FG gives operators ultimatum to name oil well owners

The Nigerian Upstream Petroleum Regulatory Commission announced a seven-day deadline on Thursday for all lease and licence holders in Nigeria’s oil and gas sector to declare the true owners of their enterprises.Information Guide Nigeria

The commission stated in a directive signed by its Chief Executive, Gbenga Komolafe, that the information to be revealed include the identify (ies) of the beneficial owner(s), the level of ownership, and data on how control is exercised.

He emphasised that the commission receives a complete list of the true owners of their companies.

The new NUPRC regulation was titled “Notification No. 1 to All Licence and Lease Holders in Nigeria on the Requirement for Beneficial Ownership Information.”

The action comes on the wake of the Nigerian Extractive Industries Transparency Initiative and the Corporate Affairs Commission’s recent release of a beneficiary ownership record.

Komolafe has previously praised NEITI’s efforts to promote an open and transparent system in the administration of extractive resources, explaining that NUPRC and NEITI shared a vision of transparency in Nigeria’s energy industry.NYSC portal

According to Komolafe, the NUPRC is completely committed to collaborating with NEITI to advance Nigeria’s implementation of contract transparency and beneficial ownership declarations.

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Komolafe stated, “At the NUPRC, we are implementing the beneficial ownership reporting system, as it is a statutory requirement, which demands full disclosure of beneficial ownership information.JAMB portal

“The commission is engaging the oil and companies to ensure their mandatory compliance.”

In the latest notice, NUPRC stated that those expected to comply with the directive, are persons with significant control of at least five per cent shares and directly or indirectly holding the same percentage of voting rights, among others, adding that the significant persons were those otherwise having the right to exercise or actually exercise significant influence or control over a relevant person; or having the right to exercise, or actually exercising significant influence or control over the activities of a trust or firm, whether or not it is a legal entity.

NUPRC said, “The commission hereby requires all entities that apply for or hold a participating interest in an exploration or production oil and gas licence, lease or contract to provide information of their owners, including the identity(ies) of their beneficial owner(s), the level of ownership and details about how that ownership or control is exerted.

“Accordingly, all relevant persons are hereby required to provide the information of persons with significant control over them: A person with significant control means any person directly or indirectly holding at least five per cent of the shares or interest in a relevant person.

“Or a (person) directly or indirectly holding at least 5 per cent of the voting rights in a relevant person; and directly or indirectly holding the right to appoint or remove a majority of the directors or partners in a relevant person.”JAMB Result

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