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EITI Seeks Stakeholders Commitment To New Standards For The Sector

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The Chair of the Board, Extractive Industries Transparency Initiative (EITI), Helen Clark, has called on the stakeholders in the sector to  show commitment in strengthening transparency and the implementation of EITI goals.

She made the call during the launch of a new standard for the extractive industries at the just ended EITI 2023 global conference in Dakar, Senegal, themed “Transparency in Transition.”

At the event, hosted by the government of Senegal at the Centre International de Conférences Abdou Diouf, Diamniadio,  and which drew  participants from across the globe, she said that the new standard focuses on beneficial ownership transparency as a key anti-corruption mechanism in the extractive sector.


The key players in the industry deliberated on different areas bordering on key issues plaguing the institution in promoting transparency and accountability in the extractive industry, benefits of disclosing contract from energy in the extractive and energy transition.

Highlights of The  New Standard

• A new requirement to request full disclosure of beneficial ownership by politically exposed persons (PEPs), regardless of their level of ownership.
This is intended to ensure that any amount of ownership by PEPs is publicly disclosed, and if implemented effectively, will act as an important mechanism to detect conflicts of interest, for example in the awarding and management of licences.

• The Standard now encourages EITI implementing countries to adopt a threshold of 10% or lower for beneficial ownership reporting.
In extractives, a high-risk sector for corruption, it has long been acknowledged that low thresholds are important for understanding ownership, for example of a small percentage stake in a very large extractives company.

• Requirements for information to be disclosed when state-owned enterprises (SOEs) hold beneficial ownership or control. The Standard now specifies the key information that is required: the name of the state, level of ownership, and detail about how ownership or control is exerted.

Given the prominent role of state-owned enterprises in the extractive sector, when combined with the EITI requirement on PEP disclosure, this represents a significant strengthening of the potential for the EITI Standard to deliver anti-corruption impact.

• Requirement 2.6e) also encourages SOEs to disclose beneficial ownership information for their agents, intermediaries, suppliers or contractors.

•The Standard now contains additional requirements to support the disclosure of full ownership chains where beneficial ownership is held indirectly.
This comprises a new requirement to disclose the legal ownership of entities as well as beneficial ownership, and is coupled with an encouragement for companies to disclose their ownership structure and full ownership chain.

• Finally, the Standard now encourages the EITI multi-stakeholder groups to review the comprehensiveness and reliability of beneficial ownership information disclosed through stock exchange filings for listed extractives companies, although it does not require any action if the data is not found to be reliable.
This remains an issue for actors wishing to understand ownership and control in listed companies in the extractive sector, as in practice there is wide variation in the availability of information from different stock exchanges.

Together, these new developments in the 2023 EITI Standard signal the continued strengthening of the ambitions of the EITI and its work to embed beneficial ownership transparency.


The transition from fossil fuel to renewable energy took the center stage of the discussion.

Business

Governor Otti Commissions Ultimum Manufacturing Plant in Aba

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

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Ultimum Limited, the manufacturers of Razzl brand of carbonated soft drinks has commissioned its state-of-the-art beverage manufacturing plant in Aba, Abia State.

Razzle beverages include Razzl Pamplemousse (a unique and special grapefruit flavour), Razzl Cola, Razzl Orange, and Razzl Lemon.

Located in the Osisioma Industrial Layout, the new plant was commissioned by the Governor of Abia State, Dr. Alex Chioma Otti.

Otti described the investment as a clear signal of economic revival and growing investor confidence in Abia State.

“This investment confirms that we are creating the right conditions for businesses to grow, thrive, and succeed. Investors will always go where there is clarity, stability, and opportunity.

Our focus has been to build that environment, and today’s commissioning shows that the strategy is working,” he said.

The Chairman of Ultimum Limited and representative of the investor group, Mr. Whalen Kadji, emphasized the company’s long-term commitment to Aba and Nigeria.

“We did not come here by chance. We came because of the energy and entrepreneurial spirit of Aba. This city has always been a center of enterprise, and we believe strongly in its future.

This plant is more than an investment in beverages; it is an investment in people, in jobs, and in the growth of local industry. We are here for the long term, and this is just the beginning of what we intend to build here.”

The Managing Director of Ultimum Limited, Mr. Austin Ufomba, described the plant as a bold step in the company’s journey.

“Ultimum Limited started with a simple idea, to build world-class products right here in Africa,”he said.

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Oil price jumps to $106, stocks drop on uncertainty over US-Iran talks

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

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Oil prices jumped and equities slid Thursday as hopes for a peace deal between the US and Iran wavered after Tehran rejected Washington’s bid to wind down the nearly four-week war.

Markets had been buoyed this week by US President Donald Trump’s announcement that strikes targeting Iran’s energy infrastructure would be postponed, adding that the two sides were in peace talks.

But uncertainty over the talks and the virtual closure of the Strait of Hormuz — through which around 20 percent of oil and liquefied natural gas passes — have cast a shadow over market sentiment.

“The market rollercoaster continues,” said Joshua Mahony, chief market analyst at Scope Markets.

Crude prices rallied more than three percent on Thursday, with Brent crude above $106 per barrel and WTI around $93.

( VANGUARD)

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Niger Delta Chamber Investment Summit Targets $5bn, 500,000 Jobs

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Photo: Ambassador Idaere Gogo Ogan

‎The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled plans to attract up to five billion dollars structured investments to the oil-producing region in five years.

The Chairman of NDCCITMA, Ambassador Idaere Gogo Ogan, made the disclosure at a pre-summit conference ahead of the Niger Delta Economic and Investment Summit in Port Harcourt, Rivers State.

He said that the initiative would catalyse no fewer than 500,000 direct and indirect jobs as well as spur investments and create wealth.

‎He said the summit with the theme, “Driving Investment, Innovation, and Industrial Growth in the Niger Delta”, slated for Port Harcourt, would deliberate on investment mobilisation, enterprise growth, industrial expansion, and regional coordination.

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