Business
EITI Seeks Stakeholders Commitment To New Standards For The Sector
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
South African pension fund expresses interest in Dangote IPO
Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.
Photo: Aliko Dangote address representatives of South African pension fund, Tuesday May 19, 2026.
Representatives of South Africa’s Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) visited yesterday the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited , and expressed interest in the upcoming Dangote IPO.
The planned IPO is expected to involve the sale of about 10 percent equity in the refinery through what the Dangote Group has described as a pan-African public offering.
Dangote Group , in a statement shared on its official X handle, underscored increasing attention from African institutional investors towards projects considered critical to strengthening energy security, industrial capacity, food systems and regional economic resilience across the continent.
According to the company, African investors and institutions are increasingly looking inward to support large-scale infrastructure projects capable of driving sustainable economic growth and accelerating industrial transformation across the region.
The engagement also comes as the refinery moves closer to its planned Initial Public Offering (IPO), which is expected to open up ownership of the facility to a broader pool of investors across Africa.
The company noted that ongoing engagements with major institutional investors reflect growing recognition of strategic infrastructure as a key driver of Africa’s long-term economic transformation and industrial expansion.
Business
NRS Enforces Unified Tax ID system for all taxable persons in Nigeria
In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.
Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB) commences the implementation of a new Taxpayer Identification (Tax ID) system for all taxable persons in Nigeria.
The agency announced this via a public notice issued on Monday.
NRS said that the initiative is in line with Sections 6, 7 and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in the country to obtain a Tax ID.
The agency explains that taxpayers will now operate with a single tax identity for all tax-related transactions and engagements across the country.
The NRS added that the initiative would simplify tax compliance processes, including registration, tax filing, and payment procedures.
It also noted that the system would improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection.
In addition, NRS said that the Tax ID framework would harmonise taxpayer information across all levels of government.
Business
BOI Secures $200m fresh Loan from AfDB
Dr. Olasupo Olusi, MD/CEO Bank of Industry, said: “BOI is pleased to deepen its long-standing partnership with the African Development Bank through this landmark facility, building on the successful collaboration under the bank’s previous $100 million line to BOI, which was fully repaid in 2025.
The Bank of Industry (BOI) has secured a $200 million sovereign-guaranteed thematic financing facility from the African Development Bank Group for onward lending to enterprises in the industrial sector of the economy including infrastructure and transport, agro-food processing and health.
The facility will also support climate-resilient and low-carbon investments, including renewable energy, energy-efficient industrial processes, climate-smart agriculture, and sustainable infrastructure solutions.
These investments are expected to improve productivity, promote local manufacturing, strengthen healthcare and pharmaceutical value chains, and reduce dependence on imports.
The package is strengthened by a $650,000 technical assistance grant from the Fund for African Private Sector Assistance (FAPA) to boost SME capacity, improve environmental, social, and governance (ESG) practices, support climate-smart initiatives, and enhance BOI’s impact measurement systems.
Dr. Abdul Kamara, Director General of the African Development Bank Group Nigeria Country Department, said the approval demonstrates the Bank’s continued commitment to supporting Nigeria’s private sector and industrial growth ambitions.
Reacting, Dr. Olasupo Olusi, Managing Director/Chief Executive Officer of the Bank of Industry, said: “BOI is pleased to deepen its long-standing partnership with the African Development Bank through this landmark facility, building on the successful collaboration under the bank’s previous $100 million line to BOI, which was fully repaid in 2025.
This new facility will further strengthen our capacity to provide long-term financing to enterprises operating in sectors critical to Nigeria’s economic transformation.
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