E-PPAN extends cash-less policy awareness, as CBN re-introduces processing fees (Read full details)

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The E-Payment Providers Association of Nigeria (E-PPAN) is set to embark on a massive national awareness campaign on the cash-less Nigeria Initiative as the Central Bank of Nigeria (CBN) re-introduces the cash processing fees on deposits and withdrawals.

The awareness campaign will cut across 30 states of the Federation as the cash processing fees takes effect in different states of the country. From April 1st, the cash processing fees will take effect in the existing cash-less states, which include Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja. While in Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau it will take effect from May 1.

Edo, Kastina, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa will begin the implementation of the cash processing fees from August 1st, while the last states to implement the cash processing fees on October 1st will be Borno, Benue, Ekiti, Cross River, Kebbi, Kogi, Yobe, Sokoto and Zamfara State.

CBN in partnership with E-PPAN has deemed it imperative to once again sensitise the populace on the many benefits of the cash-less initiative which include easier opportunities of access to financial products that will aid MSME’s; reduction of government leakages; increased security; accountability and transparency; reduce cost of providing financial services and gradual reduction in conventional bank charges amongst others.

To reach out to everyone especially at the grassroots, starting from March 13th 2017, E-PPAN will be visiting Ondo State, Enugu State, Bayelsa State, and Plateau state. As the cashless initiative spreads across the country and the cash processing fess is being implemented, E-PPAN will also visit more states including, Katsina, Oyo, Ebonyi, Ekiti, Kogi and Cross River states.

According to E-PPAN, it will engage one on one market traders and their customers; artisans; trade associations, schools, traditional rulers and other key influencers, which is to make sure that everyone is aware and enlightened on the policy and its benefits for greater adoption of electronic payment channels.

The Executive Secretary/CEO of E-PPAN, Onajite Regha, stressed that one of the main reason for the awareness is to make people embrace the alternative payment to cash. Such as the various electronic payment channels which include the mobile phone for mobile payments or banking, the Point-of Sales Terminal (POS), for payment of goods and services, the internet for online purchases or internet banking etc.

She said that if we all take advantage of these channels then we will all benefit more from the formal financial mainstream and have ease and convenience in carrying out our day to day transactions.

The cash-less policy is a policy established in the year 2012 by the CBN. It was created to enhance financial inclusion and to reduce revenue leakage in an effort to improve Internally Generated Revenue (IGR), decrease incidences of theft, and most importantly curb excesses that comes with the use of cash.

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Akeredolu freezes councils’ accounts, stops appointees’ salaries (Read full details)

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Rotimi Akeredolu

The Ondo State Governor, Mr. Rotimi Akeredolu, has frozen accounts of the 18 local councils in the state through a circular signed by the state government.

The 18 chairmen and 203 councillors of the councils were members of the People’s Democratic Party (PDP), who were elected into the offices after winning the April 2016 poll.

Besides, The Guardian gathered that salaries of the political appointees in the 18 councils had been stopped as their names have allegedly been removed from the payment voucher of the government.

The affected appointees include secretaries of the councils, personal assistants, special advisers, chiefs of staff, among others.Consequent upon this, a source, who pleaded anonymity, said that the chairmen would not be able to have access to the accounts of their respective councils again until further notice.

“The government has frozen the councils’ accounts since last week and all the council chairmen are aware already.“The implication of this is that the chairmen have been rendered powerless financially because they will not be able to take or spend any money from the council’s purse henceforth,” the source said.

Meanwhile, chairman of the Ondo State chapter of the Association of Local Governments of Nigeria, Mr. Bayo Alarapon, confirmed the development, saying the association had not yet decided on the next action on the matter.

Alarapon, who is the chairman of the Akure South Local Council, said, “We have not really gone into the matter, but we are already into it and whatever we decide later, we will let the world know.”

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AMSCO to hold Business Transforming Africa Conference (Read full details)

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Eno Edet

African Management Services Company (AMSCO), an organisation that provides integrated human capital development solutions to private and public businesses across the continent, is set to hold its yearly Business Transforming Africa Conference (#BTAC) this month (March) in Nigeria.

Speaking on the upcoming event, the Head of Operations – Anglophone West Africa (Mrs. Eno Edet) – said the conference entitled, “Skill for Economic Growth,” is aimed at supporting businesses in Nigeria with skill solutions that enhance organisational growth.

Because of this, the conference is expected to be attended  by senior executives, and managers who are responsible for effective human resources and value chain within their respective organisations.
 
