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”.
My relatives every time say that I am wasting
my time here at web, however I know I am getting know-how everyday by reading such
fastidious content.
[url=http://amitriptyline.fun/]amitriptyline 10mg pill[/url]
hey there and thank you for your information – I’ve certainly
picked up something new from right here. I did however expertise several technical issues using this web site, since I experienced to reload
the web site many times previous to I could get it to load properly.
I had been wondering if your web hosting is OK? Not that
I’m complaining, but sluggish loading instances times will often affect your
placement in google and can damage your
high quality score if advertising and marketing with Adwords.
Anyway I am adding this RSS to my email and can look out for a lot more
of your respective intriguing content. Ensure that you update this again very soon.
info : https://nasyifa-travel.blogspot.com/
Great blog! Is your theme custom made or did you download it from
somewhere? A theme like yours with a few simple tweeks would really make my blog
stand out. Please let me know where you got your design. Thank you
Also visit my web blog; online calculator with history
%%
Visit my web-site … best London seo agency
you can check the link below to see new news in the world
click here
Paragraph writing is also a fun, if you be familiar with afterward you can write otherwise it is difficult to write.
All das spricht eindeutig für einen Sportwetten Vergleich
und ist auch der Grund, warum wir Bild Sportwetten ins
Leben gerufen haben. Wer Spaß im Online Casino haben möchte, muss sich
auf einen seriösen Anbieter verlassen können. Außerdem durchforsten wir
einschlägige Casino Foren und lesen uns dort die Meinung aktiver Online Casinokunden durch,
um diese dann gegebenenfalls zu verifizieren oder bei Kritik natürlich im Optimalfall
falsifizieren zu können. Das heißt, wir registrieren uns bei der jeweiligen Glücksspieleseite und testen die Produkte und Dienstleistungen aktiv.
Dabei verlassen wir uns nicht nur auf eine oberflächliche Online
Recherche. Ich kann Ihnen wirklich versichern, dass Sie in einem Online Casino jeweils eine riesige Auswahl vorfinden werden, bei der für jede Art von Spieler etwas dabei ist.
Wir laden jeden Tag viele pornografische Inhalte hoch,
damit du immer etwas Neues genießen kannst. Minutenweise Sperrung: Wird ein Spiel beendet oder ist eine gewisse Zeit
erreicht, so sind Anbieter gezwungen, das Konto für jeweils eine Minute zu sperren, ehe
der Nutzer den nächsten Slot oder dergleichen nutzen kann.
Also “no deposit” quasi.F: Ab wieviel Jahren darf ich denn Slot Spiele spielen? Probieren Sie
die Spiele vorab im Demo-Modus aus, bevor Sie um Echtgeld spielen.
[url=https://lisinoprilx.com/]lisinopril 40 mg[/url]
Hey There. I found your blog using msn. This is a really well written article.
I’ll be sure to bookmark it and return to read more of your useful info.
Thanks for the post. I’ll definitely comeback.
Awesome post.
Wie kann man im Online Casino bezahlen? Falls Sie jedoch keine Lust haben, bei jedem Online Casino stundenlang die AGBs
und Bonusbedingungen zu durchforsten, gibt es aber auch eine einfachere Lösung: Vertrauen Sie einfach Ihrem
Casino-Professor, denn ich sammle alle wichtigen Informationen zu den Anbietern für Sie und präsentiere sie Ihnen dann in übersichtlicher Form
in meinen Casino-Erfahrungen. Aber je mehr Hände Sie spielen, desto höher sind
auch Ihre Chancen, diese zu verlieren! Es liegt auf der Hand, dass
je weniger aktive Spieler es gibt, desto bessere Chancen Sie haben werden, Ihren Bluff erfolgreich durchzuziehen. Je mehr Sie bei den Turnierspielen gewinnen, desto mehr sahnen Sie vom Preisgeld ab.
Um zu gewinnen, müssen Sie Glück mit Karten haben oder Spieler ausnutzen, die Pech haben. Auf einer Sonder-Ministerpräsidentenkonferenz haben sich die 16 Länderchefs auf einen Kompromiss bei den Online-Sportwetten geeinigt.
Und es sind gerade Anfänger, die noch viel
zu häufig bluffen, da sie denken, dass es einer der größten Faktoren beim Pokern ist.
Feel free to surf to my page Nutten
Nice replies in return of this query with real arguments and explaining
all on the topic of that.
https://wap-bb.blogspot.com/
I’m really impressed with your writing skills as well as with the layout on your weblog.
Is this a paid theme or did you modify it yourself?
Anyway keep up the excellent quality writing, it is rare to see a nice
blog like this one nowadays.
I absolutely love your blog and find almost all
of your post’s to be what precisely I’m looking for.
can you offer guest writers to write content available for you?
I wouldn’t mind publishing a post or elaborating on a
number of the subjects you write about here. Again, awesome blog!
homepage
Having read this I thought it was extremely informative.
I appreciate you spending some time and energy to put this informative article together.
I once again find myself personally spending way too much time both reading and posting comments.
But so what, it was still worth it!
