NEITI to Unveil Identities of Oil Blocks, Solid Minerals Rights Holders by January 2020 - THISDAYLIVE via thisdaylive
The Nigeria Extractive Industries Transparency Initiative revealed Wednesday that it would unveil the identities of crude oil blocks and solid minerals rights holders in the country by January 2020 in line with global trend under ‘beneficial ownership’ practice.
The guides, STAR explained, would provide basic information to assist what steps to take to ascertain the identity of beneficial owners and other related parties. “This is something that beyond the EITI, Nigeria is committed to. At a London anti-corruption summit, countries made commitments and Nigeria made a commitment that we are going to have a register of beneficial owners of the companies that operate in Nigeria.
“We are leading the one in the extractive sector, and our hope is that we are working with regulators in the extractive sector – the MCO in the solid minerals sector, the DPR in the oil and gas sector, and some others.” “If you remember, there was a ruling of the Supreme Court that the federal government should work with the state governments of Rivers, Bayelsa and Akwa Ibom, to recover some money based on the fact that 1993 PSCs stated that when the price of oil goes beyond $20 barrel, the term should be negotiated, and we did a report on Sunday which also focused on the second part of that same law which looks at 15 years after.
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