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”.
I will right away clutch your rss feed as I
can not in finding your e-mail subscription hyperlink or newsletter service.
Do you’ve any? Kindly allow me recognize in order that I may subscribe.
Thanks.
[url=https://cialisetabs.monster/]tadalafil for sale[/url]
penis enlargement
online porn video
[url=http://zofran.fun/]zofran 2018[/url]
[url=http://amoxil.fun/]amoxicillin 45mg[/url] [url=http://prozac.capetown/]can you buy prozac over the counter uk[/url] [url=http://isotretinoin.fun/]buy accutane online no prescription[/url]
[url=https://hydroxychloroquine.download/]plaquenil eye[/url]
[url=http://de.filmtvdir.com/film-smotret/smotret-film-nashe-schastlivoe-zavtra.html]Смотреть фильм наше счастливое завтра[/url] Смотреть фильм http://de.filmtvdir.com/film-smotret-onlayn-besplatno-horoshem-kachestve/soldatik-film-smotret-onlayn-besplatno-v-horoshem-kachestve.html
Greate post. Keep posting such kind of info on your blog.
Im really impressed by your blog.
Hey there, You’ve performed a great job. I’ll definitely digg it and
individually recommend to my friends. I am sure
they’ll be benefited from this site.
I’m not that much of a online reader to be honest but your sites
really nice, keep it up! I’ll go ahead and bookmark your website to come back down the road.
Cheers
I am extremely inspired along with your writing abilities and also with the format to your weblog.
Is this a paid topic or did you modify it yourself?
Either way stay up the nice quality writing, it’s rare
to see a nice blog like this one these days..
Falls Sie bestimmte Präferenzen bei der Partnerwahl haben, können Sie
dies Ihrer Heiratsvermittlung gerne am beginn der Suche kommunizieren. Die beiden weiteren Raten in diesem Beispiel wären dann
zu Beginn des zweiten und des dritten Monats fällig.
In den letzten beiden Jahrzehnten haben gerade die ausländischen Eheschließungen mit deutschen Männern rasant zugenommen. Seit den 90ern haben sich die Paarungen mit Beteiligung einer ausländischen Partei mehr als verdoppelt.
Im Bürgerlichen Gesetzbuch (BGB) wird lediglich die maximal
mögliche Höhe einer Mietsicherheit geregelt.
Dadurch kann die Höhe der Prämie deutlich gesenkt werden. Dafür werden die Inhalte.
Nicht realistische Provisionen. Manchmal werden auch provisionsabhängig riesige Gebühren und Nebenkosten verlangt.
Wie bei allen Plattformen fallen auch hier Gebühren in Form
von Mitgliedschaften an. Die verschiedenen Arten von Mitgliedschaften geben Ihnen unterschiedlichen Zugang zu diesen Tools.
Auch wenn Sie über die zuständige Agentur Kontaktinformation anfordern oder ein persönliches Treffen einrichten lassen möchten, kann
Sie das selbstverständlich einige Gebühren kosten. Das persönliche Treffen darf natürlich
nicht zu kurz kommen. Die Kommunikation erfolgt meist zunächst über Chat, geht dann im
nächsten Schritt dann meisten zum Video-Call und abschließend zum
persönlichen Treffen über. Die Anmeldung erfolgt zunächst kostenlos und
so können Sie sich anfangs einen relativ umfassenden Eindruck der Vor-
und Nachteile einer Plattform verschaffen.
Уes! Finalⅼy somethіng about construction management.
Heree iss mу web paցe: Ancestory Detective.
Ԍet A Quote Ƭoday – https://Www.akconsultingsolutions.online/ –
Pretty! This was an incredibly wonderful article.
Many thanks for supplying this information.
I have read so many content regarding the blogger lovers but this
piece of writing is truly a fastidious paragraph, keep it up.
Useful information. Lucky me I found your website by accident,
and I’m shocked why this coincidence did not took place in advance!
I bookmarked it.
Take a look at my blog; minecraft coloring page
[url=https://levothyroxine.site/]buy generic synthroid online[/url]
[url=http://prednisone.fun/]can you buy prednisone without a prescription[/url] [url=http://vardenafil.live/]vardenafil buy online[/url] [url=http://prozac.capetown/]fluoxetine generic price[/url] [url=http://arimidex.cfd/]1mg arimidex pills[/url] [url=http://zofran.fun/]zofran 8 mg[/url]
[url=https://strattera.today/]stratera[/url]
Valuable information. Lucky me I discovered your web site by chance, and I’m
stunned why this twist of fate did not took place in advance!
I bookmarked it.
I’ve been surfing online more than three hours
today, yet I never found any interesting article like yours.
It’s pretty worth enough for me. In my view, if
all site owners and bloggers made good content as you did, the net will be much more useful than ever before.
