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”.
I’m not sure where you’re getting your info, but great
topic. I needs to spend some time learning much more or understanding more.
Thanks for fantastic information I was looking for this information for my mission.
Hi, for all time i used to check webpage posts here early in the break
of day, because i like to learn more and more.
Howdy! I’m at work surfing around your blog from my new iphone!
Just wanted to say I love reading through your blog and look forward
to all your posts! Carry on the fantastic work!
کمد ریلی آینه دار کشودار
I am really inspired along with your writing skills as well as with the format in your weblog.
Is this a paid topic or did you modify it yourself?
Either way keep up the excellent high quality writing, it’s uncommon to see a great blog like this one today..
Aw, this was a very nice post. Finding the time and actual effort to
make a great article… but what can I say… I procrastinate a whole
lot and never seem to get anything done.
It’s perfect time to make some plans for the future and it is time to be happy.
I’ve read this post and if I could I desire to suggest you few interesting things or advice.
Maybe you could write next articles referring to this article.
I wish to read even more things about it!
Great post.
If you would like to increase your familiarity only keep visiting this website and be updated with the most recent
information posted here.
Spot on with this write-up, I truly believe that this site needs a great deal more attention. I’ll probably be returning to
see more, thanks for the info!
Tour chau a là ᴡebѕite đượᴄ thành lập ᴠới mụᴄ đíᴄh mang lại
kiến thứᴄ bổ íᴄh ᴄho ᴄộng đồng ᴠề lĩnh ᴠựᴄ ᴄông nghệ, game, giải trí,
đời ѕống, thể thao… ᴄảm ơn bạn đã ghé thăm trang ᴡeb ᴄủa
ᴄhúng tôi, ᴄhúᴄ bạn một ngàу tốt lành.
Ꮋi there, jᥙst became alert to your blog thrrough Google, and
foսnd that it’sreally informative. Ι am gonna watch oout forr brussels.
Ӏ?ll aⲣpreciate іf ʏou continue thіs in future.
Numerous people wiⅼl Ьe benefited from your writing.
Cheers!
No your Bitcoin buy shouldn’t be thought of environmentally
pleasant to the price movements. The place movements of Doha Tuesday the city of recent York and Pennsylvania which can be in the UK.
A bitflyer wallet code and manipulate the currency’s single biggest drawback
and are. Though including a single Bitcoin now buying and selling
at the moment folks can become involved.
Panama introduced right now its been integrated into Cryptostruct which now provides
low-latency market knowledge and the people.
Folks compete to mine BTC after the bear market territory policymakers
decided to take him up. On Ethereum you not your banks not the president that may potentially open the cryptocurrency
market capitalization. That the cryptocurrency market.
Nevertheless all functions with that tackle on the asset prices to get your cryptocurrency.
With out getting fleeced on for instance a decentralized digital forex gave the cryptocurrency.
Unlike conventional fiat forex typically dollars to Bitcoin and blockchain to P2P networks.
Throughout that point there’s now about a decade in a blockchain on each.
I’ve learn some excellent stuff here. Certainly value
bookmarking for revisiting. I surprise how so much effort you place to make this sort of magnificent informative web site.
I just like the helpful info you provide for your articles.
I’ll bookmark your weblog and take a look at again right here regularly.
I’m fairly sure I will be informed plenty of new stuff proper right here!
Best of luck for the next!
It’s amazing for me to have a web site, which is valuable designed for my know-how.
thanks admin
If some one desires to be updated with most recent technologies therefore he must be go to see this site and be
up to date everyday.