The conference will focus on the following: Homecoming revolution – A look at the Africa Diaspora, Employee Training; Cost or Investment Assessing ROI of Training and the Changing Role of Human Resources in Business from Service Provider to Strategic Partner. She reiterated the commitment of AMSCO to bring on board experts and professionals in the field with wealth of experience who are capable of effectively and efficiently handling the subject matter.
   
The conference will hold in six countries in the Sub-Saharan region, in the following order: Zambia, Kenya, Tanzania, Nigeria, Ghana, Cameroun and Mozambique. The conference will attract professionals in both private and
public sectors.

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Promo: There’s One Awkward Moment In The Next Episode Of Koffee With Karan…Read full details

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On the next episode of Koffee With Karan, Karan Johar is sitting down with three other filmmakers – Imtiaz Ali, Kabir Khan and Zoya Akhtar. It’s going to be an interesting one, since all four of these directors are very different from each other in the kind of cinema that they do. And this difference is most obvious during one particular moment of the Koffee quiz, when Karan asks them to name three films Shah Rukh Khan has done where his character is named ‘Rahul’. There’s just silence after! (It’s particularly awkward because SRK played Rahul in two of Karan’s own films, the very popular Kuch Kuch Hota Hai and Kabhi Khushi Kabhie Gham.)

Up next, a special Koffee with some of Bollywood's best filmmakers! #KoffeeWithKaran http://pic.twitter.com/DObcqIE61j

— Star World (@StarWorldIndia) February 19, 2017

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In case you were wondering, SRK has been Rahul in Darr, Zamaana Deewana, Yes Boss, Dil Toh Pagal Hai, Kuch Kuch Hota Hai, Kabhi Khushi Kabhie Gham and Chennai Express.

The post Promo: There’s One Awkward Moment In The Next Episode Of Koffee With Karan is copyright of MissMalini.

Source: Miss Malini

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PDP will not allow killing of opposition, says Makarfi (Read full details)

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Ahmed Makarfi

*Former Ministers Set Up Committee To Study Appeal Court Judgment
*Sheriff Announces Fresh Reconciliation, Convention

The Caretaker Committee Chairman of the Peoples Democratic Party (PDP), Senator Ahmed Mohammed Makarfi, has alleged that there were plans to destroy opposition in the country and make it a one-party state.

He has therefore urged all patriotic elements in the country to resist the move and allow democracy to thrive.

Even though the Court of Appeal sitting in Port Harcourt, Rivers State, gave judgment in favour of factional leader, Senator Ali Modu Sheriff, on Friday, and quashed the existence of the party’s caretaker committee, Makarfi, however, explained that Sheriff cannot lay claim to the chairmanship of the PDP because there is an existing court judgment, which voided his earlier appointment as the party chairman, and which he said was never challenged by Sheriff himself.

Warning the All Progressives Congress (APC)-led government against the danger of destroying opposition in the country, Makarfi, after a review of the judgment, yesterday, said: “What we have said, and what we have decided is that we will not allow opposition to be killed in this country,” adding that, “by whatever tricks and by whatever means, rightful and vibrant opposition must survive for the sake of the development of democracy in Nigeria. And we shall work tirelessly to make sure that opposition survives and democracy grows in Nigeria.

“We are not going to take the laws into our hands, even though we don’t accept the judgment. I am saying that we respect the judiciary and whatever may be its pronouncement. We may not agree with it, but there is a process and procedure of showing that you don’t agree with certain pronouncements of the court. But a formal decision will be taken at the meeting to be held in the next few days by our party,” he stated.

Makarfi continued: “As to what Ali Modu Sheriff and his people may do, I am not in a position to say, but I would be surprised if the security agencies would allow him to take over the secretariat. When we got the Port Harcourt judgment they didn’t allow us to take over the secretariat, now if the Court of Appeal has made a decision overturning that judgment, that is not the end of litigation, except if it is to prove that some of the suspicion that people have is true. But, they shall be known by what they do and what they do will tell in more clearer terms where they stand in all of this palaver.”

Meanwhile, the PDP Former Ministers Forum has set up a committee to study the Court of Appeal verdict.

Former Minister of Special Duties and Intergovernmental Affairs, Alhaji Tanimu Turaki, who made the disclosure to newsmen after the forum met on Friday in Abuja, said the forum was shocked by the verdict.

According to the News Agency of Nigeria (NAN), Turaki said: “We the former ministers’ forum have set up a committee to obtain a copy of that judgment, study same, and advise us on what possible option that can be taken against same.

