NUPRC, NEITI To Deepen Contract Transparency, Disclosure

The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) reiterated its determination to collaborating with relevant stakeholders on maintaining information on beneficial ownership as well as maintain data on companies that owns extractive licences for a better and healthy business climate.

Engr. Gbenga Komolafe, the Commission Chief Executive of NUPRC, gave the commitment during the launch of the “Opening Extractives in Nigeria”, by the Nigeria Extractive Industries Transparency Initiative (NEITI), in Abuja.

Engr. Komolafe, noted that already, at the NUPRC, Beneficial Ownership (BO) Reporting system, is being implemented as it is a statutory requirement which demands full disclosure of beneficial ownership information.

He maintained that both NUPRC and NEITI share a common vision of transparency and accountability in Nigeria’s energy sector.

According to him, NUPRC is fully committed to work with NEITI to deepen Nigeria’s implementation of contract transparency and beneficial ownership disclosures in the country in a bid to ensure that the revenues from natural resource assets support national development and help reduce poverty.

“Let me start by commending the courage of His Excellency, President Muhammadu Buhari (GCFR), in signing the Petroleum Industry Act (PIA) which has brought about the much-desired assurances and trust for investors in the Nigerian oil and gas industry.

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“The establishment of the NUPRC represents a major milestone in the reform and operationalization in the oil and gas industry, given the decade-long journey to the enactment of the PIA.

“I also want to applaud your relentless efforts and consistency in the setting and implementation of global standards for the promotion of an open and accountable system in the management of extractive resources across the world.

“This task by all means is herculean. The impact of your active role in Nigeria and globally has been very significant and I dare to commend you specially for the giant strides.

“The NUPRC and NEITI share a common vision of transparency and accountability in Nigeria’s energy sector.

 The NUPRC is fully committed to work with NEITI to deepen Nigeria’s implementation of contract transparency and beneficial ownership disclosures in the country in a bid to ensure that the revenues from natural resource assets support national development and help reduce poverty.

“At the NUPRC, we have implemented Beneficial Ownership (BO) Reporting system, as it is a statutory requirement which demands full disclosure of beneficial ownership information.

“To this end, the Nigerian Oil and Gas Asset Beneficial Ownership Register (NOGABOR) portal has been developed by commission’s ICT team and is live. The Commission is engaging the oil and companies to ensure their mandatory compliance.

“The NUPRC is committed to collaborating on maintaining information on beneficial ownership, maintain data on companies that owns extractive licences, creating a better and healthy business climate.

” The results of these Is that citizens will be aware of who they are doing business with or competing against and will also encourage appropriate stakeholder engagement which is a part of Nigeria’s Open Government Action Plan” he said.

Komolafe assured NEITI and indeed all stakeholders of a transparent, cost efficient, safe, and sustainable framework, for the management of Nigeria’s hydrocarbon resources, in the best interest of the nation’s investors and in line with global best practice.