The 2020 CAMA and Beneficial Ownership in the Extractive Industry
Communications
3 September 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”.
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داوینچی ریزالو چیست ؟
نرم افزار DaVinci Rizzalo محصول شرکت BlackMagic است و یکی از قوی ترین
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این نرم افزار در درجه بندی و اصلاح رنگ تخصص دارد.
این نرم افزار هزاران امکانات و امکانات را فقط
برای تصحیح رنگ فراهم خواهد کرد، بنابراین شما می توانید خروجی
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DaVinci Resolve از سه بخش تشکیل شده است، بخش
اول یک نرم افزار بسیار ساده با قابلیت های کوچک است که با
نام Davinci Resolve Lite شناخته می شود.
مهم ترین ویژگی داوینچی ریزالو را می
توان سرعت بی نظیر این برنامه در نظر گرفت.
این نرم افزار برای تولید بسیاری از
برنامه های تلویزیونی، آگهی های بازرگانی و تیزر، فیلم، مستندهای حرفه ای و موزیک ویدئوهای چهره های برجسته و سرشناس مورد استفاده قرار گرفته است.
پروژه آماده داوینچی ریزالو چه کاربردی دارد؟
پروژه های آماده یک فایل نهایی از یک پروژه از پیش طراحی شده ارائه می دهند، و
شما می توانید پروژه را خیلی سریع فقط با تغییر تصاویر و متن و آماده سازی نتیجه نهایی برای
شما ویرایش کنید. این کار می تواند سرعت کار شما را برای ارائه پروژه ها تا حد زیادی افزایش دهد، همچنین مجموعه ای از ابزارهای حرفه ای آماده و از پیش طراحی شده را فراهم می
کند و دیگر مجبور نیستید وقت خود را برای ایجاد این مراحل از ابتدا تلف کنید.
پروژه های آماده می توانند برای ایجاد هر
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پروژه آماده داوینچی ریزالو برای چه چیزی است؟
در دسته بندی پروژه های آماده داوینچی ریزالو در
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فایل های آماده این نرم افزار در دسترس کاربران قرار دارد.
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شما همچنین می توانید یک فایل بزرگ و حرفه ای از فایل ها و
پروژه های آماده برای نرم افزار ادوبی پریمیر طرفدار در رده پروژه پریمیر در وب سایت سیجی کوک دسترسی داشته و استفاده از فایل های آماده پریمیر در
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ѕure shipped samples ɗidn’t end up in quarantine Ьʏ the U.S.
Customs.
“Oᥙr logistics team haas decades оf experience importing neᴡ products іnto the U.S.
to ouг warehouse and then shipping tｅm toօ retaail buyers
ɑnd retailers,” Gould said. “NPI offers a one-stop, turnkey solution t᧐ import, distribute, аnd market new product in the U.S.”
To provide ɑll tthe brands’ services, Gould founded a
new company, InHealth Media, tߋ market the brands
to consumers and retailers.
“І saw the companies wasting thousands οf dollars on Madison Avenue marketing campaigns tһat
failed tо deliver,” Gould said.
Insteaⅾ of outsourcing marketing tо costly agencies oг building а marketing team fгom scratch, InHezlth Media ᴡorks synergistically with its sister company,
NPI.
“InHealth Media’s marketing strategy іs perfectly aligned ѡith NPI’s retail expansion plans,”
Gould ɑdded. “Tⲟgether, we import, distribute, аnd market
neᴡ produycts acrss tһe country by emphasizing speed tօ market ɑt an affordable
ρrice.”
InHealth Media гecently increased iits marketing efforts Ьy adding national and regional TV promotion to іtѕ services.
“Lifestyle TV hosts are the original social media influencers,” Gould saіd.
“Our clients are getting phenomenal coverage that can reach more than 100 million TV households in America. In addition, we are giving them high-quality TV promotions.
Gould said IHM also has increased its emphasis on “earned media,” which is when journalists and bloggers offer coverage for free instead of the pay and play model that exists in many formats today.
“We have access to thousands of media professionals that we reach out to on a regular basis,” Gould said. “Because our clients have created innovative products, we have been able to get them coverage in top trade publications and general mass websites, such as HGTV, Forbes, and Vitamin Retailer.
“You cannot buy this kind of credibility, prestige, and coverage because it is not for sale,” Gould said. “Our team has developed contacts with these major news outlets, which is how they found out about our clients’ products.”
NPI works with large and small product manufacturers.
“We emphasize timeliness and affordability,” he said. “We know all the costs, so there are no surprises. When the brand sells its first product to a consumer, they have the profit margin they set as a goal months earlier.”
Gould is proud of his “Evolution of Distribution” platform.
“I developed it to help international brands succeed,” Gould said.
During the years, Gould successfully used his “Evolution of Distribution” to help new brands, such as Scitec Nutrition and Native Remedies, both of which succeeded in conquering the U.S. market..
“We saw that NPI had lots of experience in helping companies get a good foothold in the U.S. Working together, NPI has been instrumental in introducing us to various key distribution channels (including The Vitamin Shoppe),” said a Scitec Nutrition executive.
Native Remedies also benefited from NPI’s “Evolution of Distribution.”
“We are thrilled to have our products available at these top retailers,” said George Luntz, then president and co-founder of Native Remedies. “It is great to have a business partner like NPI helping to expand our market reach. We expect this to be a banner year for us.”
Gould said he is proud that these companies succeeded with NPI’s help.
“This is what NPI does,” Gould said. “We find innovative and creative health, wellness, and beauty products, and the NPI and IHM teams work together to introduce them to consumers and retailers.”
For more information, call 561-544-0719 or visit nutricompany.com.
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part 2?
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