Nếu chúng ta đang nói về một lò sưởi nhỏ, được sử dụng định kỳ –
để sưởi ấm một ngôi nhà nông thôn vào cuối
tuần hoặc để nấu ăn trong không khí trong lành
(thịt nướng), thì không cần bảo vệ bổ sung ở
đây. Với việc sử dụng lò nướng thường xuyên,
tất cả các vật liệu tạo ra nó đều phải tiếp xúc với
nhiệt độ rất cao. Có thể sử dụng các tấm chắn bảo
vệ đặc biệt có tác dụng cách nhiệt.Chúng sẽ ảnh hưởng đến tỷ lệ
phần trăm đốt nóng của khí thải, hấp thụ một phần đáng kể các thông lượng bức xạ và loại bỏ hầu hết nhiệt qua
các ống khói. Ngoài ra giúp cư dân bên trong di tản ra
ngoài an toàn mà không lo ngạt khí. Các lớp xốp này thường bao vây
và ngăn cản oxy trong không khí tiếp xúc với bề mặt của
vật liệu. Lớp lót của lò sưởi thường được thực hiện với sự trợ giúp của cái
gọi là vật liệu “đá lửa” – các chất được xử
lý đặc biệt và hỗn hợp của chúng với việc
bao gồm các phần tử nung, phá hủy các tính chất dẻo và đưa các hạt của chúng đi thiêu kết, cũng như các vật liệu chịu lửa khác các sản phẩm.
I think everything posted was actually very
logical. However, what about this? what if you were to write a killer title?
I am not suggesting your content isn’t solid., but what if you added a
post title that grabbed a person’s attention? I mean The 2020 CAMA and Beneficial Ownership in the Extractive Industry is a little boring.
You should peek at Yahoo’s front page and watch how they write post
headlines to get people interested. You might add a related video or a pic or two to get readers excited about
everything’ve got to say. Just my opinion, it might make your website a little bit more interesting.
Hello! This post could not be written any better! Reading this post reminds me of my previous room mate!
He always kept talking about this. I will forward this
page to him. Fairly certain he will have a good read. Many thanks for sharing!
Hello there! I could have sworn I’ve been to this web site before but after browsing
through some of the posts I realized it’s new to me. Anyways, I’m certainly pleased
I stumbled upon it and I’ll be bookmarking it and
checking back often!
I do consider all the ideas you’ve introduced on your
post. They’re really convincing and will definitely work.
Still, the posts are too brief for newbies. May you please prolong them a little from subsequent time?
Thank you for the post.
Very good article! We are linking to this particularly great post on our website.
Keep up the gooid writing.
I got this web page from my pal who shared with me regarding this web site and now this time I am visiting this web page
and reading very informative posts at this place.
I am really inspired along with your writing skills as well as with the structure in your
blog. Is this a paid subject or did you customize it your self?
Either way keep up the excellent high quality writing, it is uncommon to
look a great blog like this one these days..
What’s up, I desire to subscribe for this web site to take hottest updates, thus where can i do it please help.
I’ve read some excellent stuff here. Definitely price bookmarking for revisiting.
I surprise how so much attempt you set to create the sort of
excellent informative site.
For the reason that the admin of this site is working, no question very soon it
will be famous, due to its quality contents.
That’s a great point
I together with mʏ pals have already been reviewing the goߋd solutins found on yoᥙr web pаge
and all of the sudden camе up witһ a terrible suspicion І һad nott
expressed respect to you foг them. Alⅼ of thе women ƅecame ceertainly hɑppy tߋ reaԁ
througһ them and noww һave in reality beеn hаving fun witһ them.
Appreciation fߋr truly beіng indeed thoughtful and then foг selecting tһis ҝind of awesome guides millions оf individuals are
reeally desirus tо learn about. Our honest apologies for not expressing gratitude tⲟo youu eɑrlier.
Howdy this is kinda of off topic but I was wondering if blogs use
WYSIWYG editors or if you have to manually code with HTML.
I’m starting a blog soon but have no coding experience so I wanted to get advice from someone
with experience. Any help would be greatly appreciated!
Hi my loved one! I wish to say that this post is awesome, nice written and
come with almost all important infos. I’d like to see extra
posts like this .
The one likelihood for him to run uphill is if he has an train wheel in the cave.
What can make your hamster bored As you’ve seen, your hamster has an entire
lot of things to do.
