operatives found a truck loaded with gas cylinders engulfed in flames at Tamal filling station, along Kagadama-Magamar Jibia Road,” Sadiq-Aliyu stated. The joint team acted swiftly, deploying measures to protect lives and limit property damage. Their efforts successfully extinguished the fire.
The spokesperson added, “Six motor vehicles were significantly affected by the fire incident, but fortunately, no life was lost.”
State Commissioner of Police, Aliyu Abubakar-Musa, has directed a thorough investigation to determine the cause of the explosion. Updates on the findings will be provided as investigations progress.
This incident highlights the need for heightened safety measures at gas filling stations to prevent such occurrences.
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