“We have also resolved that we will liase with other stakeholders within the party; discuss with the governors forum, the National Assembly Caucus of the PDP, the Board of Trustees and the National Caretaker Committee,” he said.

“We will very soon convene a wider and enhanced meeting of all PDP former ministers to consider the report of the committee that we set up to study the judgment and advise us,’’ Turaki added.

The former minister said that while the forum awaits the committee report, it believes that the judgment must be appealed at the Supreme Court,

“Moreso, our position is given for the fact that it was a split judgment, and so we believe that the party will and must appeal against it for now until we hold a larger meeting of the forum.’’

Relatedly, barely 24 hours after the Appeal Court verdict, Sheriff announced a fresh reconciliation drive to reunite party members.

But the former governor who said he had spoken to many PDP governors and National Assembly members about his peace mission was, however, quick to add that the rejection of the judgment as announced by the Chairman of the PDP Governors’ Forum and Ekiti State governor, Ayodele Fayose, was not a reflection of the mindset of other PDP governors.

Fayose, yesterday, disclosed at a press conference in Abuja that the forum was opposed to the verdict, and that the party would appeal to the Supreme Court to overturn it.

But Sheriff in his first media briefing after the judgment said: “I have no issue to join with Fayose because he spoke alone. I have spoken with many governors and I will not join issues with Fayose.”

He also said that he never made any statement against Fayose and his Rivers State counterpart, Nyesom Wike, since the judgment was delivered on Friday.

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Lasun chides ECOWAS over disdain for huge role of Nigeria (Read full details)

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Soldiers of the Nigerian Special Boat Service (SBS) stand guard as people wait for the arrival of President Adama Barrow (not pictured) at the airport in Banjul on January 26, 2017.<br />Jubilant Gambians on Janauary 26 welcomed home their new President Adama Barrow, who was elected almost two months ago but forced to flee to Senegal when his predecessor refused to step aside. Dressed in flowing white robes and cap, Barrow stepped off the plane, with heavily-armed troops from Senegal and Nigeria standing by as he flew in from Dakar where he had taken shelter on January 15./ AFP PHOTO / CARL DE SOUZA

The First Deputy Speaker of the Parliament of the Economic Community of West African States (ECOWAS), Yusuf Sulaiman Lasun, yesterday, angrily left a session of the parliament, in protest against what he described as lack of appreciation of Nigeria’s huge role in the body.

Lasun’s action was provoked by the statement of a Senegalese member of parliament (MP), Ibrahima Baba Sall, who ranked the contributions of his country in resolving the Gambian crisis above that of Nigeria.

Expressing his displeasure, Lasun told the parliamentarians that Nigeria’s famed ‘big brother’ role in the continent may be reviewed, if it is not properly recognised.

According to Lasun, President Muhammadu Buhari’s frenetic activities during the recent Gambian crisis might have contributed to his current health challenges.

He advised the commission to visit the Acting President and write a letter wishing Buhari quick recovery.

While speaking to newsmen after he left the session, Lasun, lamented the disdain meted out to Nigeria despite funding ECOWAS by about 80 per cent. “If our leaders and Nigeria are not being accorded proper recognition, why are we here then?”

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Investors criticise SEC’s NSE’s IPF initiative

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Securities and Exchange Commission

Allege duplications, seek merger to widen scope
Stock market investors have described the establishment of Investors’ Protection Fund (IPF) by both the Securities and Exchange Commission (SEC), and the Nigerian Stock Exchange (NSE), as a ‘duplication of functions’, urging NSE to dissociate self from the fund and pursue other initiatives that would boost investors’ confidence.

Indeed, the investors, who spoke in an interview with The Guardian, suggested that the two bodies should merge the fund, after which SEC as the regulator would take over the management, as stipulated in the Investment and Securities Act (ISA).

This, according to them, would help expand the scope of the fund, strengthen the confidence of domestic investors and enable NSE to pursue other market growth initiatives.

IPF is a statutory fund established to compensate investors who suffer pecuniary losses arising from liquidation, insolvency, bankruptcy or negligence of non-broker/dealer and capital market operators.

The SEC had in 2015 inaugurated a National Investors Protection Fund (NIPF) worth, N5 billion.The SEC’s Director-General, Mounir Gwarzo, at the ceremony, explained that NIPF would complement the existing Nigerian Stock Exchange (NSE) Investors’ Protection Fund (IPF).