Feel free to visit my site – แทงหวยออนไลน์
It is in point of fact a nice and useful piece of info. I’m happy that you just shared this useful information with
us. Please stay us informed like this. Thanks for sharing.
Here is my site :: SLOT JP
For hottest news you have to pay a quick visit internet and on world-wide-web I found this web
site as a best website for hottest updates.
https://pbn-10.blogspot.com/
[url=http://nexium.fun/]nexium 22.3 mg[/url]
Hello, i read your blog from time to time
and i own a similar one and i was just wondering if you get a lot of spam
comments? If so how do you reduce it, any plugin or anything you can suggest?
I get so much lately it’s driving me crazy so any support is
very much appreciated.
Do you have a spam issue on this blog; I also am a blogger, and I was curious about
your situation; we have created some nice practices and we are looking to swap strategies with others, be sure to shoot me an e-mail if interested.
Terrific post however , I was wondering if you could write a litte more on this topic?
I’d be very grateful if you could elaborate a
little bit further. Thanks!
I am extremely impressed along with your writing skills as neatly
as with the format on your blog. Is this a paid topic or did you modify it your self?
Either way stay up the excellent high quality writing, it is rare to look a nice weblog like this one these days..
Truly when someone doesn’t know then its up to other viewers that they will assist, so here
it takes place.
[url=https://valacyclovir.xyz/]valtrex no perscrition[/url]
Indian casinos washington, taxes on crypto gambling winnings in canada – online casino free chip codes.
[url=https://levitra.fun/]levitra 20mg uk[/url]
Die hirnfunktionellen und -strukturellen Veränderungen bei pathologischem Glücksspiel deuten auf neuronale Pathomechanismen ähnlich denen bei substanz-gebundenen Süchten hin. Unklar
ist, inwiefern bei neurobiologischen Veränderungen von prädisponierenden oder krankheitsinhärenten Merkmalen auszugehen ist.
Wichtig ist, dass nur diejenigen Teilnehmer ein Stimmrecht besitzen und eine
Schätzung abgeben, die später auch tatsächlich an der Umsetzung beteiligt sind.
Ludwig hat wieder einmal bewiesen, dass er der König der Innovation ist, wenn es darum geht, die Grenzen dessen zu erweitern, was Streamer
tun können. Wenn der Einsatz teilweise mit der Cash-Out-Option ausgewertet wird, wird nur der verbleibende aktive Teil des Einsatzes berücksichtigt.
Durch Hochziehen des Fingers zum Schweben gebracht. Das Verbot verstoße laut der Entscheidung des für Wettbewerbsfragen zuständigen 1.
Zivilsenats nicht gegen europäisches Recht, teilte der BGH in Karlsruhe mit.
Da fast alle Pokerräume auch Tische anbieten, bei denen um
Spielgeld gespielt wird, besteht auch nicht die Gefahr,
Geld gegen erfahrene Spieler zu verlieren. Alle Transaktionen sind absolut sicher,
denn unsere Webseite verfügt über die neueste Verschlüsselungstechnologie, so dass unbefugte Dritte weder an Ihr Geld noch an Ihre Daten kommen. Geld zur Verfügung stellen,
um die durch Glücksspielen verursachte finanzielle
Not zu beheben. Heutzutage ist es absoluter Standard auf dem Markt, dass die Online Casinos auch eine mobile
Spielversion zur Verfügung stellen.
Stop by my web blog :: Casino
[url=http://smotret-film-prosmotr-filmov.ru/film-2022-smotret-onlayn-besplatno-horoshem-kachestve/smotret-film-fantasticheskie-tvari-tayni-dambldora-2022-onlayn-besplatno-v-horoshem-kachestve.html]Операция фортуна искусство побеждать фильм 2022 смотреть онлайн бесплатно в хорошем в качестве hd [/url] Фильмы про маньяков и серийных убийц интересные http://smotret-film-prosmotr-filmov.ru/film-2022-smotret-onlayn-besplatno-horoshem-kachestve/smotret-film-kod-355-2022-onlayn-besplatno-v-horoshem-kachestve.html
Many companies want to launch neԝ products іn the U.S.
but find it overwhelming ɑnd difficult to accomplish.
At Nutritionall Products International, а global brand management companyy based in Boca Raton,
FL, ԝe take on the heavy lifting for these brands.
Instead of yⲟu hiring a sales аnd marketing staff,
ɡetting FDA label approval, ɑnd renting offfice ɑnd warehouse space, NPI ρrovides
all tһese resources іn a one-st᧐p, turnkey
operation ϲalled the “Evolution ᧐f Distribution.”
Essentially, NPI Ьecomes yoᥙr U.S. headquarters. Ꮃe import, distribute, and market youг products.
Ouur experiejce іn tһe retail industry ցives yoᥙ a competitive advantage.
Αt NPI, ｙ᧐u hаvе retyail professionals wһo have worked for Amazon and Walmart, ɑs
well ɑs represented product manufacturers іn The Best Citrus Margarita Recipe (& It’S CBD Infused!) nutraceutical, sports
nutrition, dietary supplements, skincare, cosmeceutical, аnd beverage sectors.
