LIRS Chief Clarifies Stamp Duty, Says It’s Revenue Stamp, Not Postage Stamp
The Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service, LIRS, Mr Tokunbo Akande has clarified the misunderstanding about stamp duty as he maintained that it is a revenue stamp and not a postage stamp.
Akande made this known, while featuring as a guest on The Tax Talk programme on Channels Television recently.
He said contrary to public opinion, stamp is not just for courier services as it is meant to certify the underlying transaction between two entities, whether they are corporate entities or individuals, thus, the framework for stamp duty is to verify the documents for underlying transactions and ensure that they are admissible in court in case any disputes arise.
Akande noted; “It’s interesting to note that stamp duty, a tax law that dates back to 1939, is still in effect today. Although it was reenacted in 2004 and has been updated over time through the finance act, the basic premise remains the same.
“Stamp duty places the responsibility on those involved in certain transactions to provide documentation that explains the details of the transaction. For example, if someone purchases an item from another person, a receipt is given to show the transaction. This receipt must be stamped to be considered admissible evidence in court in case any disputes arise. In the past, the postal stamp was used to denote the stamp duty.”
Akande, who noted that Stamp duty has contributed significantly to revenue generation in Lagos State, as the state has generated over N5 million from stamp duty over the past few years, said the agency believes there is still room for improvement.
While stating that the agency is considering the introduction of revenue stamps for wholesalers and distributors for receipts over N10,000 in the state, he noted; “This approach was previously utilized in the 1970s, and we are eager to revitalize it. We are fully committed to engagement and process improvement.
He said the agency has taken the step of digitizing its stamp duty operation by transitioning from manual to electronic processes.
According to Akande, “The Joint Tax Board (JTB), which oversees all Internal Revenue Services (IRSs), the Federal Inland Revenue Service (FIRS), customs, immigration, and other related bodies, has been at the forefront of promoting awareness about stamp duty in general.
“LIRS (Lagos State Internal Revenue Service) has also made significant efforts in this area by holding town hall meetings, issuing public notices and guidance notes, and engaging with professional bodies. However, despite these efforts, the message has not been fully received. It is important to note that the law requires that all transactions between two entities must be stamped, and even items such as cheques have a small stamp on them. This is because they may be admissible in court. Therefore, it is your responsibility to ensure that any documents related to transactions above a certain level of expenses are properly stamped, as failure to do so renders them as ordinary paper.
He said LIRS has expanded its presence across various states, with offices conveniently located to better serve taxpayers as its officials are proud to offer assistance with legal proceedings and have desks located in all the courts of Lagos.
“Our team of experts ensures that all necessary documents are properly stamped and verified by the commissioner for stamp duty. We take record-keeping seriously, as it helps to ensure the authenticity of all documents that pass through our hands. Proper stamping of documents is essential, whether you’re borrowing money from a bank or renting a property. Failure to do so could render them inadmissible in court. We are here to help certify your documents and ensure they have the necessary stamps to make them legally binding,” Akande submitted.
Invest in productive, skilled and effective labour force to drive industrial growth and development – Antonio Pedro
New York, 22 September 2023 – The Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro, has challenged African countries to invest in industrial skills critical for driving Africa’s industrial growth and economic development.
In an address at the sixth High Level event on the Third Industrial Development Decade for Africa (IDDA III) held on the sidelines of the 78th United Nations General Assembly, Mr. Pedro lamented the continent’s “serious short of industrial skills and professional capacity needed to achieve sustainable development.”
“Tackling the skills shortage challenge in Africa requires investing in education and technical and vocational training programs tailored to the needs of the industrial sector to harness the continent’s abundant natural resources and labour force more effectively; skills development does not happen in a vacuum,” he stressed.
The SDG-9 on industry, innovation and infrastructure is key for achieving the twin 2030 Agenda and the African Union’s Agenda 2063.
Held on the theme, Positioning Africa’s industrial skills development, deployment and Retention: Accelerating Manufacturing, the High Level event, was organized by the African Union Commission, UNIDO and the ECA. The event was aimed at taking stock of the progress made on the IDDA III and the Accelerated Industrialization Development for Africa (AIDA). Key collaborators involved in the event included the International Labour Organization, Afreximbank, the Africa Capacity Building Foundation, the African Business Council, and The Tony Elumelu Foundation.
