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  •  Panelists at a book launch in Lagos have called for documentation of achievements of leaders with integrity This they argued was necessary to raise a new generation of Nigerians who would lead the nation to greatness through hardwork and honesty The panelists spoke on Monday at the launch of a book written by Mr Babs Omotowa former Managing of Nigeria LNG Ltd NLNG tittled From Storeroom to Boardroom Drawn oil and gas experts three of them are also authors Mr Austin Avuru the Founder and Executive Chairman of AA Holdings one of the panelists said that lack of lack of corporate governance structure was a reason for demise of several businesses in Nigeria He said that this was because young people did not have books from which to learn how to grow enterprises to last generations Another Dr Phillip Mshelbila Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas NLNG Ltd spoke on Omotowa s tenacity He enumerated reforms brought into the NLNG by Omotowa due to his resilience and tenacity Mshelbila said the author left solid foundation for continuity in the local content drive in the firm He and other panelists enumerated interventions of the author and other interactions that qualified him as role model whom the younger generation must emulate Other panelists include Dr Godswill Ihetu former Managing Director NLNG and Mr Tonye Cole Co founder and former Group Executive Director of Sahara Group Also among them were Mr Isah Inuwa a retiree of the NLNG and Dr Waziri Adio former Executive Secretary of Nigeria Extractive Transparency Initiative NEITI who joined virtually The panelists said the nation needed role models who could point the way of how intergrity and courage could shape global businesses They called for value re orientatation in the nation while reeling out success stories of Omotowa who rose from the lowest cadre of his career to the pinnacle The panelists said he rose through hard work courage and integrity while shunning corruption They also shared their thoughts on how to resolve issues in the oil and gas industry the Niger Delta issues as well as the steps to adopt towards energy transition Mr Aderemi Makanjuola Chairman of Caverton Offshore Support Group Plc giving a goodwill message said the author gave selfless service He said that the younger generations needed this to correct negative perceptions about Nigeria while building lasting legacies Makanjuola said mentorship was important to raise upright leaders According to him the younger generation cannot be coerced hence the need for real role models The Chairman Governing Board Nigerian University of Technology and Management NUTM Dr Okechukwu Enelamah was one of the book reviewers He said the book listed on Amazon presented a good context for the nation s youths to courageously pursue entrepreneurship goals with honestly The reviewer described the book as an easy read that had great potential for global readership Enelamah said it contains several leadership lessons loaded with personal examples of Omotowa s courage to surmount opposition to do things right He said the book documented step by step journey of the author from his humble background in Ile Ife The reviewer said it touched on the role of parents in inculcating the right values which helped Omotowa excel without compromising He said chapter two of the book is quite empowering and teaches how to prioritise goals while not ignoring the power of sacrifices Enelamah said the book was illuminating on how the author handled employees without losing focus on integrity He said it revealed how the author adopted courage to remain incorruptible in the face of opposition in his journey from the Storeroom to Boardroom Another reviewer Donu Kogbara a columnist with the Vanguard Newspaper commended the author for capturing his personal flaws and mistakes in the book She said that he did not pretend to be a saint or super human to conceal his errors Kogbara said he did not mince words in his fight against corruption describing the book s launch as timely She said that this was because young people did not have adequate books on best practices Speaking with journalists Omotowa urged parents to inculcate the right values in their children early in life The author said that this would teach them contentment to make them incorruptible He said that the values of hard work courage and integrity he picked up early in his life from his parents helped him to bring transformation in his career path from the bottom to top The Minister of Information and Culture Alhaji Lai Mohammed was represented at the event by a Director Mrs Amao Ayobami NewsSourceCredit NAN
    Experts want leaders with integrity to inspire youth
