- October 23, 2017
- Posted by: Godwin Elijah
- Category: National News, Uncategorized
Vice President Yemi Osinbajo says Nigeria and other resource-rich countries must commit to end the era of secret corporate ownership of assets in the extractive industry to curb the huge losses associated with such illegal activities.
Osinbajo said at the opening session of the two-day conference on ‘Beneficial Ownership’ conference in Jakarta, Indonesia, that the sad story of Africa’s underdevelopment and other developing economies was hidden under the wall of secret corporate ownership of assets in the extractive industry.
Commending United Kingdom, Norway, Netherlands and Denmark for leading the initiative to establish public registers of the real, human owners of companies in their countries, the Vice President urged other G8 and G20 countries to follow, by initiating actions to end corporate secrecy at home and their dependencies.
With a global register of beneficial ownership already recording entries on about two million companies, Osinbajo said existing legislative measures must effectively discourage or totally prohibit non-disclosure agreements by governments with corporations.