₦airaland Forum

The Nigerian Extractive Industries Transparency Initiative, NEITI, has lamented that the true owners of some oil blocs and other oil and gas assets in Nigeria cannot be identified from the records provided by the Corporate Affairs Commission, CAC.

It accused owners of some of the assets of suppressing certain information and manipulating their records in the CAC, making it impossible to link them with the assets.

“Beneficial ownership requires us to explain or provide information on the owners of certain oil blocs. But Nigeria is one kind of country; that is why I say nobody is going to suspend us; when you think we are going down, we tend to rise up and surpass expectations.

“One challenge is that we try to reflect this issue of beneficial ownership in our report, but the CAC is where you register legitimate companies doing business in Nigeria. If you go to CAC, the information that you find have no relationship with what you know. That is, those you know are the owners of this oil blocs.

Acting Executive Secretary of NEITI, Mr. Ogbonnaya Orji, disclosed this in Abuja during a meeting with delegates from the global Extractive Industries Transparency Initiative, EITI.

- See more at: http://www.sambisanews.com/true-owners-of-nigerian-oil-blocs-are-hidden-neiti-laments#sthash.AbScRYPm.dpuf

http://www.vanguardngr.com/2016/02/we-cant-identify-true-owners-of-oil-blocs-assets-neiti/

That is Naija for u, the more u luk the less u see.

Sunnymatey:
That is Naija for u, the more u luk the less u see.

I concur!!!