     Panelists at a book launch in Lagos have called for documentation of achievements of leaders with integrity This they argued was necessary to raise a new generation of Nigerians who would lead the nation to greatness through hardwork and honesty The panelists spoke on Monday at the launch of a book written by Mr Babs Omotowa former Managing of Nigeria LNG Ltd NLNG tittled From Storeroom to Boardroom Drawn oil and gas experts three of them are also authors Mr Austin Avuru the Founder and Executive Chairman of AA Holdings one of the panelists said that lack of lack of corporate governance structure was a reason for demise of several businesses in Nigeria He said that this was because young people did not have books from which to learn how to grow enterprises to last generations Another Dr Phillip Mshelbila Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas NLNG Ltd spoke on Omotowa s tenacity He enumerated reforms brought into the NLNG by Omotowa due to his resilience and tenacity Mshelbila said the author left solid foundation for continuity in the local content drive in the firm He and other panelists enumerated interventions of the author and other interactions that qualified him as role model whom the younger generation must emulate Other panelists include Dr Godswill Ihetu former Managing Director NLNG and Mr Tonye Cole Co founder and former Group Executive Director of Sahara Group Also among them were Mr Isah Inuwa a retiree of the NLNG and Dr Waziri Adio former Executive Secretary of Nigeria Extractive Transparency Initiative NEITI who joined virtually The panelists said the nation needed role models who could point the way of how intergrity and courage could shape global businesses They called for value re orientatation in the nation while reeling out success stories of Omotowa who rose from the lowest cadre of his career to the pinnacle The panelists said he rose through hard work courage and integrity while shunning corruption They also shared their thoughts on how to resolve issues in the oil and gas industry the Niger Delta issues as well as the steps to adopt towards energy transition Mr Aderemi Makanjuola Chairman of Caverton Offshore Support Group Plc giving a goodwill message said the author gave selfless service He said that the younger generations needed this to correct negative perceptions about Nigeria while building lasting legacies Makanjuola said mentorship was important to raise upright leaders According to him the younger generation cannot be coerced hence the need for real role models The Chairman Governing Board Nigerian University of Technology and Management NUTM Dr Okechukwu Enelamah was one of the book reviewers He said the book listed on Amazon presented a good context for the nation s youths to courageously pursue entrepreneurship goals with honestly The reviewer described the book as an easy read that had great potential for global readership Enelamah said it contains several leadership lessons loaded with personal examples of Omotowa s courage to surmount opposition to do things right He said the book documented step by step journey of the author from his humble background in Ile Ife The reviewer said it touched on the role of parents in inculcating the right values which helped Omotowa excel without compromising He said chapter two of the book is quite empowering and teaches how to prioritise goals while not ignoring the power of sacrifices Enelamah said the book was illuminating on how the author handled employees without losing focus on integrity He said it revealed how the author adopted courage to remain incorruptible in the face of opposition in his journey from the Storeroom to Boardroom Another reviewer Donu Kogbara a columnist with the Vanguard Newspaper commended the author for capturing his personal flaws and mistakes in the book She said that he did not pretend to be a saint or super human to conceal his errors Kogbara said he did not mince words in his fight against corruption describing the book s launch as timely She said that this was because young people did not have adequate books on best practices Speaking with journalists Omotowa urged parents to inculcate the right values in their children early in life The author said that this would teach them contentment to make them incorruptible He said that the values of hard work courage and integrity he picked up early in his life from his parents helped him to bring transformation in his career path from the bottom to top The Minister of Information and Culture Alhaji Lai Mohammed was represented at the event by a Director Mrs Amao Ayobami NewsSourceCredit NAN
    Experts want leaders with integrity to inspire youth
    General news2 months ago