The High-Level event was an opportunity for stakeholders on Africa’s industrialization to exchange ideas on how best to position industrial skills development for the acceleration of Africa’s manufacturing, in critical, value-adding sectors. Besides, the participants discussed ideas to effectively upscale, deploy and retain Africa’s labor force using best international labor practices.
Knowing and addressing the skills gap in Africa
“While the skills shortage and the importance of prioritizing skills development in Africa is widely acknowledged, hard data on the topic is limited”, said Mr. Pedro, adding that, “This needs to be addressed starting with the undertaking of skills gap assessments at the macro and sectoral level.”
He added that limited funding of Technical and Vocational Education Training (TVET) and Higher Education by African governments and Development Partners remains a challenge and called for better consultations between governments, businesses and educational institutions to improve the outcomes of resource allocation to skills development.
According to Mr. Pedro, Africa can build on existing initiatives and scale them up to trigger transformational change. As an example, the ECA recently signed a five-year collaboration agreement with the University of Johannesburg to develop an 18-month Master of Philosophy in Industrial Policy programme.
The programme aims to build human resource capacity in specialized industrial policy on the continent and to equip its students with the ability to support African governments in prioritizing and developing industrial policy in national development plans and long-term national visions.
“For the continent to create a comprehensive and adaptive skills pool, certain prerequisites, such as improved budget allocation for education and targeted technical training, as well as ensuring an enabling policy environment, need to be prioritized,” said Mr. Pedro.
Capacity substitution through technical assistance and use of external contractors, service providers, and other forms of capacity acquisition allows industrial skills to be mobilized quickly for project start-ups.
“It is vital that African countries take steps to transfer essential skills that are critical for strategic sectors,” he said, urging for the implementation of strategies and practical measures to safeguard and retain essential indigenous skills.
“The prosperity of a country depends on a productive labour force, which in turn rests on the skills they have and the effectiveness with which they deploy them,” he said.
The ECA Acting Executive Secretary recommended that African countries should integrate the rich talent, creativity, and entrepreneurship into the formal economy. At the same time countries must provide mentorship, training, and technical assistance to enable those in the informal sector to contribute to the formal skills pool.
At Unstoppable Africa, Antonio Pedro makes strong push for industrialization and energy transition through critical minerals
New York, 22 September 2023 (ECA) – Africa must fully exploit its abundant critical mineral resources to accelerate sustainable industrialisation and clean energy transition, the Economic Commission for Africa (ECA) Acting Executive Secretary, Antonio Pedro, has urged leaders at a business summit on the side-lines of the United National General Assembly in New York.
Speaking at a panel discussion on “Extractives, Batteries, Electric Cars: Powering Tomorrow, Today” hosted by the Global Africa Business Initiative (GABI) Mr. Pedro noted that Africa should benefit from its critical mineral resources through fair value creation to ensure that “our resources are used to promote resource driven industrialization to create jobs and enable countries to go up the value chain.”
GABI’s Unstoppable Africa is an African private sector-led platform that aims to galvanize leaders across key sectors to invest in Africa – bridging the gap between global investors and Africa’s vibrant, emerging sectors. The two-day event is co-convened by the United Nations Deputy Secretary General, Amina J. Mohamed and the Chairperson of the African Union, Moussa Faki Mahamat on the sidelines of the United Nations General Assembly in New York. The event brings together Heads of State, Ministers, investors and UN leaders, joined by stars in music, sport and film for an exclusive two-day forum on Africa’s future.
The session, organized with the aim of elevating Africa’s prominence in the global economy and positioning the continent as the premier destination for business, trade, and investment, explored Africa’s pivotal role in the burgeoning landscape of electric cars and sustainable energy and discussed the continent’s capability for innovation and leadership in these sectors. Despite Africa being endowed with an array of minerals from copper, magnesium, nickel and cobalt, the continent has not been able to make energy transition.
