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”.
مرکز پرستاری در منزل خورشید
آموزش به خانواده در مورد رعایت رژیم
غذایی موردنظر و استفاده به موقع از داروهای
تجویز شده . شستشوی کلستومی و استومی و آموزش نحوه مراقبت از کلستومی به مددجو و خانواده .
انجام مراقبتهای ضروری در دادن
داروهای قلبی عروقی و ریوی طبق دستور پزشک
. بررسی وضعیت سلامت و انجام معاینات بالینی از مددجو و خانواده .
برای انتخاب پرستار در منزل مناسب باید بیش از هر چیز ویژگیهای شخصیتی او را در نظر بگیرید.
یک پرستار حرفهای با اخلاق، دلسوز و متعهد
است و در تمام لحظات از مددجو مراقبت میکند.
همچنین بهره مندی از خدمات یک مرکز پرستاری حرفهای میتواند اطمینان شما از مراقبتهای مداوم
و اعتماد به پرستار را همراه داشته باشد.
بیماران در صورتی که به پرستار یا
متخصص مراقبتهای بهداشتی خود اعتماد کنند، بیشتر احتمال دارد
که اطلاعات خود را باز کرده و افشا
کنند که منجر به ایجاد تصمیم گیری مشترک و افزایش تعامل میشود.
زیرا سلامت و مراقبتهای بهداشتی به طور کلی شامل یک عنصر بی اعتمادی و
خطر برای بیمار آسیب پذیر است که متکی به صلاحیت و اهداف حرفهای پرستار یا بهیار
است. ادغام این مهارتها و
نیز انجام خدمات مبتنی بر کار، بخشی از پرستاری در منزل است.
در زمان تزریق سرم باید پرستار در کنار بیمار حضور
داشته باشد و علائم حیاتی بیمار از قبیل تعداد نبض ، فشار خون و درجه
حرارت بیمار را چک کند. 25- ارائه الگوی مناسب پرستاری با برقراری ارتباط موثر
، عملکرد مطلوب ، حسن رفتار شغلی و ….
%%
my homepage; Join Avon Online
pharmacie wattrelos pharmacie avignon republique pharmacie esplanade argenteuil [url=https://www.youtube.com/redirect?q=https://es.ulule.com/pastillas-ivermectina/]https://toolbarqueries.google.fr/url?q=https://es.ulule.com/barato-modafinil/[/url] traitement dossier caf .
therapie comportementale et cognitive stress [url=https://toolbarqueries.google.fr/url?q=https://www.ufrgs.br/comacesso/forum/topic/prednisone-prednisolone-livraison-france/#postid-55197]https://www.youtube.com/redirect?q=https://www.bark.com/fr/fr/company/bactrim-trimethoprime-livraison-belgique/8K12z/[/url] pharmacie agroparc avignon .
pharmacie boulogne billancourt ouverte le soir [url=https://toolbarqueries.google.fr/url?q=https://fr.ulule.com/prix-xalatan/]https://maps.google.fr/url?q=https://www.ufrgs.br/comacesso/forum/topic/olumiant-baricitinib-generique-en-vente-2/#postid-74329[/url] therapie cognitivo comportementale france , act therapy retreat .
%%
Take a look at my homepage; fine love doll
%%
Have a look at my website … Sexual Doll
%%
my web blog; Real Doll For Sale
buy valsartan pills [url=https://valsartan.top/]order generic valsartan 80 mg[/url] buy valsartan 80 mg generic
The company’s shares soared 182 percent
during common buying and selling however then plunged greater than 30 % in after-hours buying and
selling.
%%
Also visit my site key fob replacement Buttons
%%
Feel free to surf to my web site :: Key fob repair service
It’s in fact very complex in this active life to listen news on TV, so I just use internet for that reason, and get
the most up-to-date news.
Hello, Neat post. There’s a problem with your site in web explorer, would check this?
IE nonetheless is the marketplace leader and a
huge section of people will omit your great writing because of this problem.
If you desire to increase your knowledge only
keep visiting this web site and be updated with the most
up-to-date news posted here.
Have a look at my web page – สาระน่ารู้
%%
my site Avon Become A Representative
Thanks ffor another informative blog. Where else may
just I am getting that type of information written in such an ideal means?
I’ve a challenge that I aam simply now operating on, aand I have been on the glance
out for such information.