    Experts want leaders with integrity to inspire youth

    Panelists at a book launch in Lagos have called for documentation of achievements of leaders with integrity.

    This, they argued, was necessary to raise a new generation of Nigerians who would lead the nation to greatness through hardwork and honesty.

    The panelists spoke on Monday at the launch of a book written by Mr Babs Omotowa, former Managing of Nigeria LNG Ltd (NLNG) tittled “From Storeroom to Boardroom”.

    Drawn  oil and gas experts, three of them are also authors.

    Mr Austin Avuru, the Founder and Executive Chairman of AA Holdings, one of the panelists, said that lack of lack of corporate governance structure was a reason for demise of several businesses in Nigeria.

    He said that this was because young people did not have books from which to learn how to grow enterprises to last generations.

    Another, Dr Phillip Mshelbila, Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas (NLNG) Ltd, spoke on Omotowa’s tenacity.

    He enumerated reforms brought into the NLNG by Omotowa due to his resilience and tenacity.

    Mshelbila said the author left solid foundation for continuity in the local content drive in the firm.

    He, and other panelists, enumerated  interventions of the author and other interactions that qualified him as role model whom the younger generation must emulate.

    Other panelists include Dr Godswill Ihetu, former Managing Director, NLNG, and Mr Tonye Cole, Co-founder and former Group Executive Director of Sahara Group.

    Also among them were Mr Isah Inuwa, a retiree of the NLNG and Dr Waziri Adio, former Executive Secretary of Nigeria Extractive Transparency Initiative (NEITI), who joined virtually.

    The panelists said the nation needed role models who could point the way of how intergrity and courage could shape global businesses.

    They called for value re-orientatation in the nation while reeling out success stories of  Omotowa who rose from the lowest cadre of his career to the pinnacle.

    The panelists said he rose through hard work, courage and integrity while shunning corruption.

    They also shared their thoughts on how to resolve issues in the oil and gas industry, the Niger Delta issues as well as the steps to adopt towards energy transition.

    Mr Aderemi Makanjuola, Chairman of Caverton Offshore Support Group Plc, giving a goodwill message, said the author gave selfless service.

    He said that the younger generations needed this to correct negative perceptions about Nigeria while building lasting legacies.

    Makanjuola said mentorship was important to raise upright leaders.

    According to him, the younger generation cannot be”coerced”, hence, the need for real role models.

    The Chairman, Governing Board, Nigerian University of Technology and Management.

    (NUTM), Dr Okechukwu Enelamah, was one of the book reviewers.

    He said the book, listed on Amazon, presented a good context for the nation’s youths to courageously pursue entrepreneurship goals with honestly.

    The reviewer described the book as an easy read that had great potential for global readership.

    Enelamah said it contains several leadership lessons loaded with personal examples of Omotowa’s courage to surmount opposition to do things right.

    He said the book documented step by step journey of the author from his humble background in Ile Ife.The reviewer said it touched on the role of parents in inculcating the right values which helped  Omotowa excel without compromising.

    He said chapter two of the book is “quite empowering” and teaches how to prioritise goals, while not ignoring the power of sacrifices.

    Enelamah said the book was “illuminating” on how the author handled employees without losing focus on integrity.

    He said it revealed how the author adopted courage to remain incorruptible in the face of opposition in his journey from the”Storeroom to Boardroom”.

    Another reviewer, Donu Kogbara, a columnist with the Vanguard Newspaper, commended the author for capturing his personal flaws and mistakes in the book.

    She said that he did not pretend to be a saint or super human to conceal his errors.

    Kogbara said he did not mince words in his fight against corruption, describing the book’s launch as timely.

    She said that this was because young people did not have adequate books on best practices.

    Speaking with journalists, Omotowa urged parents to inculcate the right values in their children early in life.

    The author said that this would teach them contentment to make them incorruptible.

    He said that the values of hard work, courage and integrity he picked up early in his life from his parents helped him to bring transformation in his career path from the bottom to top.

    The Minister of Information and Culture, Alhaji Lai Mohammed, was represented at the event by a Director, Mrs Amao Ayobami.