Mr. Pedro said that enabling policies and incentives are important in boosting investment in the value addition of critical minerals.
Ms. Oluranti Doherty, Director of Export Development at the Afreximbank said that African countries need to take ownership and leadership in the development of their mineral resources.
Underlying Afreximbank’s commitment to promoting an inclusive battery and electric vehicle value chain, Ms. Doherty said the bank is promoting industrialization on the continent and is facilitating the development of Special Economic Zones in Zambia and the DRC.
“Following the signing of the framework agreement between the DRC, Zambia, ECA and Afreximbank for financial and technical assistance, we have put together USD1 million to support the preparation of the prefeasibility study for the creation of special economic zones in these countries,” Ms. Doherty said.
A study by BloombergNEF identifies DRC as an attractive location for the manufacturing of sustainable battery precursors as it has abundant cobalt resources and hydroelectric power.
The study promoted by the ECA, Afreximbank, the African Development Bank, the Africa Finance Corporation, the Arab Bank for Economic Development in Africa (BADEA), the African Legal Support Facility (ALSF), and the UN Global Compact, noted that the battery precursors to be produced in the DRC would be cheaper, environmentally sustainable and competitive than material produced in China.
According to M. Pedro, the value addition of critical minerals and the boom in electric vehicle demand currently represent a $7 trillion market up to 2030 and $46 trillion by 2050. The DRC produces over 70% of the world’s cobalt. Together with Zambia, it also supplies 10% of global copper. Moving the DRC one step up on the electric battery value chain could increase the $11 billion in mining proceeds to $270 billion.
Speaking at the same panel, Brian Menell, Chair and CEO, TechMet Ltd noted that Africa has a massive opportunity to be at the forefront of the critical minerals supply for the energy transition and Africa’s development.
“Africa has the mineral resources for local beneficiation and with the value addition benefiting local communities, investors are keen to forge partnerships with African governments to enable competitiveness of what is produced, ensuring high standards on sustainability, governance and transparency”, he said.
The United States is advancing critical minerals partnerships in Africa and is supportive of value addition as a shift from the extractive model of the past. In December 2022, the US signed an MoU with the governments of the DRC and Zambia for the value chain development in critical minerals through processing and manufacturing.
Oluremi Tinubu is a First Lady made for Nigeria’s present challenges, says Omo-Agege
Former Deputy President of the Senate, Senator Ovie Omo-Agege, has described the First Lady, Senator Oluremi Tinubu as as a woman that came equipped for the challenges of the office.
In a message on the 63rd anniversary of her birthday, Omo-Agege said her stature, political acumen and management capacity can only be compared to those one-time American First Lady, Mrs. Hilary Clinton who was a pillar of support for her husband, President Bill Clinton.
“From her sterling political consciousness and active role while President Tinubu was Lagos governor to becoming a federal lawmaker in Nigeria’s apex legislative chamber, the Senate, our First Lady garnered invaluable experience that Nigeria sorely needs as the President squares up to the task of returning the country to the path of sustainable growth,” Omo-Agege who is also the governorship candidate of the All Progressives Congress (APC) in Delta State said.
In a statement issued by Mr. Sunny Areh, his Media Adviser, Omo-Agege stated that like other great First Ladies in other climes, Mrs. Tinubu’s calm mien, experience and vision will come in handy in building a great Nigeria.
“Our country is lucky to have Senator Oluremi Tinubu as First Lady at this crucial time of our political and economic trajectory. She represents strength, visionary leadership, greatness and fight for democracy,” attributes, he stated are needed in the onerous task of rebuilding the country.
He wished her excellent health and more wisdom from God in the days ahead.
Signed:
Sunny Areh
Media Adviser to Senator Ovie Omo-Agege
OPEN LETTER TO FIRST LADY FROM MR. PRESIDENT
Happy 63rd birthday to the love of my life, Oluremi.
My trusted partner in every venture, and the one special person who has consistently filled my days with joy and laughter over 36 amazing years.
Today is not only a day to mark another year of your purposeful life but a beautiful reminder of the journey we have embarked upon together.
