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CAC Moves to Remove Nigeria from FAFT Grey List

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By Adedapo Adesanya

The Corporate Affairs Commission (CAC) has inaugurated a Beneficiary Ownership Register (BOR) aimed at removing Nigeria from the grey list of the Financial Action Task Force (FATF).

The Registrar-General of CAC, Mr Garba Abubakar, made this disclosure at a workshop on the use of BOR organised by the commission in Lagos on Wednesday.

BOR allows anyone with a stake of five per cent or more in a legal entity or corporation to disclose such to CAC through the company where it is domiciled.

Business Post reports that FATF, an intergovernmental policy-making body that seeks to combat money laundering and the financing of terrorism, placed Nigeria on its grey list of the global watchdog for money laundering and terrorist financing earlier this year.

Mr Abubakar, however, said that the placement of Nigeria on the FATF grey list meant the country stood the risk of losing investors.

The CAC boss explained that the new BOR initiative had a legal framework aimed at curbing money laundering and illicit financial flows carried out using corporate companies.

He said the BOR which was launched on May 25, asides from closing gaps, would help Nigeria exit the FATF grey list.

According to him, it will also try to make information about beneficial owners available to aid investigations and work.

Mr Abubakar noted that the concept of the BOR disclosure would also support some provisions in the Company and Allied Matters Act (CAMA) 2020.

He said: “To know who may control a company, you may need to lift some veils, and we must know how most procurements and processes are carried out using corporate companies.

“It is only proper for attention to be focused on companies, and this BOR is the legal framework to support that to promote an open and transparent register of beneficial ownership.

“Stakeholders agreed that CAC should drive the process for beneficial ownership implementation and provisions were included in CAMA to support the disclosure.

“By the provision of Section 119 of CAMA, if you control up to five per cent of shares or control any influence or have any trust arrangement whether registered or not, you have to disclose to the company within 30 days.

He also noted that the company discloses to the CAC within seven days of disclosure.

“Dynamics like disclosing any form of political affiliation is critical to ascertaining if there is any sort of connection to the business.

“All these and more are the gaps we need to close to satisfy the requirements of FATF, and we would continue to map out strategies to address these concerns,” he said.

Mr Abubakar said that with the BOR, lawyers, government agencies, and civil societies doing investigative reports, do not need to write to the commission before they could get information on the beneficiary ownership register.

He added that there was an application that allowed for system integration to check and was available publicly.

The registrar-general, however, said there was a level of safeguard for some levels of private information and the consequences of making such information available.

Mr Abubakar said the commission was committed to giving the general public the best of services and would continue to improve to meet their needs.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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National Albinism Day: AAN Reiterates Call for Inclusive Policy

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By Adedapo Adesanya

As Nigeria marks National Albinism Day, the Albinism Association of Nigeria (AAN) has reaffirmed its commitment to advocating for the rights, health, and inclusion of persons with albinism (PWAs), urging the government and relevant stakeholders to adopt inclusive policies that address their unique challenges.

Established in 2019, AAN has been at the forefront of championing the welfare of persons with albinism across the country. Through targeted advocacy, education, and partnerships, the association has significantly contributed to increased societal acceptance, reduced school drop-out rates among children with albinism, and greater attention to their health needs at national forums.

According to the organisation, this year’s theme, Protect Your Skin, Be Sun Smart underscores the pressing need to address the health vulnerabilities of PWAs, especially those resulting from sun exposure. Due to the absence of melanin—the natural pigment that protects the skin from harmful ultraviolet (UV) rays—persons with albinism are prone to painful sunburns, premature skin aging, vision problems, and an increased risk of skin cancer.

AAN emphasized preventive measures such as the regular use of broad-spectrum sunscreen (SPF 30 or higher), wearing protective clothing including wide-brimmed hats and sunglasses, avoiding peak sunlight hours, and seeking routine medical checkups for early detection of skin conditions.

In a statement shared with Business Post, Mrs Bisi Bamishe, National President of AAN, made a strong appeal to the government:

“We are calling on the Nigerian government to include sunscreen in the list of essential medicines under the National Health Insurance Scheme (NHIS). Sunscreen is not a luxury for persons with albinism—it is a necessity for survival.”

She further stressed the need for more tangible support

“Government should provide free or subsidized protective gear and health services to persons with albinism, especially in rural and underserved areas.”

Highlighting the importance of awareness and capacity building, Mrs. Bamishe said, “We urge health workers and teachers to receive proper training on the specific needs of persons with albinism. This will go a long way in improving service delivery and reducing stigma in schools and health centres.”

She also emphasized the importance of legal protections.

“The Discrimination Against Persons with Disabilities (Prohibition) Act must be enforced. It is not enough to have laws on paper; we need full implementation to ensure justice and inclusion.”

“We call for public education campaigns to reach deep into rural communities where harmful myths and stereotypes still persist. Awareness is key to acceptance.”

AAN also stressed the need for capacity building initiatives to empower community advocates and peer support systems.

