IIDEA Urges Nigerian Government to Adopt Global Transparency Standards

Folalumi Alaran in Abuja

The International Institute for Democracy and Electoral Assistance (IIDEA) in Nigeria, has advised the federal government to adopt international frameworks, in evaluating nations’ adherence to transparency and compliance standards.

The institute recommends that the anti-corruption sector must go beyond capturing lower-level perpetrators and employ the concept of beneficial ownership of apprehending those who directly benefit from corruption.

The institute however maintained that Nigeria is closer to meeting the threshold required by international authorities on the global practice of beneficial ownership, but might need to turn towards the right direction with the implementation of beneficial ownership information.

IIDEA stated this at the training for competent authorities on the use of Beneficial Ownership Information organized by the International Institute for Democracy and Electoral Assistance (IIDEA) funded by the European Union under the Rule of Law and Anti-Corruption (ROLAC) Programme Phase II in Abuja, yesterday.

Nigerian authorities are mandating every registered company and corporate entity in the country to provide information about the persons who own and control them.

This, they said, is a critical step towards lifting the veil to revealing the true identity of a company’s beneficial owner.

For the Nigeria Financial Intelligence Unit (NFIU), the concept of beneficial ownership, though relatively new in Nigeria, can be strengthened through synergy and collaboration.

Associate Director, Intelligence and Investigation Support, NFIU, Biola Shotunde, said Nigeria is not far behind in ensuring that the veils on the real owners of companies operating in the country are lifted.

Assistant Commander, Asset and Financial Investigation, NDLEA, Ahmed Yero, said the agency is now able to identify the main players of drug trafficking and other related offenses.

He lamented that powerful individuals are sponsoring drug trafficking through syndicate companies, adding that full implementation of beneficial ownership will ensure that those responsible for crimes are arrested.

Yero stated: “A lot of people are making serious money from these things and so, investigations will not be able to get to the main players unless you utilize the beneficial ownership information. Work closely with all the agencies that have been identified to hold that beneficial ownership in Nigeria.

Anti Corruption Program Manager, International IDEA, Emmanuel Uche, said the beneficial ownership register might not necessarily be a magic wand that would eradicate all the anti- corruption issues in the country.

Uche, however, said the effective implementation of beneficial ownership is a very critical step to lift the veil off real owners of corporate entities.