    NewsSourceCredit: NAN

  •  Prof Razaq Abubakre a former Vice Chancellor Al Hikmah University Ilorin has thanked President Muhammadu Buhari for establishing a Federal College of Education at Iwo Osun State Abubakre the immediate past Federal Commissioner of Public Complaints Commission for Osun State expressed his gratitude in a statement in Abuja on Thursday The statement was signed by Mr Sulayman El Mavericky on behalf of Ileri Oluwa Group in Iwoland a group led by Abubakre The don also thanked the Minister of Education Malam Adamu Adamu and Gov Isiaka Oyetola of Osun for considering Iwo as the host city of one of the new federal colleges Besides Abubakre appreciated the Chairman BOT of TETFUND Alhaji Kashim Ibrahim Imam He congratulated sons and friends of Iwoland for making the dream of the people come true noting that the new college will contribute to the educational economic and social development of the town state and indeed the nation Among those congratulated are the Oluwo of Iwo Oba Abdulrasheed Akanbi Dr Oluremi Atanda Mr Gbadegesin Adedeji Alhaji Liad Tella Mr Yunusa Amobi the Executive Secretary NEITI Mr Waziri Adio and Registrar of JAMB Prof Ishaq Oloyede Others are Prof Lai Olurode Sen Adelere Oriolowo Dr Amidu Raheem the state Commissioner for Water Resources and Energy Mr Adam Adedimeji Associate Professor Mahfouz Adedimeji and Alhaji Semiu Okanlawon Abubakre also appreciated the contributions of other individuals and organisations for their efforts in extricating Iwo from the grips of non governmental presence that seems to be greatly challenging the ancient city The News Agency of Nigeria recalls that the Federal Government on Monday announced the establishment and locations of six new colleges of education in the six geopolitical zones of the country with Iwo Osun chosen for the south west Other states where similar institutions had been approved are Edo Ebonyi Sokoto Bauchi and Benue At present there are 152 colleges of education in Nigeria made up of 21 owned by the federal government 82 by state governments and 49 owned by private individuals or institutions Edited By Muhammad Suleiman Tola NAN
    Don thanks Buhari for new Iwo College of Education
     Prof Razaq Abubakre a former Vice Chancellor Al Hikmah University Ilorin has thanked President Muhammadu Buhari for establishing a Federal College of Education at Iwo Osun State Abubakre the immediate past Federal Commissioner of Public Complaints Commission for Osun State expressed his gratitude in a statement in Abuja on Thursday The statement was signed by Mr Sulayman El Mavericky on behalf of Ileri Oluwa Group in Iwoland a group led by Abubakre The don also thanked the Minister of Education Malam Adamu Adamu and Gov Isiaka Oyetola of Osun for considering Iwo as the host city of one of the new federal colleges Besides Abubakre appreciated the Chairman BOT of TETFUND Alhaji Kashim Ibrahim Imam He congratulated sons and friends of Iwoland for making the dream of the people come true noting that the new college will contribute to the educational economic and social development of the town state and indeed the nation Among those congratulated are the Oluwo of Iwo Oba Abdulrasheed Akanbi Dr Oluremi Atanda Mr Gbadegesin Adedeji Alhaji Liad Tella Mr Yunusa Amobi the Executive Secretary NEITI Mr Waziri Adio and Registrar of JAMB Prof Ishaq Oloyede Others are Prof Lai Olurode Sen Adelere Oriolowo Dr Amidu Raheem the state Commissioner for Water Resources and Energy Mr Adam Adedimeji Associate Professor Mahfouz Adedimeji and Alhaji Semiu Okanlawon Abubakre also appreciated the contributions of other individuals and organisations for their efforts in extricating Iwo from the grips of non governmental presence that seems to be greatly challenging the ancient city The News Agency of Nigeria recalls that the Federal Government on Monday announced the establishment and locations of six new colleges of education in the six geopolitical zones of the country with Iwo Osun chosen for the south west Other states where similar institutions had been approved are Edo Ebonyi Sokoto Bauchi and Benue At present there are 152 colleges of education in Nigeria made up of 21 owned by the federal government 82 by state governments and 49 owned by private individuals or institutions Edited By Muhammad Suleiman Tola NAN
    Don thanks Buhari for new Iwo College of Education
    Education2 years ago

    Don thanks Buhari for new Iwo College of Education

    Prof. Razaq Abubakre, a former Vice-Chancellor, Al-Hikmah University, Ilorin, has thanked President Muhammadu Buhari for establishing a Federal College of Education at Iwo, Osun State.

    Abubakre, the immediate past Federal Commissioner of Public Complaints Commission for Osun State, expressed his gratitude in a statement in Abuja on Thursday.

