Disclosing Oil Well Owners Will Foster Transparency In Energy Sector – HEDA

The Human and Environmental Development Agenda (HEDA Resource Centre) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over its decision to identify the real owners of all lease and licence holder operators in Nigeria’s oil and gas sector.

In a statement by its chairman, Olanrewaju Suraju, the civil society organisation described the regulatory commission’s action as ultimate, noting that, the decision will further promote transparency and accountable system in the Nigeria’s energy sector.

It is indeed the way to go given Nigeria’s endorsement of the renowned Open Government Partnership(OGP).

The civil group, which also declared its support for the Nigerian Upstream Petroleum Regulatory Commission(NUPRC) in ensuring transparency in the energy sector, added that, the organisation shared a common vision of transparency and accountability with the commission in the energy sector.

Suraju further charged NUPRC to call on the law enforcement agencies to ensure compliance of operators in providing the required information as directed, and to follow up with review of the information and veracity of the submissions.

The Nigerian Upstream Petroleum Regulatory Commission had earlier issued a seven-day ultimatum for all lease and licence holder operators in Nigeria’s oil and gas sector, to disclose the identity (ies) of the beneficial owner(s), the level of ownership, and details of how control is exerted.

The move, which came on the heels of the recent release of a beneficiary ownership register by the Nigerian Extractive Industries Transparency Initiative, and the Corporate Affairs Commission seek to implement the beneficial ownership reporting system, a statutory requirement, which demands full disclosure of beneficial ownership information.