What a material of un-ambiguity and preserveness of precious know-how on the topic of unpredicted feelings.
Right here is the perfect webpage for everyone who hopes to find out about this topic.
You understand so much its almost hard to argue with you (not that I actually will need
to?HaHa). You definitely put a new spin on a topic that’s been written about for ages.
Wonderful stuff, just wonderful!
My spouse and I stumbled over here coming from a different web page and thought I should
check things out. I like what I see so i am just following you.
Look forward to looking at your web page yet again.
Hi there to all, the contents existing at this site are
actually amazing for people knowledge, well, keep up the
nice work fellows.
Howdy very nice site!! Man .. Excellent .. Amazing .. I will bookmark your blog and take the feeds additionally?
I’m glad to find numerous useful information here in the submit, we’d like work out extra strategies in this regard, thank you for sharing.
. . . . .
It’s not my first time to visit this website, i am browsing this web site dailly and obtain fastidious data from here all the time.
I’m amazed, I have to admit. Rarely do I encounter a
blog that’s equally educative and amusing, and let me tell you, you’ve hit
the nail on the head. The problem is something too few people are
speaking intelligently about. Now i’m very happy that I
came across this during my search for something concerning this.
https://mengotticouture.com/shop/eyewear/unisex/products/cartier-vendome-santos-59-mm/
Cartier Sunglasses
خرید مکمل ورزشی ضد آب
Hi, I do think this is an excellent website. I stumbledupon it 😉 I may
return yet again since I bookmarked it. Money and freedom is
the greatest way to change, may you be rich and continue to guide other people.
Thanks for finally talking about > The 2020 CAMA and Beneficial Ownership in the Extractive Industry < Liked it!
betflix6789.com เป็นผู้ให้บริการคาสิโนออนไลน์ ที่ฝาก-ถอนอัตโนมัติbetflik ฝาก 50 รับ 100เร็วทันใจที่สุด คอยให้บริการสล็อต บาคาร่า ยิงปลาออนไลน์ท่านตลอด 24ชม.สมัครเลย
● Genel stil genellikle ürünlerden birinden, genellikle yeni bir çevrimiçi
slot oyunundan ilham alır, ancak oldukça ince kalır.
● Web sitesi farklı dillerde mevcut olduğundan, dünyanın farklı
yerlerinden oyuncular katılmaya davetlidir.
Contents hide
1 ▼ Sekabet giriş ve kayıt:
2 ▼ Sekabet giriş bilgileri:
3 ▼ Sekabet giriş ve lisans:
4 ▼ Sekabet giriş yazılım ve oyun çeşitleri:
5 ▼ Sekabet giriş ve mobil uygulama:
6 ▼ Sekabet giriş ve güvenlik:
7 ▼ Sekabet giriş ve bonuslar:
8 ▼ Sekabet giriş de sadakat programı:
8.1 ۞Aşamalı Jackpotlar
9 ▼ Sekabet müşteri hizmeti:
10 Sonuç olarak:
▼ Sekabet giriş ve kayıt:
► Sekabet bahis sitesine kayıt olmak ve bir hesap oluşturmak çok basittir.
Sekabet’e giriş ve sağlanan olanak ve hizmetlerden yararlanmak için kayıt sürecini dikkatli bir şekilde geçirmeniz
gerekir.
● Kullanıcı önce Sekabet’e giriş yapmalı ve ardından sayfanın sağ köşesinde yer alan kayıt seçeneğine tıklamalıdır.
Sekabet giriş yöntemleri farklıdır ve siz Google de adresini arayarak veya
sosyal medya hesaplarından Sekabet’in güncel giriş
adresine ulaşma imkânınız var.
It’s going to be ending of mine day, but before ending I am
reading this wonderful post to improve my knowledge.
Pretty! This has been a really wonderful post. Thanks for providing these details.
I know this web page provides quality depending content and
other information, is there any other web page which gives these things in quality?
Visit my blog post; 먹튀사이트
Online poker