    The statement was signed by Mr Sulayman El-Mavericky on behalf of Ileri-Oluwa Group in Iwoland, a group led by Abubakre.

    The don also thanked the Minister of Education, Malam Adamu Adamu, and Gov. Isiaka Oyetola of Osun for considering Iwo as the host city of one of the new federal colleges.

    Besides, Abubakre appreciated the Chairman, BOT of TETFUND, Alhaji Kashim Ibrahim-Imam.

    He congratulated sons and friends of Iwoland for making the dream of the people come true, noting that the new college will contribute to the educational, economic and social development of the town, state and indeed the nation.

    Among those congratulated are the Oluwo of Iwo, Oba Abdulrasheed Akanbi; Dr Oluremi Atanda; Mr Gbadegesin Adedeji; Alhaji Liad Tella, Mr Yunusa Amobi; the Executive Secretary, NEITI, Mr Waziri Adio; and Registrar of JAMB, Prof. Ishaq Oloyede.

    Others are Prof. Lai Olurode; Sen. Adelere Oriolowo; Dr Amidu Raheem, the state Commissioner for Water Resources and Energy; Mr Adam Adedimeji; Associate Professor Mahfouz Adedimeji, and Alhaji Semiu Okanlawon.

    Abubakre also appreciated the contributions of other individuals and organisations for their efforts in extricating Iwo from the grips of non-governmental presence that seems to be greatly challenging the ancient city.

    The News Agency of Nigeria recalls that the Federal Government on Monday announced the establishment and locations of six new colleges of education in the six geopolitical zones of the country, with Iwo, Osun chosen for the south-west.

    Other states where similar institutions had been approved are Edo, Ebonyi, Sokoto, Bauchi and Benue.

    At present, there are 152 colleges of education in Nigeria made up of 21 owned by the federal government, 82 by state governments and 49 owned by private individuals or institutions.


    Edited By: Muhammad Suleiman Tola (NAN)

  •   Mr Godwin Anono a capital market expert has commended the Federal Government for launching the open treasury portal towards promoting entrenched transparency in government finances Anono President Standard Shareholders Association of Nigeria said this in an interview with the Nigeria News Agency on Monday in Lagos He applauded the federal government for launching the opening of treasury portal so as to stop the mistrust in government finances Although the initiative is novel but could engender trust in government as the inauguration of such treasury portal will enable the general public to track governmental cash flow he said He further advised that the lower tiers of government should commence the replication of similar policies in their domains Imitating such treasury portal in states and local government is imperative in order to entrench this transparency The majority of our people reside in the rural areas and need some forms of accountability in managing scarce resources he said NAN reports that the Federal Government had launched the Open Treasury Portal with the hope of making public the daily treasury statement The project is expected to highlight how monies that come into government coffers are spent This was made known by the Executive Secretary Nigeria Extractive Industries Transparency Initiative Mr Waziri Adio in a series of tweets This directive has mandated all ministries departments and agencies to publish on a daily basis reports of payments in excess of N5m and over This will also include monthly budget performance and other official financial dealings President Muhammadu Buhari who was represented on the occasion by the Minister of State for Niger Delta Senator Omotayo Alasoadura was reported to have said that All those doing business with government should know that henceforth all payments they receive will be made public Edited by Josephine Obute Maureen Atuonwu NAN
    Open treasury portal will promote transparency in governance – economist
      Mr Godwin Anono a capital market expert has commended the Federal Government for launching the open treasury portal towards promoting entrenched transparency in government finances Anono President Standard Shareholders Association of Nigeria said this in an interview with the Nigeria News Agency on Monday in Lagos He applauded the federal government for launching the opening of treasury portal so as to stop the mistrust in government finances Although the initiative is novel but could engender trust in government as the inauguration of such treasury portal will enable the general public to track governmental cash flow he said He further advised that the lower tiers of government should commence the replication of similar policies in their domains Imitating such treasury portal in states and local government is imperative in order to entrench this transparency The majority of our people reside in the rural areas and need some forms of accountability in managing scarce resources he said NAN reports that the Federal Government had launched the Open Treasury Portal with the hope of making public the daily treasury statement The project is expected to highlight how monies that come into government coffers are spent This was made known by the Executive Secretary Nigeria Extractive Industries Transparency Initiative Mr Waziri Adio in a series of tweets This directive has mandated all ministries departments and agencies to publish on a daily basis reports of payments in excess of N5m and over This will also include monthly budget performance and other official financial dealings President Muhammadu Buhari who was represented on the occasion by the Minister of State for Niger Delta Senator Omotayo Alasoadura was reported to have said that All those doing business with government should know that henceforth all payments they receive will be made public Edited by Josephine Obute Maureen Atuonwu NAN
    Open treasury portal will promote transparency in governance – economist
    Economy3 years ago