Through all these years, we have shared in the uncertainty of dangerous, but principled stands against tyranny. Many can not fully appreciate the sacrifices you made for us during that harrowing, dark era, but I do and always will.
We have experienced adventure, love, and laughter. We have celebrated victories, and we have wrestled down the monster of defeat, and we have done all in an inextricable bond.
Our bond has only grown stronger through thick and thin, and our love and commitment to each other has only deepened with time.
Thank you for being the ever-present sunshine that brightens my darkest hours.
Your kindness, your wisdom, and your inner and outer beauty continue to amaze me more each and every day.
As we celebrate your birthday, I want you to know how profoundly grateful I am for your serene presence in my life.
I look forward to many more years filled with even greater laughter and love as we continue on this path together, which God Almighty had predestined for us.
May the Good Lord, whom you serve with all your heart, continue to bless you with good health and longevity.
Happy birthday, Iyawo Mi!
Love always,
Bola
PRESIDENT TINUBU TO UN SECRETARY-GENERAL: WE MUST NOT USE HUMAN RIGHTS ADVOCACY AS A WEAPON TO STOP AFRICAN NATIONS FROM TAKING STEPS NEEDED TO REFORM THEIR ECONOMIES
President Bola Tinubu asserted, on Wednesday in New York, that African nations will no longer accept a situation in which human rights advocacy is used by wealthy and powerful nations to stop developing economies from dealing decisively with malign actors who illicitly siphon and smuggle out the continent’s vast mineral resources while smuggling in western-made weapons, which enrich the wealthiest economies in the world at the parasitic expense of African stability and wealth creation.
The President said this while meeting with United Nations Secretary-General, António Guterres, at his UN Headquarters Office in New York City.
“We are facing the great challenge of scavengers ravaging our lands and oppressing our people on illegal mines—taking our gold and mineral wealth back to developed economies by stealth and violence against Nigerians. Where one’s human right ends, the rights of another begin. Most especially for self-protection. If we fight, they say ‘human rights,’ but we will now be aggressive and we will question motives. We will stop what is happening in our land. We require your effective collaboration,” the President firmly stated.
The Nigerian leader noted that the United Nations must transform from being one of the world’s foremost talkshops to discuss global issues into becoming the world’s foremost action coordination center, saying that a situation in which 70% of the resources being devoted to the world’s poorest countries are being spent and sent back out on overheads and administrative costs, will defeat the purpose and objectives of the organization where help is needed most.
“The poverty ravaging our continent and the question of security and counter-terrorism requires us to work in close and effective synergy. The world will ignore Nigeria at its own peril. If we engage in talkshops as real challenges wreak real havoc in real time, we will fail. The time to strike is now. The time to achieve real results is now. I fought for democracy. I was detained for democracy. I am now President and I am determined to prove that democracy can provide the development that our nation and our continent so urgently demands.
“Trace those of us here to our foundations and you will find that we have ties and links with poverty. We must not be ashamed of that history, but poverty is unacceptable. I am one of the lucky survivors of gripping poverty. Nigeria is truly a giant. 240 million people and counting with a massive youth population. We are done saying too much. We seek much action. We have arisen out of poverty as individuals, but until our people have arisen out of that, we will not rest, even if it requires decisions at home that make me temporarily unpopular,” the President affirmed.
In response, the UN Secretary-General emphasized that the UN system is in the process of real reform that will largely address some of the institutional frailties and lack of decision-making power for the developing world, on whose behalf more than 75% of UN resources are accrued.
“We now recognize the need to reform the institution to represent the world as it is today. The questions of debt and SDRs. The fact that middle-income countries have only marginal access to concessional funding. In the SDGs Summit, we believe we have a growing political consensus and now, a declaration, in this regard. We are pursuing this with great determination,” the UN Secretary-General said.
The UN Secretary-General further assured President Tinubu of the fullest support of the UN system for ECOWAS in light of the series of military coups which have occured in the West African sub-region in the past few months and years.