As National Albinism Day is observed, AAN urges Nigerians to stand in solidarity with persons with albinism and work collectively to create a more inclusive, informed, and equitable society.

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Tinubu to Meet Gencos Tuesday Over N4trn Power Debt

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By Adedapo Adesanya

President Bola Tinubu will meet with the leadership of electricity-generating companies (GenCos) over the N4 trillion power sector debt on Tuesday, May 6.

This was disclosed by the Special Adviser on Strategic Communications and Media Relations to the Minister of Power, Mr Adebayo Adelabu, who noted that the federal government vowed to urgently address the debt following high-stakes talks between the Minister and chairmen of the power generators in Abuja recently.

He said FG’s intervention was aimed at averting an imminent collapse of the power infrastructure in the country.

Recall that the Minister also promised that the FG will pay 50 per cent of the debt recently.

According to the statement, the Minister assured the GenCos executives that the government would prioritise immediate payment of a significant amount out of the N4 trillion debt, while the balance would be defrayed through other debt instruments.

He said this would be proposed in a meeting being planned between President Tinubu and GenCos’ leadership.

“There is need to pay a substantial amount of the debt in cash. At the minimum, let us pay a substantial amount, then ask for a debt instrument in promissory notes to pay the rest,” he stated, assuring that the payment of the outstanding balance within six months through financial instruments such as promissory notes.

“We recognise the urgency of this matter. The government is committed to resolving this debt to stabilise the sector and prevent further crisis,” Mr Adelabu stated, adding that the President will meet with GenCos leadership to fast-track the process.

The GenCoS were led by the Chairman of Mainstream Energy Solutions, who is also the Chairman of the Association of Power Generating Companies (APGA), Mr Sani Bello, who had earlier sounded the alarm over the sector’s dire state, citing the N4 trillion debt as a critical threat to operations.

He also warned that liquidity challenges had left GenCos unable to secure loans or maintain infrastructure. “Without urgent intervention, the entire power ecosystem could collapse,” he stressed.

Mr Kola Adesina, Chairman of Egbin Power and First Independent Power Limited, echoed the urgency: “This is a national emergency. Everything hinges on power—industries, homes, hospitals. We cannot afford to let the sector fail.”

Mr Adelabu acknowledged the government’s role in the sector’s struggles, pledging to not only clear the debt but also implement reforms to ease operational bottlenecks. He emphasised the need for full liberalisation of the power sector, urging Nigerians to embrace cost-reflective tariffs.

“Citizens must pay the appropriate price for the energy consumed. The Federal Government will continue to provide targeted subsidies for economically disadvantaged Nigerians. We have to understand that our economy cannot sustain subsidies indefinitely,” he asserted, calling for public sensitisation campaigns to drive compliance.

On her part, Mrs Joy Ogaji, CEO of APGC Power, detailed systemic challenges undermining GenCos, including chronic payment defaults, erratic gas supply, and foreign exchange volatility.

She noted that the naira’s plunge from N157/$1 in 2013 to N1,600/$1 had devastated maintenance budgets and loan repayments.

“GenCos have borne unsustainable risks—from grid failures to unproductive taxes—while remaining patriotic,” she said.

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Nigerians Must Prepare for Another Electricity Tariff Hike—FG

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By Modupe Gbadeyanka

The Minister of Power, Mr Adebayo Adelabu, has advised Nigerians and electricity consumers in the country to brace up for another hike in tariff because the federal government is not buoyant enough to continue to bear the cost of subsidy on electricity.

Speaking at a meeting with the Chairmen of the Generating Companies of Nigeria (GenCos) in Abuja, Mr Adelabu said consumers will soon begin to pay cost-reflective tariffs.

At the moment, customers on Band B to E enjoyed subsidised electricity tariffs and pay between N68 per kilowatt per hour and 34 per kilowatt per hour (VAT inclusive), while those on Band A, who consume power for at least 20 hours per day, pay about N225 per kilowatt per hour (VAT inclusive).

At the meeting with the GenCos, the Minister hinted that consumers on Band B downward may have to pay more, which could match the Band A tariff.

“We have to understand that our economy cannot sustain subsidies indefinitely,” Mr Adelabu informed the chairmen without giving a specific time when a new rate will be announced.

During the meeting, the chairman of Egbin Power, Mr Kola Adesina, tasked the government to declare a state of emergency in the power sector, noting that the N4 trillion owed GenCos by the federal government remains a critical threat to their operations.

“This is a national emergency. Everything hinges on power—industries, homes, hospitals. We cannot afford to let the sector fail,” he stressed.

Also, the chairman of Mainstream Energy Solutions, Mr Sani Bello, warned that “without urgent intervention, the entire power ecosystem could collapse.”

In the same vein, the chief executive of the Association of Power Generating Companies (GenCos), Ms Joy Ogaji, said, “GenCos have borne unsustainable risks—from grid failures to unproductive taxes—while remaining patriotic.”

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