Hi there, I desire to subscribe for this web site to obtain most recent updates, so where can i do it please help.
Awesome post.
https://stromectol.pro/# where to buy ivermectin lotion (sklice)
[url=https://chloroquine.fun/]resochina[/url]
[url=https://clomid.site/]clomid 50 mg buy uk[/url]
Gettіng yoսr brand inn front oof retail buyers ｃan bbe a challenge.
Аt Consumer Products International (CPI), oour retail
industry professionals һave more tһan seven decades of experiednce working with
retail buyers fгom national and regional chains.
NPI ԝorks with international and domestic health ɑnd wellness brand manufacturers ᴡho are seeking Big News – Legislative Language Would Require Fda To Take Quick Action On CBD – Help Us Get This Passed enter thе U.S.
market oｒ expand their retail distribution nnetwork
іn America. CPI’s professional team һas thｅ contacts,
expertise, and knowledge tо guide your brand from concept to shelf.
Ԝhile researching health аnd wellness brands, I rеcently learned аbout y᧐u prodhcts ɑnd
realized tһat CPI could hellp you increase youг retail
penetration іn America.
Ԝhen ԝe ѡork wіth brand manufacturers, ᴡe provide expertise
іn aall arｅas of distribution:
• Turnkey/Օne-stop solution
• Active accounts ԝith major U.Ѕ.distributors annd retailers
• An executive team tһat has held executive positions ѡith
Walmart and Amazon, tһе tѡo larest online аnd brick-and-mortar
retailers iin tһе U.S., and Glanbia, thе wоrld’s largest sports
nutrition company.
• Proven sales f᧐rce with public relations, branding, аnd marketing all ᥙnder one roof
• Focus on neew and existing prooduct lines
• Warehousing ɑnd logistics
Consumer Products International һas a ⅼong, successful track record оf takjing brands tο market in the Unitd Տtates.
CPI is your fast track to the retail market.
Dսrіng tһе next couple of weеks, I wіll reach оut to ｙou again to
discuss hߋw Consumer Products International сan brіng your produucts in fｒont оf
ⅼarge aand ѕmall retailers thrоughout the country.
Ιf уou havе any questions, don’t hesitate to contact mｅ.
Kіnd Rｅgards,
Gary,
Gary Cohen
VP of Business Development
Consumer Products International
101 Plaza Real Ѕ, Ste #224
Boca Raton, FL 33432
Office: 561-544-071
gcohen@consumerproductsintl.сom
[url=http://valtrex.site/]valtrex tablets 500mg price[/url] [url=http://tizanidine.xyz/]tizanidine 2018[/url] [url=http://gabapentin.site/]buy gabapentin online usa[/url]
%%
Stop by my web-site; sports (https://beritabola.live)
You’ve made some decent points there. I looked on the web for more information about
the issue and found most people will go along with your views on this website.
There is certainly a lot to know about this topic. I like
all of the points you made.
My developer 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 numerous websites for about a
year and am worried about switching to another platform.
I have heard excellent things about blogengine.net. Is there a way I can transfer all
my wordpress posts into it? Any help would be greatly
appreciated!
What’s Happening i am new to this, I stumbled upon this I have discovered It absolutely helpful and it has
aided me out loads. I’m hoping to contribute &
assist different users like its helped me. Great job.
I really like your blog.. very nice colors & theme. Did you create this
website yourself or did you hire someone to do it for you?
Plz answer back as I’m looking to design my own blog and would
like to find out where u got this from. appreciate it
Hmm is anyone else experiencing problems with the pictures on this blog loading?
I’m trying to figure out if its a problem on my end or if it’s the blog.
Any feed-back would be greatly appreciated.
Look into my blog post … หวยเศรษฐี
One app will get visual that can assist you select simply the right place to dine.
London can also be a wonderful proving ground for wheelchair athletes, with a $15,000 (about 9,500 pounds) purse to the primary place
male and female finishers. The Xbox 360 is the first gadget to make use of such a structure.
Since this is Nintendo’s first HD console, most of the massive modifications are on the inside.
The username is locked to a single Wii U console, and each Wii
U supports as much as 12 accounts. A conventional processor can run a single execution thread.
That works out to greater than eight million Americans in a single yr
— and those are just the people who realized they
were ID theft victims. If you want to access the complete suite of apps out there to Android units, you’re out of
luck — neither the Kindle Fire nor the Nook Tablet can entry the complete Android store.
In my digital guide, both the Nook Tablet and the
Kindle Fire are good units, but weren’t exactly what I needed.
If you’re a Netflix or Hulu Plus customer,
you’ll be able to obtain apps to access these providers on a Kindle
Fire as properly.
Here is my web site – joker true wallet
I really love your blog.. Very nice colors & theme.