“Mr. President, we have high expectations for your presidency after the many bold steps you have taken. Nigeria is an indispensable voice in the sub-region. We will give you every support needed for your success to be achieved. Your success is Africa’s success and we wish you well,” the UN leader concluded.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
September 21, 2023
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU BECOMES SECOND NIGERIAN LEADER TO RING CLOSING BELL AT NASDAQ; WOOS LARGE SCALE INVESTMENT AT THE NIGERIA-U.S. EXECUTIVE BUSINESS ROUNDTABLE
In honour of President Bola Tinubu’s determined global push to aggressively attract foreign direct investment into Nigeria, the world’s second largest stock exchange, the National Association of Securities Dealers Automatic Quotation System (NASDAQ), on Wednesday in the world’s financial capital, invited President Tinubu to ring the closing bell, making him the first Nigerian President to ever receive the honour.
The President, surrounded by Nigerian business leaders and officials of the Nigerian Stock Exchange, in trademark fashion, did not fail to seize the opportunity presented by the historic moment to boldly advance his foreign investment push as he stood, live, in front of financial markets at the famous stock exchange.
“It’s a great honour for me to be here. I am happy to bring Nigeria to your doorsteps and I am honoured that we are here today with a bubbling Nigerian stock market that will evolve in the West African sub-region. The greatest economy in Africa is Nigeria, there is an immense opportunity in Nigeria where you can invest your money without fear,” the President said.
The President noted that his government continues to address longstanding problems and impediments, such as his work to restore and unify the foreign exchange rate market to a stable and trustworthy level, allowing new investors to seamlessly bring their money into the country, free of worries about whether or not they can take their money out at any point in time.
“You’re free to take in your money and bring out your money. I count on you to invest in Nigeria,” the President exclaimed under the lights.
At the Nigeria-U.S. Executive Business Roundtable held just after the closing bell, President Tinubu assured prospective investors that while he recognizes that investment capital is cowardly in nature, he intentionally brought successful Nigerian industrialists and public officials to share their experiences and operational plans respectively, in addition to all that he has already done to boost the confidence of the global investment community in Nigeria’s presently reforming fiscal, monetary, regulatory and tax policy environment.
“Nigeria is an opportunity that is impossible to replicate or find elsewhere in any part of the world. We have brilliant young people who both innovate and consume at a large scale. Our entrepreneurial spirit is a major part of what makes our market totally unique, aside from demography. Nigerians build businesses and Nigerian businesses partner with other businesses to conduct larger business. There is enough value to spread around. Be careful of what you hear about Nigeria. You may be dissuaded out of a major opportunity that others will take up. We are here for you. We will give you all the support you need to succeed and succeed abundantly,” the President assured the roundtable as he pointed out cabinet officials.
On behalf of the U.S. Government, U.S. Deputy Treasury Secretary, Wally Adeyemo, told U.S. business leaders that he was just a few hours removed from arriving in New York from Lagos, Nigeria, where he was on an official visit that later became a fact-finding mission.
“In Lagos, I saw first hand some of the major reforms you implemented as the Governor of Lagos and the transformative effect it has had on Nigeria’s commercial capital. People have attested to the fact that the reforms you have put in place as President are quickly enhancing confidence. American business is paying attention to that and from what we have seen for ourselves, Nigeria is proving to be a new frontier for investment. We will encourage our companies from our end as those reforms continue to deepen,” Mr. Adeyemo said.
The American Business Council President, Mr. Sops Ideriah, said that the extensive turnout at the roundtable by American Business Chief Executives served as a testament to the degree to which confidence is rising in response to the actions and words of President Bola Tinubu’s administration with respect to ease of business, investment promotion, and his willingness to personally intervene where required to ease the historical concerns of American business people about doing business in Nigeria.
“Having all the stakeholders in the room, His Excellency the President of Nigeria being here, from government actors at the federal and state level to ministers and tax authorities present, as well as private sector industrialists in Nigeria. We are very positive about the potential of Nigeria and we are just reinforcing to our colleagues the message about the economic opportunities that exist there,” Mr. Ideriah said.
Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, assured the American Captains of Industry that under the leadership of President Bola Tinubu, the nation’s apex tax authority will be focusing its efforts not on taxing the seed, but only on the proportionate taxation of the fruit of fully formed industry, through efficient policy synergy with Nigeria’s sub-national authorities.