    Open treasury portal will promote transparency in governance – economist

    Mr Godwin Anono, a capital market expert, has commended the Federal Government for launching the open treasury portal, towards promoting entrenched transparency in government finances.

    Anono, President, Standard Shareholders Association of Nigeria said this in an interview with the Nigeria News Agency on Monday in Lagos.

    He applauded the federal government for launching the opening of treasury portal, so as to stop the mistrust in government finances.

    “Although the initiative is novel, but could engender trust in government as the inauguration of such treasury portal will enable the general public to track governmental cash flow,” he said.

    He further advised that the lower tiers of government should commence the replication of similar policies in their domains.

    “Imitating such treasury portal in states and local government is imperative in order to entrench this transparency.

    “The majority of our people reside in the rural areas and need some forms of accountability in managing scarce resources,” he said.

    NAN reports that the Federal Government had launched the Open Treasury Portal, with the hope of making public, the daily treasury statement.

    The project is expected to highlight how monies that come into government coffers are spent.

    This was made known, by the Executive Secretary, Nigeria Extractive Industries Transparency Initiative, Mr. Waziri Adio, in a series of tweets.

    This directive has mandated all ministries, departments and agencies to publish, on a daily basis, reports of payments in excess of N5m and over.

    This will also include monthly budget performance and other official financial dealings.

    President Muhammadu Buhari, who was represented on the occasion by the Minister of State for Niger Delta, Senator Omotayo Alasoadura, was reported to have said that.

    “All those doing business with government should know that henceforth, all payments they receive will be made public”.

    Edited by: Josephine Obute/Maureen Atuonwu
    (NAN)

     

