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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.
Embattled Nigerian pastor and founder of SPAC Nation, Tobi Adegboyega, has defended his opulent lifestyle, claiming it serves to inspire young people rather than flaunt wealth.
This statement comes amid a UK Immigration Upper Tribunal ruling ordering his deportation over visa violations.
Adegboyega, 44, faced accusations of overstaying his visitor visa, which expired after he arrived in the UK in 2005.
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He had applied to remain in the country on human rights grounds. The tribunal, however, ruled against him, citing his failure to regularize his status.
The pastor’s luxurious lifestyle, including designer clothing and expensive cars, was a focal point of the case.
Addressing the tribunal, Adegboyega stated that his lifestyle is fully funded by his wife, Mary Olubukola Alade, who earns £100,000 annually at AON.
He said, “I live with my partner, Mary Olubukola Alade, who earns £100,000 per year working for AON. I spend my time working for the church, for which I am unpaid. I am entirely supported by Mary. I have a first-class law degree from Nigeria, but I have ‘sacrificed’ my legal career to help those who cannot help themselves.”
Defending his appearance, Adegboyega emphasized the importance of projecting success to his young congregation.
The court noted, “For instance, people have pointed to the fact that he wears designer clothing and drives expensive cars. He was adamant that all of his personal possessions had been paid for by Mary.
“He believes it is important for him to dress the way that he does because he needs to inspire these young people – they need to understand that there are legitimate ways of making money, for instance through entrepreneurship.”
Despite the ruling, Adegboyega dismissed the deportation concerns as insignificant.
“I’m right here at home, no cause for alarm. Naturally, I will dismiss things that have to do with retrogression; every Nigerian should be proud of me. Living in the UK, a city that is well known for pulling people down, I have survived all sorts, so the matter that they are propagating is the smallest matter,” he said.
He further expressed confidence in his resilience. “No panic, I love London city, it is my city, and nobody can do anything. Of all the people of colour you know here – pastors and leaders – I have survived everything. I’m here, I am at home, nobody should panic for me.
“I succeeded well in this country despite all challenges, and I’m in the league of people you look up to. I have survived that well; nothing has changed, nothing will change,” he added.
Amid the growing controversy surrounding the detention of human rights lawyer Dele Farotimi, renowned Senior Advocate of Nigeria (SAN) Aare Afe Babalola has publicly addressed the defamation allegations leveled against Farotimi.
The legal action stems from claims made in Farotimi’s book, Nigeria and Its Criminal Justice System, which Babalola asserts contains false and defamatory statements about him and his law firm, Afe Babalola & Co.
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In a petition dated November 19 and submitted to the Ekiti State Commissioner of Police, Adeniran Akinwale, Babalola accused Farotimi of making “criminally defamatory” statements about him, his law firm, and two senior lawyers at his firm, Olu Daramola SAN and Ola Faro.
The defamatory remarks are tied to the Supreme Court case Major Muritala Gbadamosi Eletu & Ors v. H.R.H. Oba Tijani Akinloye & Ors.
Babalola revealed that the allegations came to light when one of his lawyers purchased Farotimi’s book while traveling through Murtala Muhammed Airport.
After reading the book, the lawyer immediately brought its contents to Babalola’s attention.
Other members of his firm reportedly did the same, prompting the senior lawyer to take legal action.
In his petition, Babalola pointed to specific passages in Farotimi’s book that accused him of corruption and unethical conduct. The petition reads:
“I write to report the criminal defamation of myself, my law firm Afe Babalola & Co., and my lawyers, Olu Daramola SAN and Ola Faro, by one Dele Farotimi in his book titled ‘Nigeria and Its Criminal Justice System’, published by Dele Farotimi Publishers, in respect of Suit No. SC/146/2005: Major Muritala Gbadamosi Eletu & Ors v. H.R.H. Oba Tijani Akinloye & Ors.
“Sometime on 2/11/2024, one of our lawyers, while traveling through Murtala Muhammed Airport, bought a book by Dele Farotimi titled ‘Nigeria and Its Criminal Justice System’. He read the book and immediately brought it to my attention. Many of my lawyers also bought the book and read it.”
“The defamatory statements are as follows:
- That Aare Afe Babalola corrupted the Supreme Court to procure a fraudulent judgment in the service of his client.
- That Aare Afe Babalola, Olu Daramola, Olu Faro, and the law offices of Afe Babalola & Co. (Emmanuel Chambers) compromised the Supreme Court and the remaining semblance of integrity it might have had, when they went back to the Supreme Court and got the Court to swim in the sewer of corruption and shameful self-abnegation.”
Babalola strongly denies the allegations, claiming that they are false and damaging to both his personal reputation and the integrity of the Nigerian judiciary.
Nigerian author and activist Dele Farotimi’s book, Nigeria and Its Criminal Justice System, has surged to bestseller status on Amazon amid a legal battle with prominent lawyer and businessman, Afe Babalola.
The controversy surrounding the book has captivated public attention, driving both online and offline demand.
The book, which critiques systemic corruption in Nigeria’s judiciary and highlights alleged misconduct by key legal figures, saw modest sales following its release in July 2024.
Related News: NBA Demands Release Of Dele Farotimi, Condemns Police Actions
However, Farotimi’s arrest on Tuesday, following a petition filed by the 93-year-old Babalola, triggered a wave of public curiosity.
By Thursday evening, it had climbed to the top of Amazon’s bestseller rankings, according to checks by Vanguard. Bookstores across Nigeria also reported a significant uptick in demand.
Biztellers reports that Farotimi was detained in Lagos by armed police officers and transported to Ado Ekiti, about 300 kilometers northeast of the city, where Babalola is based.
The senior lawyer alleged that the book accused him of compromising Nigeria’s judiciary—a claim that has sparked heated debates about freedom of speech and accountability in the legal profession.
On Wednesday, Farotimi was arraigned in an Ekiti court, where the judge ordered his remand pending a bail hearing scheduled for December 10.
Farotimi’s legal team has vowed to contest the charges, framing the case as an attack on intellectual freedom.
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