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Category: London Anti-Corruption Summit-Nigeria Commitments
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Public Register
Status: UNDERWAY
Thematic Area: Beneficial Ownership Transparency
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.)
Asset Recovery Guidelines
Status: UNDERWAY
Thematic Area: Asset Recovery
Commitment:
We commit to developing internationally endorsed guidelines for the transparent and accountable management of returned stolen assets.
Property
Status: UNDERWAY
Thematic Area: Beneficial Ownership Transparency
Commitment:
We are taking steps to ensure transparency of the ownership and control of all companies involved in property purchase and public contracting. Nigeria is already collating this information through the Extractive Industry Initiative process and would extend it to other sectors.
NO PLEDGE HAS BEEN COMPLETED
International Anti-Corruption Coordination Centre
Status: PENDING
Last Updated: June 2018
Commitment:
- We support the establishment of an International Anti-Corruption Coordination Center to be managed by National Crimes Agency, UK.
- We will work with NCA in promoting this centre in the African region.
Evidence: Nil
Notes:
There are number of exchanges with law enforcement authorities in UK, USA, UEA, etc. However, no discussion is underway to set up the International Anti-corruption Centre. Nigeria has still been suspended from the Egmont group and in September 2018 the Egmont group will decide if Nigeria will be expelled indefinitely.
Open Contracting Data Standard.
Status: INACTIVE
Last Updated: June 2018
Commitment:
- We will work towards full implementation of the principles of the Open Contracting Data Standard, focusing on major projects as an early priority.
- We will apply the Open Contracting Data Standard to the following major projects – (i) Development of Refineries in the oil Sector; (ii) Building of Health Centers and Improvement of Health Services; (iii) Building of Roads and other Infrastructures; (iv) Building of Schools and Improving Transparency in the Management of Education Funds and (v) Investment in the Power Sector.
Evidence:
Notes:
| Governmental agencies are urged to follow Open Contracting Data Standards but there is no evidence that they do. http://www.budeshi.ng/home/data collects data on open contracts. While between 2016-17 3934 contracts were monitored, there are no entries for 2017. |
Open Contracting in Health
Status: ONGOING
Last Updated: June 2018
Commitment:
We will apply the Open Contracting Data Standard to the following major projects – (ii) Building of Health Centers and Improvement of Health Services;
Evidence:
FEDERAL GOVT. URGED TO COMPLY WITH OPEN CONTRACTING DATA STANDARDS ESP. IN THE HEALTH SECTOR.
Notes:
| There has been no development on the Open Data Contracting in building health centres. |
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:
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. |