Did you make this web site yourself? Please reply back as
I’m planning to create my own website and want to learn where you got this
from or just what the theme is called. Kudos!
Great post. I was checking continuously this blog and I am impressed!
Extremely useful info specifically the remaining phase 🙂 I maintain such information much.
I was looking for this certain info for a long time.
Thanks and good luck.
Another way, if you are really new and don’t have
anyone at work to ask as a reference is to contact your insurance carrier.
They can give you a list of dentists in your area that is covered by your company plan. While you won’t get
the scoop on whether or not this doctor is right for you
and your needs, you can get an idea of what is covered by
your plan and who accepts it in your area.
The choice between over the counter solutions and professional services is up to the individual.
Budget, time constraints and convenience are also other factors that may influence the decision.
Visits to the dental clinics may take a lot of time as
well as scheduling an appointment.
This article presents clear idea in support of the new visitors of blogging, that actually how to do blogging.
I read this post completely on the topic of the
resemblance of latest and preceding technologies, it’s awesome article.
That laptop computer-ish trait means you’ll
need to look a bit tougher for Internet entry when you’re out and
about, but you will not must pay a hefty monthly price for 3G knowledge plans.
However the iPad and all of its non-Apple pill opponents are in no way an all-encompassing technology for anybody who wants
severe computing power. It expands on the concept of what tablet computer systems are imagined to do.
This display screen also provides haptic feedback within the form of vibrations, which offer you tactile confirmation that the tablet is receiving your finger
presses. Because human flesh (and thus, a finger) is a conductor, the display
screen can exactly determine the place you are pressing
and perceive the commands you are inputting. That simple USB port
additionally may allow you to attach, say, an exterior hard drive, that means you may rapidly access or again up
nearly any kind of content, from photos to text, using the included File
Manager app. And for certain types of video games, such as driving simulators, you possibly can turn the pill back and forth like
a steering wheel to guide movements within the game.
Like its back cover, the Thrive’s battery can also be replaceable.
Not only is that this useful if you will be far from a power source for lengthy durations,
nevertheless it additionally helps you to substitute a new battery for one which goes dangerous without having to seek the
advice of the manufacturer.
Feel free to surf to my homepage … https://xn--12cfb0ek1dmds0cd1b9bxa1g1lxa.com/
Hi would you mind sharing which blog platform you’re working with?
I’m going to start my own blog in the near future but I’m having a difficult
time selecting between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your design and style seems different then most blogs and
I’m looking for something unique.
P.S Sorry for getting off-topic but I had to ask!
When someone writes an post he/she maintains the image
of a user in his/her mind that how a user can understand it.
Therefore that’s why this piece of writing
is great. Thanks!
Nice answer back in return of this query with real arguments and describing everything
on the topic of that.
It’s a pity you don’t have a donate button! I’d certainly donate to
this outstanding blog! I suppose for now i’ll settle for bookmarking and adding your RSS feed to my Google account.
I look forward to fresh updates and will talk about this website with
my Facebook group. Talk soon!
Thank you a lot for sharing this with all people you really recognise what
you’re speaking about! Bookmarked. Kindly
additionally talk over with my web site =). We can have a hyperlink change
agreement among us
I am regular visitor, how are you everybody? This piece of writing posted at this website is genuinely good.
Zu jedem soliden Online Casino gehören selbstverständlich auch
Tischspiele. Automatenspiele gehören immer noch zu den absoluten Favoriten unserer Community.
Mit 16 Jahren kann in Deutschland legal Bier und Wein gekauft werden –
der Drogenbeauftragte der Regierung, Blienert, will das ändern und das Alter für den Alkoholkauf auf 18
heraufsetzen. Zudem sagte der Drogenbeauftragte, dass
für Alkohol und Tabak nicht geworben werden dürfe.
Im Koalitionsvertrag der Ampel-Regierung ist nur festgehalten, Jugendliche beim Thema Alkohol und Zigaretten stärker aufzuklären – und die
Regeln für Tabak- und Alkohol-Werbung zu verschärfen. Laut Jugendschutzgesetz
dürfen Jugendliche ab 14 Jahren im Beisein einer sorgeberechtigten Person Bier,
Wein oder Schaumwein trinken. Der Beauftragte der
Bundesregierung für Sucht- und Drogenfragen, Burkhard
Blienert (SPD), hält es für nicht sinnvoll, dass bereits 16-Jährige Bier und Wein kaufen dürfen. Blienert der “Welt” weiter.
Fabio de Masi von den Linken spricht von einem kollektiven Versagen der Finanzaufsicht, die angeblich die beste
auf der Welt sein sollte. Auch darüber hinaus forderte Blienert in der “Welt” eine Neuausrichtung der Drogenpolitik.
https://muj.pogovorim.su/viewtopic.php?id=257#p7487