  •   The Nigeria Extractive Industries Transparency Initiative NEITI has charged business operators especially in the extractive sector to be more transparent and accountable Mr Waziri Adio NEITI Executive Secretary gave the charge on Thursday in Abuja at the unveiling of the Beneficiary Ownership Register BOR for extractive companies under NEITI and the inauguration of its portal Nigeria News Agency reports that the BOR which is searchable by companies assets and individual names was put together by the Department of Petroleum Resources the Mining Cadastral Office MCO and some development partners Adio said the register was put together as part of the country s commitment to more transparent and accountable governance of the extractive sector and beyond He said that knowing those who own benefit from and exercise control over extractive assets clearly advances the frontiers of transparency in the extractive sector According to him the beneficiary ownership disclosure can help in reducing corrupt practices and abuse of office in the country He expressed optimism that it would also improve government revenue citizens welfare and national security as well as ensure a level playing field and reducing reputational risks for businesses As historic and significant as having a beneficial ownership register is it is not the destination but just a significant milestone on a journey of transparency and accountability We need to stay steady and steadfast on this important journey by continuously improving on the register and ensuring that citizens are sensitised about its importance and how to use it he said The NEITI Executive Secretary added that this could be done by ensuring that enforcement and accountability had the capacity to effectively interrogate and use the register He explained that the beneficiary register was not against businesses adding that it was rather good for businesses government civil society groups and individuals Adio said that there was no reason for anyone doing legitimate business within the country to be worried about the register He said the register could be accessed from anywhere at the touch of a button via internet without formal application You can find out for free the owners and ownership structures of extractive assets that are in production in Nigeria these are the assets covered within the scope of NEITI With this free electronic register you will find the owners of 270 licenses in the mining sector owners of 61 assets and 56 companies in the oil and gas sector This register will continuously be updated as more information becomes available and will be upgraded for better user interface he said He explained that the register was designed to insulate the country its citizens and the legitimate businesses operating in the extractive sector from the hazards of corporate anonymity Adio said entries in the register were from the beneficiary ownership templates used for NEITI s industry audit reports over time He said that it was a pilot project that was starting from a sector that was historically known for distrust but opened up and still the life wire of the economy Accoording to him starting with the extractive sector has a positive effect that if the country ensures ownership transparency in the sector other sectors will follow in a short time He noted that the campaign for ownership transparency was a global one adding that BOT was one of the hottest issues around the globe at the moment By the initiative Nigeria is joining the league of countries with open registers such as the United Kingdom the Netherlands Demark and Ukraine he said He said Nigeria was the only country in Africa and the America that was in this special league Adio also said the register was in line with the present administration s anti corruption crusade adding that it aligns with the open treasury portal recently unveiled by President Muhammadu Buhari He added that it was also a fulfillment of the commitment Buhari made at the 12th London Anti Corruption Submit in 2016 and Nigerian s commitment under the open government partnership NAN reports that the event was attended by representatives from the extractive industry Civil Society Organisations as well as stakeholders in the Oil and Gas industry Edited by Ese E Ekama NAN NAN
    NEITI urges business operators to be more transparent, accountable
      The Nigeria Extractive Industries Transparency Initiative NEITI has charged business operators especially in the extractive sector to be more transparent and accountable Mr Waziri Adio NEITI Executive Secretary gave the charge on Thursday in Abuja at the unveiling of the Beneficiary Ownership Register BOR for extractive companies under NEITI and the inauguration of its portal Nigeria News Agency reports that the BOR which is searchable by companies assets and individual names was put together by the Department of Petroleum Resources the Mining Cadastral Office MCO and some development partners Adio said the register was put together as part of the country s commitment to more transparent and accountable governance of the extractive sector and beyond He said that knowing those who own benefit from and exercise control over extractive assets clearly advances the frontiers of transparency in the extractive sector According to him the beneficiary ownership disclosure can help in reducing corrupt practices and abuse of office in the country He expressed optimism that it would also improve government revenue citizens welfare and national security as well as ensure a level playing field and reducing reputational risks for businesses As historic and significant as having a beneficial ownership register is it is not the destination but just a significant milestone on a journey of transparency and accountability We need to stay steady and steadfast on this important journey by continuously improving on the register and ensuring that citizens are sensitised about its importance and how to use it he said The NEITI Executive Secretary added that this could be done by ensuring that enforcement and accountability had the capacity to effectively interrogate and use the register He explained that the beneficiary register was not against businesses adding that it was rather good for businesses government civil society groups and individuals Adio said that there was no reason for anyone doing legitimate business within the country to be worried about the register He said the register could be accessed from anywhere at the touch of a button via internet without formal application You can find out for free the owners and ownership structures of extractive assets that are in production in Nigeria these are the assets covered within the scope of NEITI With this free electronic register you will find the owners of 270 licenses in the mining sector owners of 61 assets and 56 companies in the oil and gas sector This register will continuously be updated as more information becomes available and will be upgraded for better user interface he said He explained that the register was designed to insulate the country its citizens and the legitimate businesses operating in the extractive sector from the hazards of corporate anonymity Adio said entries in the register were from the beneficiary ownership templates used for NEITI s industry audit reports over time He said that it was a pilot project that was starting from a sector that was historically known for distrust but opened up and still the life wire of the economy Accoording to him starting with the extractive sector has a positive effect that if the country ensures ownership transparency in the sector other sectors will follow in a short time He noted that the campaign for ownership transparency was a global one adding that BOT was one of the hottest issues around the globe at the moment By the initiative Nigeria is joining the league of countries with open registers such as the United Kingdom the Netherlands Demark and Ukraine he said He said Nigeria was the only country in Africa and the America that was in this special league Adio also said the register was in line with the present administration s anti corruption crusade adding that it aligns with the open treasury portal recently unveiled by President Muhammadu Buhari He added that it was also a fulfillment of the commitment Buhari made at the 12th London Anti Corruption Submit in 2016 and Nigerian s commitment under the open government partnership NAN reports that the event was attended by representatives from the extractive industry Civil Society Organisations as well as stakeholders in the Oil and Gas industry Edited by Ese E Ekama NAN NAN
    NEITI urges business operators to be more transparent, accountable
    Economy3 years ago