“The President is a business enabler, not a handicapper. Everything we do will be geared toward making your tax assessment and payment processes as digitally efficient and transparent as possible. We are not after the seed, but the fruit and we will keep to this commitment,” Nigeria’s new tax boss affirmed.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
September 21, 2023
Probe missing $15bn, N200bn of oil revenues, SERAP tells Tinubu
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to “set up a presidential panel of enquiry to promptly probe the grim allegations that over US$15 billion of oil revenues, and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI).”
SERAP urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as the full recovery of any proceeds of crime.”
SERAP also urged him “to fully implement all the recommendations by NEITI in its 2021 report, and to use any recovered proceeds of crime.”
In the letter dated 23 September 2023 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. Taking these important measures would end the impunity of perpetrators.”
SERAP said, “As President and Minister of Petroleum Resources, your office ought to be concerned about these damning revelations, by getting to the bottom of the allegations and ensuring that suspected perpetrators are promptly brought to justice, and any missing public funds fully recovered.”
The letter, read in part: “Any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing public funds would have serious resource allocation and exacerbate the country’s debt burden.”
“It would also create cynicism, suspicion, and eventually citizens’ distrust about the ability of your government to combat high-level official corruption, as well as deter foreign investment and limit growth and development.”
“We would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”
“The findings by NEITI suggest a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”
“The allegations of corruption documented by NEITI undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.”
“Your government has a constitutional duty to ensure transparency and accountability in the spending of the country’s wealth and resources.”
“According to the 2021 report by the Nigeria Extractive Industries Transparency Initiative (NEITI), government agencies including the Nigerian Petroleum Development Company (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NPDC) failed to remit $13.591 million and $8.251 billion to the public treasury.”
“The NNPC and NPDC failed to remit over 70% of these public funds. NEITI wants both the NNPC and NPDC to be investigated, and for the missing public funds to be fully recovered.”
“The report also shows that in 2021, the State Owned Enterprises (SOE) and its subsidiaries (the NNPC Group) reportedly spent US$6.931billion on behalf of the Federal Government but without appropriation by the National Assembly. The money may be missing.”
“The NNPC also reportedly obtained a loan of $3 billion in 2012 purportedly to settle subsidy payments due to petroleum product marketers but there is no disclosure of the details of the loan, subsidy and the beneficiaries of the payments.”
“The report also shows that N9.73 billion was paid to the NNPC as pipeline transportation revenue earned from Joint Venture operations but the money was neither remitted to the Federation nor properly accounted for. The NPDC in 2021 also failed to remit $7.61 million realized from the sale of crude oil.”
“The report documents that about N200 billion was spent on ‘refineries rehabilitation’ between 2020 and 2021 but “none of the refineries was operational in 2021 despite the spending.’ NEITI wants the spending to be investigated, as the money may be missing.”
“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on your government to ‘abolish all corrupt practices and abuse of power’ in the country.”
“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’”
“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”
“Similarly, articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on your government to ensure proper management of public affairs and public funds, and to promote sound and transparent administration of public affairs.”
“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption to which Nigeria is a state party obligate your government to effectively prevent and investigate the plundering of the country’s wealth and natural resources and hold public officials and non-state actors to account for any violations.”
“Specifically, article 26 of the UN convention requires your government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.”
“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”
“Nigeria is also a participating state of the Extractive Industries Transparency Initiative (EITI), which aims to foster greater governmental accountability for the use of natural resource wealth through the creation of a set of international norms on revenue transparency.”
“EITI also aims to tackle corruption, poverty and conflict associated with natural resource wealth. Nigeria has the obligations to implement the EITI Standard, which sets out the transparency norms with which participating States including Nigeria must comply.”
Kolawole Oluwadare
SERAP Deputy Director
24/9/2023
Lagos, Nigeria
Emails: info@serap-nigeria.org; news@serap-nigeria.org
Twitter: @SERAPNigeria
Website: www.serap-nigeria.org
For more information or to request an interview, please contact us on: +2348160537202