NSE had earlier in 2014 repackaged IPF to meet the demands of the nation’s capital market in line with the Investment and Securities Act (ISACT) 2007. NSE’s IPF is composite of contributory fund by dealing members, worth more than N695 million focus on compensating investors’ with genuine claims of pecuniary loss against stockbrokers whose operating licenses were revoked or cancelled, insolvency or bankruptcy.

The others included defalcation committed by a stockbroking firm or any of its staff in relation to securities, money or any property entrusted to or received or deemed received by the firm in the course of its business.

Gwarzo, said after the recent third quarter Capital Market Committee (CMC) meetings in Lagos, that the global financial challenges makes the new NIPF imperative in the nation’s capital market.

NIPF, Gwarzo explained, is a trust scheme established to compensate investors, like those involved in private placements, not covered under the existing IPF administered by NSE.

But the investors insisted that floating an IPF by the two bodies for the same purpose was not necessary, adding that the procedures involved in making claims on the fund is still not clear and well spelt out to the public.

For instance, the President, Rennaissance Shareholders Association of Nigeria, Timothy Olufemi said: “Yes, it is duplication. It is against ISACT. Only SEC is allowed to run an IPF.

“SEC must exercise its over sight function over NSE and operators but SEC acts as if it is at same level parallel and at par with NSE. It is wrong,” he said.

The President, Proactive Shareholders Association, Taiwo Oderinde, said: “It is a duplicate and that was our stand. There are one thousand and one initiatives that NSE can pursue to boost our market instead of duplicating others.

“Lack of creativity from our regulators is one of the major problems we are facing in our market.”The spokesman for the Independent Shareholders of Nigeria (ISAN), Moses Igbrude, explained that IPF is a crucial fund that is urgently needed in the market to enhance investors confident and promote growth of the capital market.

However, he advised that SEC and NSE should collaborate to improve on the existing one to avoid duplication and wastage. “Investment Protection Fund is very important and a crucial fund that is urgently needed in the market to enhance investors confident and promote growth of the capital market.

“SEC and NSE should collaborate to establish or run the existing one to avoid duplication and wastage. It is imperative for them to carry the investing public along through continuous education about the fund and how it will benefit the market.”

Vía The Guardian Nigeria http://ift.tt/2kce7RM

Biotechnology solution to food insecurity

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“We recognise that food security is paramount and biotechnology, the green alternative policy of the government, will achieve its goal of ending hunger, ensuring food security and promoting sustainable agriculture.

Prof. Benjamin Ubi, the President, Biotechnology Society of Nigeria (BSN), has identified food insecurity as an underlining cause of some of the greatest challenges in the country.

Ubi, who said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja, added that biotechnology would ensure adequate food security in the country.

“We recognise that food security is paramount and biotechnology, the green alternative policy of the government, will achieve its goal of ending hunger, ensuring food security and promoting sustainable agriculture.

“This will also provide a form of economic diversification as it will bring with it a new set of skill requirements and expand job opportunities.

“The Sustainable Development Goals (SDGs) reinforce this with Goal 2 which seeks to end hunger, achieve food security and improve nutrition and promote sustainable agriculture since 75 per cent of crop diversity has been lost from farmer’s field,’’ Ubi said.

He also said that better use of agricultural biodiversity could contribute to more nutritious diets, enhanced livelihoods for farming communities and more resilient and sustainable farming system.

“The effects of climate change have had a devastating effect on food security, food availability, food accessibility, food utilization and food systems stability.

“And for Nigeria to be food sufficient, we must look to scale, underscoring the need for modern and climate smart agricultural practices.

“We must look to increase investment, including through international cooperation, rural infrastructure, agricultural research and extension services, technology development as well as plant and livestock gene banks in order to enhance agricultural productivity capacity.’’

Ubi said that the practice of safe modern biotechnology should be encouraged to ensure zero hunger by welcoming technology that would provide safe and adequate food for Nigerians.

He, therefore, implored stakeholders to put more efforts in developing the country’s local resources to meet agriculture demands both at local and international trade platforms.

Vía The Guardian Nigeria http://ift.tt/2laO9OE

Amazing ways to use green tea for skincare

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At the beginning of this year, we talked about how we wanted to look good for less, considering the economic situation of the country is not too encouraging. In light of that, we are putting together for you our wonderful readers, several natural ways to attain fabulous skincare and looks that wouldn’t make you purse bleed and still leave you looking like a million Naira.

