Economy
NEITI Moves to Uncover Real Owners of Oil, Mining Companies
By Dipo Olowookere
The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed its willingness to unravel real owners of companies in the country, especially in the oil, gas and mining sectors.
The agency described Nigeria’s membership of Open Government Partnership (OGP) as a timely platform to achieve this aim.
Speaking at a Consultative Forum on OGP in Abuja, the Executive Secretary of NEITI, Mr Waziri Adio, disclosed that, “Knowing how much companies paid in the form of taxes, royalty, rents etc. and how much government received is important, but not enough. Knowing those who are the real owners of the companies is critical to checking corruption, money laundering, drug and terrorism financing, tax avoidance and evasion.”
Mr Adio urged the Federal Government to enact a special legislation that will compel companies in the extractive sector to make public the names and identities of their real owners.
He also called on the President to issue an Executive Order on compulsory beneficial ownership disclosure by extractive industries companies in Nigeria. He explained that such legislation can be embedded or part of the Petroleum Industry and Governance Bill (PIGB) and should also constitute amendments to the Companies and Allied Matters Act (CAMA).
Mr Adio announced that nine countries including Nigeria have published EITI reports that disclosed the beneficial owners of one or more companies.
He also told participants that 43 EITI implementing countries have published roadmaps on beneficial ownership out of which twenty, including Nigeria, plan to establish public registers of beneficial owners by 2020.
The Executive Secretary noted that NEITI has published a road map on beneficial ownership disclosure which provided clear definition of who beneficial owners are the level of details to be disclosed and institutional framework that are required for effective implementation of beneficial ownership disclosure.
The document also defined Politically Exposed Persons (PEPs) and their reporting obligations, challenges around data collection, reliability, accessibility, timeliness and provided clear guides on them.
The NEITI Executive Secretary identified the absence of specific legal framework that imposes mandatory beneficial ownership disclosure as a major challenge to the implementation of ownership transparency in Nigeria.
While acknowledging the existence of laws like the Companies and Allied Matters Act, Freedom of Information Act, Code of Conduct and Tribunal Act and Public Complaints Commission Act as relevant legislations for beneficial ownership, he noted that there are other policies of the Nigerian government that support efforts at ownership disclosures.
They include the Financial Action Task Force, Bank Verification Number, Automation and Access to Corporate Affairs Commission’s register.
Mr Adio remarked that because of the limitations of these policies and laws, they can at best be used as interim and complementary instruments while efforts should be made to make them more effective in demanding for the disclosure of the real owners of companies operating in Nigeria especially in the extractive industry.
He said in fulfilment of the requirement of the global EITI, NEITI duly reported beneficial ownership of companies covered in its 2012, 2013 and 2014 oil, gas and solid minerals audits.
According to him, “In the 2013 oil and gas audit by NEITI, forty one (41) out of the forty four (44) companies covered responded to NEITI questions and inquiries by returning the completed templates on beneficial ownership.
“However, most of the ownership information were about the legal owners as opposed to the beneficial owners or real owners of the Companies.”
Mr Adio identified delay and refusal to provide the real information on the audit templates, confusion over ownership structure (legal), conflict with existing confidentiality agreements, negative perception of beneficial ownership by covered entities (witch hunting), inconsistencies between beneficial ownership disclosures and information in CAC, use of surrogates by Politically Exposed Persons and government officials, as some of the challenges confronting NEITI.
Earlier in his presentation, the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, reiterated the commitment of the Federal Government to the implementation of beneficial ownership disclosure in Nigeria.
According to him, “More than ever before, the Government is determined to implement the legal basis on which beneficial ownership is founded from both an international and national perspectives”.
Mr Malami noted that some business entities exist solely on paper without the requisite obligation to list the real people who actually own or control them.
The Attorney General argued that “in the extractive industry, for example, these business entities are used to hold extractive rights and provide a channel for transferring extracted resources out of the host countries without paying specified royalties and taxes.
“These practices also allow the beneficial owners to avoid responsibility for violation of laws and regulations on labour and tax.”
Based on the requirement of the global EITI, NEITI has been doing some pioneering work in this direction since 2013.
The EITI defines beneficial owner as the natural person(s) who directly or indirectly benefits from, owns or controls the corporate entity. EITI standard requires that countries must disclose their beneficial owners by January 2020 and recommends establishment of beneficial ownership register.
The roadmap developed by NEITI on beneficial ownership envisaged the need for capacity building for all stakeholders that will be involved in the implementation of ownership transparency given the complexity of the extractive industries.
