Business

EITI Seeks Stakeholders Commitment To New Standards For The Sector

Published

3 years ago

June 17, 2023

442 Views

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

Femi Otedola earmarks $100 million for Dangote Refinery’s IPO

Published

15 hours ago

May 20, 2026

OCHEFA

49 Views

The Chairman of First HoldCo, Femi Otedola, said on Wednesday “From on a personal note, I’ve appealed to him (Aliko Dangote to allocate to me shares worth $100 million private placement, ahead of the Refinery’s initial public offer.”

“That’s one of the reasons I sold my stake in Geregu plant to come and invest my proceeds in the IPO of Dangote refinery.”

Otedola told journalists when he led top executives of First HoldCo on a tour of the refinery and the fertiliser plans in the Lekki free trade zone area.

The team also visited key project sites such as the jetty, a facility built by Dangote industries to receive large vessels.

The private placement is the latest announcement in the refinery’s Initial Public Offering plan, IPO expected later in the year.

Business

CBN Holds Benchmark Interest Rate at 26.5% Amid Renewed Inflation Concerns

Published

20 hours ago

May 20, 2026

Charles Flames

43 Views

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, maintaining the current stance after its two-day meeting that ended on Wednesday, May 20, 2026.

CBN Governor Olayemi Cardoso announced the decision, noting that the committee voted unanimously to hold all key parameters unchanged. The asymmetric corridor around the MPR remains at +500/-450 basis points, the Cash Reserve Ratio (CRR) stays at 45 per cent for commercial banks and 16 per cent for merchant banks, while the liquidity ratio is retained at 30 per cent.

The hold comes as headline inflation rose for a second consecutive month to 15.69 per cent in April 2026, up from previous levels, driven largely by food inflation at 16.06 per cent and higher transportation costs. Cardoso emphasised the need for a cautious and vigilant approach to anchor inflation expectations and safeguard macroeconomic stability.

This decision aligns with analysts’ expectations ahead of the 305th MPC meeting and follows the first rate cut in years implemented in February 2026, when the MPR was reduced by 50 basis points to the current 26.5 per cent.

The CBN Governor highlighted ongoing reforms, exchange rate stability, and efforts to improve food supply as factors supporting the disinflation process, even as global and domestic risks persist. The next MPC meeting is expected in July.

The retention signals the apex bank’s priority on taming inflation while monitoring the impact of previous policy actions on the broader economy.

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.

Published

1 day ago

May 20, 2026

OCHEFA

45 Views

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.

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.