HEDA Backs Demand By Nigerian Petroleum Regulatory Agency, NUPRC For Operators To Disclose Names Of Oil Well Owners Within 7 Days
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had issued a seven-day ultimatum for all lease and license holders to disclose the real owners of their companies.
The Human and Environmental Development Agenda (HEDA Resource Centre) on Sunday backed the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on its new directives for all the lease and license holder operators in Nigeria’s oil and gas sector to disclose the real owners of their companies.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had issued a seven-day ultimatum for all lease and license holders to disclose the real owners of their companies.
The ultimatum was contained in a directive signed by the Commission’s Chief Executive, Gbenga Komolafe. According to the directive, license holders must provide information on the identities of the beneficial owners, the level of ownership, and details of how control is exerted.
NUPRC stressed that the full list of real owners of the companies should be submitted to the commission. The new directive released by NUPRC was tagged, “Notification No. 1 to All Licence and Lease Holders in Nigeria on the Requirement for Submission of Beneficial Ownership Information.”
The move, which came on the heels of the recent release of a beneficiary ownership register by the Nigerian Extractive Industries Transparency Initiative, and the Corporate Affairs Commission, seeks to implement the beneficial ownership reporting system, a statutory requirement, which demands full disclosure of beneficial ownership information.
In a statement issued and signed by its Chairman, Olanrewaju Suraju, the civil society organisation described the regulatory commission’s action as ultimate.
HEDA asserted that the decision will further promote transparency and accountable system in the Nigeria’s energy sector. It stressed that it is indeed the way to go given Nigeria's endorsement of the renowned Open Government Partnership, OGP
The civil group, which also declared its support for the Nigerian Upstream Petroleum Regulatory Commission in ensuring transparency in the energy sector, added that the organisation shares a common vision of transparency and accountability with the commission in the energy sector.
Suraju further charged NUPRC to call on the law enforcement agencies to ensure that the operators comply by providing the required information as directed, and to follow up with review of the information and veracity of the submissions.
-sahara reporters