Nigeria was admitted into the Open Government Partnership (OGP) in 2016, following her commitment to the Open Government Partnership (OGP) Principles on Transparency, Accountability and Citizens Participation. One of the commitments under the Nigeria OGP National Action Plan is the need to ensure transparency of beneficial owners of businesses.
This commitment underscores the determination of Nigeria to fight corruption by ensuring transparency and accountability in the conduct of government business.
By Aduragbemi Omiyale
One of the leading local energy firms, Oando Plc, delivered an impressive financial performance in the first six months of 2026, according to details of its results filed to the Nigerian Exchange (NGX) Limited.
Between January and June 2026, revenue surged by 20 per cent to N2.1 trillion from N1.7 trillion in the same period of 2025, driven by growth in the Exploration & Production and Trading segments of the business.
Also, the net profit grew by 8 per cent year-on-year to N68.6 billion from N63.3 billion, supported by improved operating profits and tax credits.
It was observed that the organisation deepened its domestic gas monetisation portfolio with the commencement of long-term gas supply of 11.2 MMscfd to the newly commissioned 60 MW Bayelsa Independent Power Plant.
“The first half of 2026 marks an important inflexion point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation,” the chief executive of Oando, Mr Adewale Tinubu, stated.
Commenting further on the results, Mr Tinubu said, “Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to $16.83 per boe.”
“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio.
“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.
“This translated into a stronger financial performance, with revenue increasing by 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8 per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period,” he pointed out.
The Oando chief also said, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd.
“Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.
“Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value.
“We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”
By Adedapo Adesanya
Africa-focused fintech company PalmPay has joined the ranks of unicorn startups after attaining a valuation of more than $1 billion, as the digital payment platform prepares for a potential initial public offering (IPO) in Hong Kong.
According to a report by Bloomberg on Tuesday, citing people familiar with the matter, the Hong Kong-headquartered company is in advanced discussions to raise about $200 million in a new funding round that would cement its unicorn status and support its next phase of expansion.
The planned fundraising comes as PalmPay accelerates its growth strategy across Africa and Asia, while positioning itself for a public listing that could become one of the most significant fintech IPOs involving an Africa-focused company in recent years.
PalmPay’s move follows a period of rapid growth in Nigeria, where it has become one of the country’s largest digital financial services providers. Alongside OPay and Moniepoint, the company forms the trio that dominates Nigeria’s retail digital payments and agency banking market, a segment driven by millions of point-of-sale (POS) transactions processed daily.
With PalmPay’s latest valuation milestone, all three leading Nigerian fintechs have now achieved unicorn status. While OPay has previously disclosed plans to pursue a listing in the United States, Moniepoint has remained focused on expanding its banking and business services without publicly indicating IPO ambitions.
Founded in 2019 after securing a Mobile Money Operator (MMO) licence from the Central Bank of Nigeria (CBN), PalmPay has built one of the country’s fastest-growing fintech ecosystems. The company says it now serves more than 35 million registered users and over 600,000 merchants, supported by an extensive network of more than 500,000 mobile money agents nationwide.
The platform offers a broad suite of financial services, including peer-to-peer transfers, bill payments, airtime purchases, savings, credit products, merchant payment solutions and agency banking services. PalmPay says it processes as many as 15 million transactions daily, reflecting the increasing adoption of digital payments across Nigeria.
Beyond its home market, the fintech has expanded into Tanzania, Ghana, and Bangladesh, underscoring its ambition to become a leading emerging-market digital bank. Industry analysts view the expansion as part of a broader strategy to diversify revenue streams while replicating its Nigerian success in other underbanked markets.
PalmPay has attracted backing from prominent global investors, including Taiwanese semiconductor manufacturer MediaTek and smartphone maker Transsion Holdings, whose Tecno, Infinix and itel brands command significant market share across Africa. Their support has helped PalmPay leverage smartphone penetration to drive financial inclusion through mobile-first banking services.
As part of efforts to strengthen its leadership ahead of its next growth phase, PalmPay recently appointed Mr Samuel Oluyemi as Chief Operating Officer (COO) for its Nigerian business. Mr Oluyemi joined the company after more than two decades at the Nigeria Inter-Bank Settlement System (NIBSS), where he played key roles in developing the country’s digital payments infrastructure.
If completed, the fundraising and eventual Hong Kong listing would further underscore growing international investor confidence in African fintech companies despite a more cautious global venture capital environment. The proceeds are expected to support PalmPay’s geographical expansion, deepen its product offerings, invest in technology infrastructure and strengthen its competitive position in Africa’s rapidly evolving digital financial services industry.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
