Business

EITI Seeks Stakeholders Commitment To New Standards For The Sector

Published

2 years ago

June 17, 2023

190 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

How To Maintain Electricity Availability in 2026 – CPPE

Dr Yusuf emphasised that the rising power sector debt currently at about ₦4 trillion, is fiscally unsustainable without deeper structural corrections, improved transparency, and gradual but credible reform implementation.

Published

2 hours ago

December 15, 2025

OCHEFA

22 Views

The Centre for the Promotion of Private Enterprises (CPPE) has recommended policy interventions necessary to maintain power availability for households and businesses in 2026.

CPPE in its policy brief on Power Sector, released on December 14, 2025, noted that Nigeria’s power sector remains one of the most challenging areas of the country’s economic reform agenda.

Dr Muda Yusuf , its CEO, noted :” Despite multiple reform efforts over the years, the sector continues to face deep structural, financial, and governance challenges.

These challenges are multi-dimensional, spanning political economy constraints, tariff distortions, weak investor capacity, transmission bottlenecks, and a persistent liquidity crisis across the value chain.”

CPPE, he said, therefore calls for decisive action by the government through the industry’s regulators , the GENCOs and the Discos, to address structural inefficiencies, improve governance, and ensure fiscal discipline.

“A balanced approach—combining short-term government support with medium- to long-term structural reform—is essential to building a financially viable, reliable, and inclusive power sector that can support Nigeria’s economic growth and development,” said Dr Yusuf.

Business

BUA Group’s Long Service Awards: Rabiu Splashes N30bn on Staff (Video)

Five employees received N1 billion ($691,000) each, while another five were awarded N500 million ($345,000). Several others went home with N100 million ($69,000), and dozens more received sums ranging from N5 million ($3,450) to N20 million ($13,810), ensuring the rewards extended beyond senior staff and reflected the breadth of the workforce.

Published

1 day ago

December 14, 2025

OCHEFA

34 Views

•Abdul Samad Rabiu

Abdul Samad Rabiu, the Chairman of BUA Group, on Saturday, Dec. 13, 2025, shared $20.7 million (about N30 billion )in cash rewards to staff for their long -service and loyalty across the conglomerate.

The payouts were announced at the BUA Night of Excellence Long Service Awards held at Eko Hotel & Suites in Victoria Island, Lagos.

The annual event, which brought together staff across BUA Group and its subsidiaries, was designed to recognize years of service, loyalty and day-to-day contributions that often go unnoticed outside company walls.

At the ceremony, Rabiu approved cash awards spanning multiple levels of the organization.

The awards build on a pattern that employees say has become familiar at BUA.

See video below:

https://www.facebook.com/share/v/1Q3DRwXpFk

Business

GTCO Unveils First-Ever Holiday Edition of Food & Drink Festival, Scheduled for December 20–21, 2025

Published

2 days ago

December 13, 2025

Charles Flames

33 Views

Guaranty Trust Holding Company Plc (GTCO Plc) has launched the inaugural Holiday Edition of its renowned GTCO Food & Drink Festival, Africa’s largest culinary event.

The two-day festival is scheduled for December 20 and 21, 2025, at the GTCentre in Oniru, Victoria Island, Lagos.

This special edition marks a festive expansion of the annual festival, blending African culinary excellence with family-oriented holiday experiences and support for small businesses.

Unlike previous editions, it shifts focus from chef masterclasses to immersive attractions tailored for the holiday season.

Segun Agbaje, Group Chief Executive Officer of GTCO Plc, highlighted the event’s significance: “The GTCO Food & Drink Festival is a powerful platform that aligns with our mission to fuel enterprise, promote African creativity, and connect communities through meaningful lifestyle experiences.

The Holiday Edition gives us an exciting opportunity to celebrate the festive season while supporting thousands of food entrepreneurs who form the backbone of our economy.”

Record-Breaking SME ParticipationTrue to its commitment to empowering local businesses, GTCO continues its free vendor participation model.

For this edition:

– Over 4,000 applications were received.

– 213 Nigerian-owned food SMEs were selected—nearly double the number from recent editions.

– Vendors will offer diverse, affordable culinary options, providing a high-traffic platform to boost visibility and sales during the holidays.

The surge in participation highlights the festival’s role in driving SME growth and inclusive economic development.

The 2025 Holiday Edition introduces tailored attractions:-

**Christmas Village**: A curated marketplace with handcrafted gifts, seasonal delicacies, artisanal products, and holiday entertainment.

– **Large Children’s Play Zone**: Immersive games and activities for families.

– **Street Food Hub**: Showcasing Nigeria’s vibrant street food diversity.

– **Live Entertainment**: High-energy DJ sets from top Nigerian performers.

The event aligns with GTCO’s corporate social responsibility goals, promoting community impact, SME support, and Nigeria’s creative economy.