FG collaborating with UK to end anonymous company ownership, says Malami SAN

THE Federal Government is working with the United Kingdom (UK)
to end the practice, where companies are registered with fictitious
or anonymous identities.

Minister of Justice and Attorney General of the Federation (AGF)
Abubakar Malami (SAN), who spoke in Abuja yesterday, said the step
was necessary because such companies with hidden owners have become
tools for capital flight and illicit financial flows.

He said the Federal Government was working with the UK
authorities through the Corporate Affairs Commission (CAC) to
ensure that the issue is effectively addressed.

Malami also said the government has made progress in its effort
to establish a public register of beneficial owners of
companies.

The AGF said there was already in place a Memorandum of
Understanding on the “co-monitoring” of the spending of the funds
looted from the Nigerian treasury by the late former Head of State,
Gen. Sani Abacha, and recently repatriated from Switzerland.

Malami spoke through the Permanent Secretary and
Solicitor-General of the Federation, Dayo Apata, who addressed a
news conference on the recent election of Nigeria into the ‘global
steering committee’ of the Open Government Partnership.

He said by virtue of its election, Nigeria will now serve
alongside France, Argentina and Romania for a period of three
years, beginning from October 2018.

The AGF said the effort by Nigeria to end the era of anonymous
company ownership was part of the implementation of activities
agreed in the National Action Plan created by government while
working with non-state actors and civil society organisations.

Malami said apart from the effort towards establishing public
register of beneficial owners, a new legislation that would ensure
that data was made available to the public had been sent to the
National Assembly.

He said the law “should become enforceable before the end of the
year 2018”.

The AGF said: “As many of you are aware, government has made
significant efforts in asset recovery.

“A recent Memorandum of Understanding on the co-monitoring of
the expenditure of Abacha loot repatriated from Switzerland has
been described by stakeholders as model for other countries on how
best to transparently utilise looted fund when they are returned to
their countries of origin.

“This is in line with our deliberate policy to have clear and
transparent guidelines for managing all recovered assets in line
with the anti-corruption commitments in the National Action
Plan.”

Also speaking, the Special Assistant to the President on Justice
Reform, Mrs. Juliet Ibekaku, said stolen public funds recovered by
the Federal Government were being paid into a dedicated account
with the Central Bank of Nigeria (CBN), which in turn, transfers
such funds into the Federation Account, from where they are
utilised to fund the budget.

THE Federal Government is working with the United Kingdom (UK)
to end the practice, where companies are registered with fictitious
or anonymous identities.

Minister of Justice and Attorney General of the Federation (AGF)
Abubakar Malami (SAN), who spoke in Abuja yesterday, said the step
was necessary because such companies with hidden owners have become
tools for capital flight and illicit financial flows.

He said the Federal Government was working with the UK
authorities through the Corporate Affairs Commission (CAC) to
ensure that the issue is effectively addressed.

Malami also said the government has made progress in its effort
to establish a public register of beneficial owners of
companies.

The AGF said there was already in place a Memorandum of
Understanding on the “co-monitoring” of the spending of the funds
looted from the Nigerian treasury by the late former Head of State,
Gen. Sani Abacha, and recently repatriated from Switzerland.

Malami spoke through the Permanent Secretary and
Solicitor-General of the Federation, Dayo Apata, who addressed a
news conference on the recent election of Nigeria into the ‘global
steering committee’ of the Open Government Partnership.

He said by virtue of its election, Nigeria will now serve
alongside France, Argentina and Romania for a period of three
years, beginning from October 2018.

The AGF said the effort by Nigeria to end the era of anonymous
company ownership was part of the implementation of activities
agreed in the National Action Plan created by government while
working with non-state actors and civil society organisations.

Malami said apart from the effort towards establishing public
register of beneficial owners, a new legislation that would ensure
that data was made available to the public had been sent to the
National Assembly.

He said the law “should become enforceable before the end of the
year 2018”.

The AGF said: “As many of you are aware, government has made
significant efforts in asset recovery.

“A recent Memorandum of Understanding on the co-monitoring of
the expenditure of Abacha loot repatriated from Switzerland has
been described by stakeholders as model for other countries on how
best to transparently utilise looted fund when they are returned to
their countries of origin.

“This is in line with our deliberate policy to have clear and
transparent guidelines for managing all recovered assets in line
with the anti-corruption commitments in the National Action
Plan.”

Also speaking, the Special Assistant to the President on Justice
Reform, Mrs. Juliet Ibekaku, said stolen public funds recovered by
the Federal Government were being paid into a dedicated account
with the Central Bank of Nigeria (CBN), which in turn, transfers
such funds into the Federation Account, from where they are
utilised to fund the budget.