Some of us might have heard of the benefits of green tea for weight loss and all that but good news for all you aspiring for beautiful skin as the benefits don’t just stop there.

Green tea isn’t only good for drinking but also perfect to add to your skincare routine. Nutritious and refreshing, it’s one of the home recipes you should definitely start practicing this year and here are the reasons.

Antibacterial and Anti-Inflammatory Properties
Green tea is loaded with antioxidants and other properties, which can fight inflammation and bacteria. Against the backdrop of several studies, ‘green teas possess anti-inflammatory and anti-carcinogenic potential, which can be exploited against a variety of skin disorders’.

Fight the Signs of Aging
No one really likes to age and antioxidants are our most powerful weapon in the fight against aging, with a certain class of antioxidants – known as catechins, being especially potent. EGCG has been found in research to reactivate dying skin cells. While these benefits are limited to the outer layer of skin (as the tea’s properties aren’t absorbed beyond that), the research suggests that these benefits are significant.
Other antioxidants in the tea help prevent free radical damage, and encourage healing of cells – all of which fight signs of premature aging like age spots, wrinkles, and sun damage.

Treats Oily Skin
Tannins in green tea act as an astringent, which shrink pores. The tea also reduces the production of sebum (the skin’s natural oil) by the glands in each pore. This makes it a much better solution than harsh conventional treatments for those with oily skin, which just work by removing excess oil, rather than by reducing production.

Eliminates Acne and Blackheads
Green tea used topically can treat mild to moderate acne. Of course, the tea’s antimicrobial, anti-inflammatory, antioxidant and astringent properties all help to fight both acne and blackheads when applied topically, making it a safe and cost-effective alternative to other skin treatments. Green tea is good for all skin type from dry to oily and combination. All you need is two tablespoons of green tea infusion, mixed with honey then massage all over your face and rinse.

For acne-prone skin, add your 30 seconds infused green tea to two tablespoons of honey and apply, then leave for twenty minutes

Exfoliator/Toner
Remove dead skin cells (and rejuvenate the dying ones) by utilizing the slightly abrasive texture of dry green tea leaves. This fantastic exfoliator will also help to remove excess oil and pollutants, exposing the cleansed and renewed skin underneath. For your regular toner, pour your green tea into a clean spray bottle and mist all over your face.

Eye care
Take two infused green tea bags, keep in the fridge for about 30 minutes, then apply on eyelids and leave for fifteen minutes. This would help in fighting bags under the eyes and black eyes. You can also use it as a facial steam by simply boiling water, adding your green tea leaves then use a towel to cover up your face/head in it.

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Cross River secures FDI to overhaul education sector

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Ben Ayade

Cross River State Governor, Ben Ayade, has disclosed that his administration on Monday, secured Foreign Direct Investments (FDIs) to further the nation’s education sector.

Ayade, who met with a cross-section of business community in London, along with a leading international financial services business, Falcon Group, and Nigeria based investment bridge and financial news company, Footprint To Africa, signed an agreement with two notable institutions from the United Kingdom (UK). They are Schools Company and Construction Academy to establish Construction Academy in Calabar, a Teachers Training Institute in Obubra, and nursery, primary and secondary schools in Obudu, which will be affiliated with U.K universities.

Expectations are that Nigeria’s yearly loss to other countries on account of poor education and inadequate training of teachers would drastically reduce if the pact becomes feasible, as the project would also create job opportunities.

Insisting that the state remained an ideal destination for investors, the Governor, in a statement made available to The Guardian disclosed that the educational institutions would be established across the three senatorial districts of the State.

Considering that over 40 per cent of Nigeria’s population is made up of youths, Ayade stressed the need his administration attaches importance to the value of education for the people, particularly in Cross River State.

He tasked the U.K partners to build quality schools that would further help to raise future African leaders. And fixed 20th of February, as the official hand-over of the Construction Academy site to the investors in the state.

The governor described the projects as economic projects with significant value to the state, Nigeria and indeed other neighboring African countries. Ayade, who stated that export activities were bound to experience an upsurge following the return of the country to agriculture and development of the mining sector, stressed the urgent need for new sea ports in Nigeria, to ease congestion at the existing ports because of massive importation into the country.

On its investment drive, the state also secured partnership with Footprint to Africa to produce a documentary that would showcase “The Real Cross River.”
Chief Executive Officer of the organisation, which is currently filming a documentary on the Nigerian economy in partnership with the Nigerian Investment Promotion Commission (NIPC), Osita Oparaugo, is optimistic that the state has great opportunities that would be uncovered through the documentary.