    NEITI urges business operators to be more transparent, accountable

    The Nigeria Extractive Industries Transparency Initiative (NEITI), has charged business operators especially in the extractive sector to be more transparent and accountable.

    Mr Waziri Adio, NEITI Executive Secretary gave the charge on Thursday in Abuja at the unveiling of the Beneficiary Ownership Register (BOR) for extractive companies under NEITI and the inauguration of its portal.

    Nigeria News Agency reports that the BOR which is searchable by companies, assets and individual names was put together by the Department of Petroleum Resources, the Mining Cadastral Office (MCO) and some development partners.

    Adio said the register was put together as part of the country’s commitment to more transparent and accountable governance of the extractive sector and beyond.

    He said that knowing those who own, benefit from and exercise control over extractive assets clearly advances the frontiers of transparency in the extractive sector.

    According to him, the beneficiary ownership disclosure can help in reducing corrupt practices and abuse of office in the country.

    He expressed optimism that it would also improve government revenue, citizens’ welfare, and national security as well as ensure a level playing field and reducing reputational risks for businesses.

    As historic and significant as having a beneficial ownership register is, it is not the destination, but just a significant milestone on a journey of transparency and accountability.

    We need to stay steady and steadfast on this important journey by continuously improving on the register and ensuring that citizens are sensitised about its importance and how to use it,’’ he said.

    The NEITI Executive Secretary added that this could be done by ensuring that enforcement and accountability had the capacity to effectively interrogate and use the register.

    He explained that the beneficiary register was not against businesses, adding that it was rather good for businesses, government, civil society groups and individuals.

    Adio said that there was no reason for anyone doing legitimate business within the country to be worried about the register.

    He said the register could be accessed from anywhere at the touch of a button via internet, without formal application.

    You can find out for free the owners and ownership structures of extractive assets that are in production in Nigeria, these are the assets covered within the scope of NEITI.

    With this free electronic register, you will find the owners of 270 licenses in the mining sector, owners of 61 assets and 56 companies in the oil and gas sector.

    This register will continuously be updated as more information becomes available and will be upgraded for better user interface,’’ he said.

    He explained that the register was designed to insulate the country, its citizens and the legitimate businesses operating in the extractive sector from the hazards of corporate anonymity.

    Adio said entries in the register were from the beneficiary ownership templates used for NEITI`s industry audit reports over time.

    He said that it was a pilot project that was starting from a sector that was historically known for distrust but opened up and still the life wire of the economy.

    Accoording to him, starting with the extractive sector has a positive effect that if the country ensures ownership transparency in the sector, other sectors will follow in a short time.

    He noted that the campaign for ownership transparency was a global one, adding that BOT was one of the hottest issues around the globe at the moment.

    By the initiative, Nigeria is joining the league of countries with open registers such as the United Kingdom, the Netherlands, Demark and Ukraine,’’ he said.

    He said Nigeria was the only country in Africa, and the America that was in this special league.

    Adio also said the register was in line with the present administration`s anti corruption crusade, adding that it aligns with the open treasury portal recently unveiled by President Muhammadu Buhari.

    He added that it was also a fulfillment of the commitment Buhari made at the 12th London Anti-Corruption Submit in 2016 and Nigerian`s commitment under the open government partnership.

    NAN reports that the event was attended by representatives from the extractive industry, Civil Society Organisations, as well as stakeholders in the Oil and Gas industry.

    Edited by: Ese E. Ekama
    (NAN)
    (NAN)