Views: Visits 8 By Obas Esiedesa – Abuja THE Nigeria Extractive Industries Transparency Initiative, NEITI, has said that it will be working with the Corporate Affairs Commission, CAC, to identify, document and disclose the real owners of Nigeria’s oil, gas and mining assets under the country’s implementation of Beneficial Ownership policy of the global extractive industries transparency initiative. NEITI in a statement by Head, Communications and Advocacy, Obiageli Onuorah on Sunday disclosed that the decisions were taken at a meeting between the management of the two agencies in Abuja. Mrs. Onuorah in the statement said the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji described the CAC “as a dependable ally in Nigeria’s implementation of the global EITI’s beneficial ownership disclosure requirements”.
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NEITI, CAC partner to check tax evasion, terrorism financing
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By Obas Esiedesa – Abuja
THE Nigeria Extractive Industries Transparency Initiative, NEITI, has said that it will be working with the Corporate Affairs Commission, CAC, to identify, document and disclose the real owners of Nigeria’s oil, gas and mining assets under the country’s implementation of Beneficial Ownership policy of the global extractive industries transparency initiative.
NEITI in a statement by Head, Communications and Advocacy, Obiageli Onuorah on Sunday disclosed that the decisions were taken at a meeting between the management of the two agencies in Abuja.
Mrs. Onuorah in the statement said the Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji described the CAC “as a dependable ally in Nigeria’s implementation of the global EITI’s beneficial ownership disclosure requirements”.
Dairy company, FrieslandCampina WAMCO Nigeria Plc, makers of premium milk brands – Peak, Three Crowns, Coast, Nunu and Olympic has reported a turnover of N199.5 billion. This was announced at its 48th Annual General Meeting in Lagos.
Speaking at the AGM, the Chairman, Mr. Moyo Ajekigbe said, “the challenging operating environment in 2020 notwithstanding, the company’s commercial and financial performance for the year showed considerable improvement compared to the previous year. Turnover increased by 23 per cent in 2020 to N199.5billion from N161.8billion in 2019. This was due to a combined effect of organic and inorganic growth following the acquisition of Nutricima’s dairy business. Profit Before Tax however decreased by 20.3 per cent from N18.8 billion in 2019 to N14.9 billion in 2020 as a result of high input costs and naira devaluation impact.”
FG tasks Financial Reporting Council on accounting standards
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The Federal Government has urged the new Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Alhaji Adamu Ahmed, to enhance accounting standards in accordance with its Act.
Otunba Adeniyi Adebayo, Minister of Industry, Trade, and Investment, while inaugurating the executive secretary on Thursday in Abuja, urged the FRCN to achieve its mandate as specified in section eight of its Act by enforcing standards.
The minister, in a statement by his Special Assistant on Media, Mr Ifedayo Sayo also charged the council to advise the Federal Government on accounting and financial reporting standards.
James Emejo in Abuja
The newly appointed Executive Secretary/Chief Executive, Financial Reporting Council of Nigeria (FRCN), Alhaji Shuaibu Ahmed, yesterday said, he is committed to the enforcement of accounting standards, supervision and collaboration with regulatory supervisory bodies including the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and the National Pension Commission (PenCom).
He also listed the Corporate Affairs Commission (CAC) and National Insurance Commission (NAICOM) as other priority institutions to be assessed during his regime.
He spoke during his inauguration by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, in Abuja.
The minister, had earlier tasked the FRCN boss on the need to develop a sound accounting and financial reporting standards in accordance with the Act establishing the council.