He lauded Ayade’s moves, particularly his vision and leadership quality in conceiving and executing various landmark projects, especially the training and provision of jobs for unemployed youths.Oparaugo noted that the economic documentary would further persuade investors to “Think Nigeria- Invest Cross River.”

Schools Academy’s Elias Achilleos, said the company would deliver the highest level of excellence in the schools to promote the attainment of knowledge.

Vía The Guardian Nigeria http://ift.tt/2knAULl

Blondie plans star guests for new album

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(FILES) This file photo taken on August 11, 2016 shows singer Debbie Harry arrives for the premiere of "The Get Down" at Lehman Center for the Performing Arts in Bronx, New York. New Wave pioneers Blondie on February 1, 2017 announced a new album that will bring in stars from across generations including Sia and Joan Jett. Entitled "Pollinator," the album will come out on May 5 and mark the first release in three years by the New York band fronted by 71-year-old Debbie Harry. The band released the album's first track, "Fun," which harks back to the disco era but with more contemporary electronic beats.<br />ANGELA WEISS / AFP

New Wave pioneers Blondie on Wednesday announced a new album that will bring in stars from across generations including Sia and Joan Jett.

Entitled “Pollinator,” the album will come out on May 5 and mark the first release in three years by the New York band fronted by 71-year-old Debbie Harry. The band released the album’s first track, “Fun,” which harks back to the disco era but with more contemporary electronic beats.

Blondie, which also features guitarist and co-writer Chris Stein, teamed up for the album with a diverse range of artists including groundbreaking female hard rocker Jett, prolific pop songwriter Sia and young electropop star Charli XCX.

Guitar collaborators include Johnny Marr of The Smiths, the defining 1980s alternative band highly influenced by Blondie, and Nick Valensi of The Strokes, which led a revival of New York post-punk in the 2000s.

The album also features the experimental rock composer Laurie Anderson and is produced by John Congleton, who has worked with some of the most critically acclaimed names in contemporary rock, including Sigur Ros and St. Vincent.

Blondie was at the forefront of the New Wave scene that emerged in the 1970s and 1980s, expanding the energy of punk rock to bring in elements of dance music and reggae.

Harry pursued a solo career through much of the 1980s and 1990s before Blondie returned.

Blondie — whose best-known songs include “Heart of Glass,” “Call Me” and “One Way or Another” — plans a global tour in 2017 starting with Australia and New Zealand in April.

Vía The Guardian Nigeria http://ift.tt/2kjEhD8

NEITI moves to unmask real owners of oil, mining firms (Read full details)

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has unveiled new guidelines that would reveal the real owners of oil, gas and mining companies in the country.

NEITI said yesterday in Abuja that the guidelines named “Roadmap on beneficial ownership disclosure,” outlines Nigeria’s strategy towards the implementation and fulfillment of the Extractive Industries Transparency Initiative (EITI) standard, which among other things demands public disclosures of the real owners of oil, gas and mining companies.

The document also defined those who fall into the category of Politically Exposed Persons (PEPs) and the reporting obligations expected of them.

A member of EITI, Faith Nwadishi, lauded NEITI for designing the roadmap. She explained that beneficial ownership as enunciated by the global goes well beyond declaration of intention but a total commitment and designing implementable strategies to expose the real owners of mining, oil and gas companies especially PEPs. “The step is a welcome development.”

NEITI moves to unmask real owners of oil, mining firms

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NEITI moves to unmask real owners of oil, mining firms

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The Nigeria Extractive Industries Transparency Initiative (NEITI) has unveiled new guidelines that would reveal the real owners of oil, gas and mining companies in the country.

NEITI said yesterday in Abuja that the guidelines named “Roadmap on beneficial ownership disclosure,” outlines Nigeria’s strategy towards the implementation and fulfillment of the Extractive Industries Transparency Initiative (EITI) standard, which among other things demands public disclosures of the real owners of oil, gas and mining companies.

The document also defined those who fall into the category of Politically Exposed Persons (PEPs) and the reporting obligations expected of them.

A member of EITI, Faith Nwadishi, lauded NEITI for designing the roadmap. She explained that beneficial ownership as enunciated by the global goes well beyond declaration of intention but a total commitment and designing implementable strategies to expose the real owners of mining, oil and gas companies especially PEPs. “The step is a welcome development.”

Vía The Guardian NigeriaThe Guardian Nigeria http://ift.tt/2k1z8Sq