The NUPRC, Nigeria Upstream Petroleum Regulatory Commission (NUPRC) says it will work with Nigeria Extractive Industries Transparency Initiative (NEITI) to deepen Nigeria’s implementation of contract transparency and beneficial ownership disclosures in Nigeria.
Chief Executive Officer of NUPRC, Mr Gbenga Komolafe who disclosed this in Abuja at the National launch of Opening Extractives programme in Nigeria by NEITI, said the commission would work with NEITI to ensure that the revenues from natural resources assets would support national development and help reduce poverty.
The programme which was officially launched by Dr Zainab Ahmed, Minister of Finance, Budget and National Planning, represented by Prince Clem Agba, Minister of State for Budget and National Planning, will ensure that government, industry and civil society actors access reliable information on the ultimate owners of extractive companies.
“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 extractive companies to ensure their mandatory compliance,” he said.
He said the establishment of the NUPRC represented a major milestone in the reform and operationalisation in the oil and gas industry, given the decade-long journey to the enactment of the Petroleum industry Act (PIA).
“The NUPRC is committed to collaborating on maintaining information on beneficial ownership to maintain data on companies that own extractive licenses, creating a better and healthy business climate.