Categories
London Anti-Corruption Summit-Nigeria Commitments

BENEFICIAL OWNERSHIP TRANSPARENCY

Automatic Exchange of Information

Status: ONGOING

Last Updated: June 2018

Commitment:

We commit to joining the pilot initiative for automatic exchange of beneficial information.

Evidence:

THE NIGERIAN VOLUNTARY ASSET AND INCOME DECLARATION SCHEME (VAIDS)

AUTOMATIC EXCHANGE OF INFORMATION IMPLICATION FOR NIGERIA

Notes:

 Nigeria has signed agreements with a number of nations, which provide for the Automatic Exchange of Information (AEI). These agreements allow the exchange of information between tax authorities of different countries and about financial accounts and investments to help stop tax evasion. Countries who are party to this agreement include Switzerland, Panama, the Bahamas and other tax havens.

Access to International Law Enforcement

Status: ONGOING

Last Updated: June 2018

Commitment:

We are committed to implementing bilateral arrangements that will ensure law enforcement in one partner country has full and effective access to the beneficial ownership information of companies incorporated in the other partner country.

Evidence:

THE GLOBAL FORUM ON ASSET RECOVER: ASSISTANCE FOR COMBATING CORRUPTION IN NIGERIA, SRI LANKA, TUNISIA, AND UKRAINE

GLOBAL FORUM ON ASSET RECOVERY COMMUNIQUE

Notes:

Nigeria’s signing on to the United Nations Convention against corruption (UNCAC) is a step at creating an enabling environment for exchange of information on stolen assets. 

Property

Status: ONGOING

Last Updated: June 2018

Commitment:

Nigeria will establish a transparent central register of foreign companies bidding on public contracts and buying property.

Evidence:

COMPANIES AND ALLIED MATTERS ACT, 2017

Notes:

The Bureau of Public Procurement (BPP), has concluded plans to launch a citizen engagement portal that will feed interested persons with updates on government-approved projects. We are yet to see concrete results.

Public Register

Status: UNDERWAY

Last Updated: June 2018

Commitment:

Nigeria is committed to establishing a public central register of company beneficial ownership information. (The President of Nigeria has presented a draft Money Laundering Prevention and Prohibition Bill to the National Assembly in February, 2016. This Bill has defined Beneficial Ownership in line with FATF standards.)

Evidence:

THE REPEAL AND RE-ENACTMENT OF THE COMPANIES AND ALLIED MATTERS ACT

DOING BUSINESS PROVISIONS IN THE COMPANIES AND ALLIED MATTERS (REPEAL AND RE – ENACTMENT) BILL 2018

Notes:

The Senate of the Federal Republic of Nigeria passed the Companies and Allied Matters (Repeal and Re-enactment) Bill 2018 on Tuesday, May 15, 2018 with Beneficial Ownership as one of the key provisions (as highlighted in the attached excerpt) around ease of doing business in Nigeria. These provisions in this legislative framework will mandate the disclosure of beneficial interests in a company’s shares and prescribe punitive measures for failing to disclose such interests. In this regard, where a person holds interests on behalf of another in a nominal capacity in a company, both parties (the owner and the nominal holder) are required to disclose the beneficial interests to the company.

 

Leave a Reply

Your email address will not be published. Required fields are marked *