Economy
Nigeria to Reveal Real Owners of Oil Companies January 2020
By Modupe Gbadeyanka
Efforts are currently being made to release identities of beneficial owners of oil and gas firms in the country by January 1, 2020.
The register containing this information is being compiled by the Nigeria Extractive Industries Transparency Initiative (NEITI) in collaboration with the Department of Petroleum Resources (DPR).
According to an acting Director at DPR, Mr Ahmad Shakur, the beneficial ownership register was more than 85 percent complete and should be ready latest by the end of this month.
NEITI defines beneficial owner as the natural person(s) who directly or indirectly benefits from, owns or controls the corporate entity. Its standard requires that countries must disclose their beneficial owners by January 2020 and recommends establishment of beneficial ownership register.
Mr Shakur, during a visit by the Executive Director of NEITI, Mr Mark Robinson, stated that the DPR and NEITI had been collaborating to deepen transparency in the nation’s oil and gas industry.
“To that extent, the DPR and NEITI have formed a committee that works together in order to make sure that the deadline of January 2020 for the realisation of that register of beneficial owners is met,” he added.
Shakur, who was represented by the agency’s Deputy Director, Health, Safety and Environment, Dr Musa Zagi, assured the agency of DPR’s continuous support.
The NEITI boss described Nigeria as one of the long-standing members of EITI, saying, “NEITI is one of the most capable and largest of the national secretariats that we have.”
He said, “In the EITI, we have a global standard and the global standard is how we measure progress in all our member countries. And Nigeria came out well in the last assessment when we came out with our validation on November 2018, and our board approved satisfactory progress which is the top ranking for Nigeria under the EITI.
“Now the top ranking is a very considerable achievement. It means that our indicators on transparency and accountability have been moving in the right direction.”
On beneficial ownership disclosure, he said, “That’s important for transparency if you reveal the real owners but also important in the struggle against corruption. Because if there are politically exposed persons who are identified as real owners of significant companies particularly those who secure contracts from government in the sector, that information becomes revealed in the public domain.
“So, it’s a very powerful tool and Nigeria is at the forefront of this effort. Very few countries have done it and you should be commended.”
The Executive Secretary of NEITI, Mr Waziri Adio, said the organisation was working with the regulators to ensure beneficial ownership disclosure in the extractive sector.
He said, “We are working with the DPR in oil and gas and the Mining Cadastre Office in the solid minerals sector. There is a national commitment under EITI which is to have a register in place on or before January 1, 2020.
“We have also collected beneficial ownership information over time based on the audits that we are doing, ahead of the work we are doing with the DPR. So that is what we are going to unveil on December 12.”
Mr Adio added, “It is only those who are covered under NEITI’s audits that we are capturing; I guess that of DPR will capture everybody doing in the oil and gas space.”
By Aduragbemi Omiyale
The Debt Management Office (DMO) on Monday allotted bonds worth N929.3 billion to investors from the N1.7 trillion bids it received from subscribers.
The exercise, which took place on Monday, July 20, 2026, was oversubscribed by market participants, reflecting the confidence investors have in the government’s ability to redeem the debt instrument on maturity.
On offer for sale for the July auction was N1.2 trillion worth of the FGN bonds, but the DMO allotted below this, despite receiving bids above the offer.
The papers were offered in 10-year, 15-year, and 20-year tenors, at N400 billion each.
For the decade-old note, investors staked N444.47 billion, but the debt office sold N245.73 billion at an 18.34 per cent coupon rate. For the one and a half-decade-old paper, bids valued at N518.00 billion were received by the DMO, with a non-competitive bid of N50.00 billion, with N302.13 billion allotted to investors at 18.40 per cent, and for the two-decade paper, the DMO got competitive bids of N665.19 billion and N381.46 billion was sold to bondholders at 18.35 per cent.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day 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 valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
