Connect with us

Other News

Lift Corporate Veil of Owners of Oil wells, FG Orders Operators

Published

on

Why Buhari's Impeachment threat by the Senate remains a joke

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.

Click to comment

Other News

Dangote Cement Workers Abducted In Edo

Published

on

Gunmen believed to be kidnappers have reportedly abducted an unspecified number of employees from the Dangote Cement Company Plc in Okpella, Etsako West local government area of Edo state.

The incident occurred on Monday when the workers were traveling back to Okpella town in a staff bus after work.

According to an anonymous source from Okpella community, the gunmen ambushed the bus, emerged from the bush, halted the vehicle at gunpoint, and then took the workers into the bush.

The source added “Yes, we heard of it, they said they were in a Coaster bus coming to Okpella after work when they were kidnapped by gunmen. But, we don’t know the numbers of the workers that have been kidnapped.”

Confirmation from police authorities regarding the incident was unavailable as calls and messages to the State Commissioner of Police and the Command’s spokesperson went unanswered.

Continue Reading

Other News

NNPC/First E&P JV Empowers NGOs With N53.4m

Published

on

As part of its Corporate Social Responsibility (CSR) initiatives, the Nigerian National Petroleum Company Limited (NNPC Ltd) and First Exploration & Production Limited (First E&P) joint venture (JV) has donated the sum of N53 million to non-governmental organizations (NGOs) in Nigeria.

Under the JV’s Impact First Initiative, the donation, targeted towards enhancing societal welfare, would address areas such as good healthcare and well-being, quality education as well as economic growth within the nation.

Speaking during the cheque presentation ceremony, NNPC Ltd’s Chief Upstream Investment Officer (CUIO), NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, expressed gratitude to First E & P for initiating the laudable programme.

Represented by the Deputy Manager, External Relations, NUIMS, Mrs. Edith Lawson, Wunti highlighted NNPC Ltd’s belief in the power of CSR, stressing that the Company remains committed to working with its partners to impact the lives of the less-privileged.

Wunti said under the initiative, projects and programmes executed include the provision of classrooms, ICT Centres, laboratories and other infrastructural intervention projects, scholarships, quiz competitions, skill acquisitions, and economic empowerment, a testimony to NNPC’s dedication to fostering sustainable development in Nigeria.

Wunti described First E & P’s foresight and leadership as commendable, adding that the partner has spearheaded the initiative towards meaningful change that will ensure a better future for all Nigerians.

Among the beneficiaries of the donation were the Irede Foundation, which provides custom-made artificial limbs to child amputees aged 0-18 and Human Development Initiative (HDI), which focuses on tackling fundamental issues of poverty, injustice, neglect, deprivation, and equality among vulnerable people.

Others were the OISA Foundation, which transforms lives through interventions in the education and healthcare sectors; Cerebral Palsy Center, which renders support to families with children with cerebral palsy as well as the Niola Cancer Care Foundation, which organises awareness talks and screens communities for colon cancer.

Continue Reading

Other News

Niger Speaker Plans Mass Wedding For 100 Orphans Of Bandit Attacks

Published

on

In a heartwarming gesture, Abdulmalik Sarkindaji, Speaker of the Niger State House of Assembly, has announced plans to arrange marriages for 100 female orphans who lost their parents to banditry in Mariga Local Government Area.

Sarkindaji stated that he will cover the grooms’ dowries and has already obtained all necessary items for the collective wedding event.

The selected girls were chosen from a group of 170, as part of the Speaker’s constituency empowerment project to support the underprivileged.

Sarkindaji further revealed that the Niger State Governor, Mohammed Umar Bago, and the Emir of Kontagora, Alhaji Mohammed Barau, will serve as guardians for the 100 female orphans during their collective marriage ceremony.

The event, scheduled for May 24 in Bangi, Mariga Local Government Area, will also be attended by Sheikh Aminu Daurawa, the Kano State Commander General of the Hisbah Board.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.