The Civil Society Legislative Advocacy Centre(CISLAC) has deepened its stakeholder engagement strategy aimed at entrenching transparency in Nigeria’s
Musa pointed out that without transparent ownership of Nigerian and international companies operating within the Nigerian jurisdiction, we will not be able to stop the bleeding from illicit financial outflows, which costs us around 18 billion US dollars, annually.
To him, “being the backbone of our economy, the extractives industry must be run transparently and accountably. Nigeria proved its desire to implement beneficial ownership transparency commitments when it participated in the beneficial ownership pilot in 2015, signed up to the Open Government Partnership initiative in 2016 and complied with the principles and requirement of the global Extractive Industries Transparency Initiative to establish a beneficial ownership register by 1st January 2020.
Speaking further, he said, the course of these achievements, civil society partners sustained interventions to galvanize support from government and non-state champions for the advancement and realization of this commitment towards a more transparent and accountable extractive sector governance regime.
“We must however not rest on our oars as the register is not an end in itself but a means to an end. While it remains a significant effort in the fulfillment of the commitments to strengthen anti-corruption reforms and corporate accountability, it is only as important as its utilization in detecting, preventing, reporting and sanctioning corruption in the sector.
“It is towards the above end that we have convened this workshop in recognition of the crucial role of the media as the fourth pillar of democracy and the need for building local stakeholders’ capacity on the importance of quality and timely beneficial ownership data, and to share skills, tools and methodologies to analyse and use the data”, he said.
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