Business

EITI Seeks Stakeholders Commitment To New Standards For The Sector

Published

3 years ago

June 17, 2023

222 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

Geregu power plant : Otedola sells majority shares to MA’AM Energy Limited for $750 million

Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share and remains one of the most capitalised and profitable firms on the Nigerian Exchange.

Published

19 hours ago

December 30, 2025

OCHEFA

37 Views

• Femi Otedola

Femi Otedola has sold out his majority shares in Geregu Power Plc to an indigenous firm, MA’AM Energy Limited, an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading and marketing.

The deal is valued at $750 million deal.

The power plant uploaded the filing on the Nigerian Exchange (NGX) website.

According to the details cited, the transaction was consummated through the sale of Otedola’s 95 percent stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited.

According to the NGX filing, Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power, has undergone a significant restructuring of its ownership.

The document confirms that “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Otedola “has been transferred to MA’AM Energy.”

The transaction, which closed yesterday, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.

While the sale involved Otedola’s stake in Amperion, Geregu Power clarified that this “does not involve the direct sale or transfer of shares of Geregu Power Plc,” meaning the company’s public shareholding structure on the NGX remains unchanged.

Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share and remains one of the most capitalised and profitable firms on the Nigerian Exchange.

Business

2026: CPPE foresees stronger growth for Nigerian economy, people and businesses

Dr Muda Yusuf, the CEO of CPPE, stressed that the periodic marginal appreciation of the Naira, strengthened business confidence, eased imported inflation and restored predictability to pricing, contracting and investment planning.

Published

2 days ago

December 29, 2025

OCHEFA

42 Views

• Dr Muda Yusuf, the CEO of CPPE

The Centre for the Promotion of Private Enterprise (CPPE), has described 2025 as “a year of macroeconomic stabilisation,” for Nigeria; projecting that the economy will in 2026, transition more decisively from stabilisation to growth.

CPPE, in its review of the outgoing year, noted : ” The year 2025 marked a significant turning point in Nigeria’s macroeconomic trajectory following the turbulence associated with the early phase of the government reforms.

“Exchange-rate stability emerged as the most visible achievement, with the naira largely trading within the ₦1,440–₦1,500/US$ band.”

“Inflation decelerated sharply from 24.48 percent in January to about 14.45 percent by November 2025.

The slowdown was supported by currency stability, easing logistics pressures and improving supply conditions.

Several food items and imported consumer goods recorded outright price declines, contributing to improved consumer sentiment and reduced price volatility.”

Given the above, Dr Yusuf said that overall, 2025 laid a solid foundation of macroeconomic stability.

He said : ” The outlook for 2026 is reassuring, with expectations of stronger growth, easing inflation, improving investor confidence and a gradual shift toward more inclusive expansion.

He emphasised that if reform momentum is sustained and security challenges are effectively addressed, 2026 could mark the beginning of a more robust growth phase with tangible improvements in living standards.

Business

Nigerians consume 1.236 million terabytes mobile data Nov’25– NCC

The NCC said that seasonal factors, including holiday promotions and increased online activity, likely boosted November’s marginal rise over October.

Published

2 days ago

December 29, 2025

OCHEFA

81 Views

The Nigerian Communications Commission (NCC) says that Nigerians consumed 1.236 million terabytes (1.24 petabytes) of mobile data in November 2025, a slight increase from October’s estimated 1.235 million TB.

NCC, in the November data reports, said ” Data usage climbed progressively from lower levels earlier in the year, around 983,000 TB in April amid post-tariff adjustments, to crossing the 1 million TB threshold by mid-year. June saw 1.044 million TB, July surged to 1.131 million TB (then hailed as a record), and August reached 1.152 million TB,” said the NCC.

According to the records, month-on-month gains averaged 1.8 percent in the second half, driven by recovering subscriptions, expanded 4G coverage, and insatiable appetite for video streaming, social media, and fintech services. This all-time high reflects Nigeria’s deepening digital integration.

MTN and Airtel, controlling over 85 percent of the market, benefited most, with users averaging higher per-subscriber consumption – MTN at around 13 GB monthly and Airtel nearing 10 GB.

The NCC said that seasonal factors, including holiday promotions and increased online activity, likely boosted November’s marginal rise over October.

Broader metrics reinforce the boom: Internet subscriptions hit 144.8 million in November, while broadband penetration reached 50.58 percent (109.7 million high-speed connections), up sharply from 45.61 percent in January. Active telephony lines rebounded to 177.4 million, adding 2.1 million month-on-month, pushing teledensity to 81.8 percent.