NPI һas the experience and knowledge tⲟ sucсessfully introduce уoսr products to American consumers.
Ƭhis why I would lіke to discuss how we can expand ｙoᥙr market penetration іn the U.S.
NPI is your partner for uccess in thhe U.S.
For more іnformation ᧐n how NPI can һelp you achieve ｙouг
goals, ρlease reply tо thіѕ email аnd mɑke ѕure
to copу me in MarkS@nutricompany.сom.
Respectfully,
Mark
Maark Schaefver
Senior Account Executive forr Business Development
Nufritional Products International
150 Palmetto Park Blvd., Suite 800
Boca Raton, FL 33432
Office: 561-544-071
Email: MarkS@nutricompany.ｃom
Hi Dear, are you in fact visiting this website daily, if so afterward you will
without doubt obtain good knowledge.
I visited multiple web pages however the audio feature for
audio songs current at this site is truly superb.
Hello, i think that i saw you visited my blog so i came to “return the favor”.I’m
attempting to find things to improve my
website!I suppose its ok to use some of your ideas!!
[url=https://erectafil.cfd/]erectafil[/url]
Awesome blog! Do you have any hints for aspiring writers? I’m planning to start my own blog soon but
I’m a little lost on everything. Would you suggest starting with
a free platform like WordPress or go for a paid option? There are so many options
out there that I’m totally overwhelmed .. Any ideas? Thanks!
Visit: https://grandcell2.blogspot.com/
Sonst musst Du Dich im schlechtesten Fall mit Deiner Versicherung darüber streiten, was landesüblich ist.
Diese bei der Versicherung einzureichen, macht keinen Sinn.
Diese Vereinbarung wollte sie später gerichtlich für nichtig erklären lassen, dafür engagierte sie Avenatti.
Als Anwalt der Pornodarstellerin war Avenatti über die Grenzen der USA
hinaus bekannt geworden. Laut Daniels hatte sie damals
erfahren, dass der Anwalt auf ihr Geld zugegriffen hatte.
Nur ruhig, Brauner. Leider kannst Du kein echtes Geld gewinnen oder Deinen virtuellen Kontostand in echtes Geld umwandeln. Zu gewinnen gibt es nur die Höhe
des eigenen Einsatzes. Es gibt so viel Flexibilität bei der Erzielung von Punkten, um das Spiel zu gewinnen. Am
Vortag wurde ein Wert von 267,5 gemeldet, am Freitag bei 253,6.
Damit ist Sachsen-Anhalt weiterhin das Bundesland mit der bundesweit drittniedrigsten Sieben-Tage-Inzidenz
– nur Thüringen und Sachsen haben geringere Werte.
Allein am Donnerstag wurden demnach im Landkreis
Ludwigslust-Parchim acht Betrugsversuche gemeldet, bei denen es jedoch nicht zur Übergabe von Bargeld kam.
Sechs Fälle, in denen der Rechnungshof von Betrug ausgeht, wurden der EU-Betrugsbekämpfungsbehörde Olaf gemeldet.
Die Laufzeit des Mietkautionssparbuches endet mit dem Mietverhältnis, längstens
sechs Monate danach. Besonders hervorzuheben hierbei ist die erfolgreiche Verschmelzung des Bankhauses Schelhammer &
Schattera, der ältesten Privatbank Wiens, mit der Capital Bank zur Schelhammer Capitalbank AG.
Thanks for sharing your info. I really appreciate your efforts and I will be waiting for your next write ups thank you once
again.
%%
Here is my blog post local seo packages
[url=http://baclofen.icu/]cheap baclofen uk[/url]
What a material of un-ambiguity and preserveness of valuable experience concerning unexpected feelings.
[url=http://xenical.fun/]orlistat over the counter usa[/url]
[url=http://lasixtab.online/]lasix 40 mg without prescription[/url]
Do you have a spam problem on this blog; I also am a blogger, and I was curious about your situation;
many of us have developed some nice methods and we are looking to trade
techniques with other folks, be sure to shoot me an e-mail if interested.
This is my first time go to see at here and i am truly impressed to read all at
single place.
[url=https://modafinil.hair/]where to get modafinil[/url]
Hello there, I found your web site by way of Google while searching for a comparable topic,
your website got here up, it seems to be great. I have bookmarked it in my google bookmarks.
Hi there, just become aware of your weblog through Google, and found that it’s truly informative.
I am gonna be careful for brussels. I’ll be grateful for
those who proceed this in future. A lot of people
shall be benefited from your writing. Cheers!
drugs paypal flagyl
[url=https://retinoa.fun/]retino 05 cream[/url]
free Windows 7 key
[url=http://lopressor.xyz/]lopressor 50 mg daily[/url] [url=http://isotretinoin.life/]accutane tablets price[/url] [url=http://provigil.cfd/]modafinil uk[/url] [url=http://zoloft.sbs/]zoloft 2004[/url] [url=http://synthroid.business/]synthroid 0.05[/url] [url=http://budesonide.sbs/]otc budesonide[/url]