Attractive section of content. I just stumbled upon your weblog and in accession capital to assert that I get actually
enjoyed account your weblog posts. Anyway I will be
subscribing to your feeds or even I success you access constantly quickly.
pharmacie lafayette des quatre pavillons cenon therapie cognitivo-comportementale laurentides pharmacie yutz [url=https://maps.google.fr/url?q=https://www.ufrgs.br/comacesso/forum/topic/prix-progesterone-prometrium-sans-ordonnance/#postid-84782]https://maps.google.fr/url?q=https://de.ulule.com/1000-azithromycin/[/url] therapies cognitivo-comportementales paris .
traitement maladie de crohn [url=https://www.youtube.com/redirect?q=https://www.ufrgs.br/comacesso/forum/topic/vente-fluoxetine-prozac-sans-ordonnance-3/#postid-83909]https://toolbarqueries.google.fr/url?q=https://fr.ulule.com/comprime-isotretinoin/[/url] pharmacie bordeaux pellegrin .
pharmacie herboriste bordeaux [url=https://maps.google.fr/url?q=https://www.ufrgs.br/comacesso/forum/topic/ou-acheter-du-lorazepam-ativan/#postid-64007]https://maps.google.fr/url?q=https://www.ufrgs.br/comacesso/forum/topic/strattera-atomoxetine-achat-en-ligne-france/#postid-74795[/url] traitement thyroide , pharmacie auchan aubagne .
%%
My web page double glazed windows Luton
%%
Have a look at my website: how to Become an avon representative
%%
Here is my web page; Window Doctor Bromley
%%
My site: how much is it To join avon
%%
my web blog :: How To Become Avon Representative
%%
Visit my web blog :: upvc window repair near me
%%
my homepage :: double Glazed Window repairs near Me
%%
Take a look at my site Upvc window Repair Near Me
smoking weed on mushrooms
Your creativity has been excellent and reading your blog is absolutely good. Keep up the good work.
%%
my webpage :: Data hk (Betsy)
cost valsartan 160 mg [url=https://valsartan.top/]order generic valsartan 80 mg[/url] purchase diovan for sale
Having read this I believed it was rather enlightening.
I appreciate you finding the time and effort to put this
informative article together. I once again find myself spending a significant amount of time both reading and
commenting. But so what, it was still worthwhile!
%%
Check out my website; join avon uk
All slot machines and table games have fixed payout costs
and other performance parameters.
Also visit my website; pin up bet – scoreprise-managementsysteme.de –
%%
Feel free to surf to my blog … Poker, https://Healthtipsdoc.Com,
%%
Feel free to visit my homepage :: Who Has The Best Only Fans
%%
Here is my page … gambler (Fana-vk.com)
%%
Also visit my blog post – truck Accident lawyers
%%
My webpage; private psychiatrist uk
%%
my web page … Become Avon Rep
%%
my web page – French Doors Luton
%%
my blog post: consultants
Fantastic goods from you, man. I have understand your stuff prior to and
you’re just extremely wonderful. I really like what you have acquired right here,
certainly like what you are stating and the way through which you are saying it.
You make it entertaining and you still take care of to stay it wise.
I cant wait to read much more from you. This is actually a
great web site.
%%
Here is my blog post: French doors Barnet
Great weblog here! Also your website a lot up fast! What web host are you the use
of? Can I am getting your associate hyperlink in your host?
I want my web site loaded up as quickly as yours lol
Here is my homepage – สาระน่ารู้
There is apparently a lot to realize about this.
I consider you made various nice points in features also.
Way cool! Some extremely valid points! I appreciate you penning this
post and the rest of the website is also very good. https://www.lescaledetente.com/
%%
Also visit my web page; Become A Avon representative
It’s a pity you don’t have a donate button! I’d
without a doubt donate to this outstanding blog!
I guess for now i’ll settle for book-marking and adding your RSS feed to my Google account.
I look forward to new updates and will talk about this website with my Facebook group.
Talk soon!
%%
my site: Double glazed Windows Cheadle Hulme
Howdy! I know this is kinda off topic but I was wondering which blog platform are you using for this site?
I’m getting sick and tired of WordPress because I’ve had problems with hackers and I’m looking at options for another platform.
I would be great if you could point me in the direction of
a good platform.