NEITI Launches Beneficial Ownership Portal

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Tuesday, December 12, 2019/  08:10PM / By Proshare News/Image Header Credit: EcoGraphics


 

To improve transparency in the extractive and mining sector of the economy,  the Nigerian Extractive Industry Transparency Initiative (NEITI) has launched a digital register of beneficial owners of mining licences in the country. NEITI's newly created Beneficial Ownership Portal has two sections: Oil & Gas and Solid Minerals. On opening any of each section, a list of beneficial owners of operating licences is displayed and clicking on any owner reveals the equity interest such entity or individual has in a particular mineral license as well as the beneficial size relative to total equity interest.

 

The Portals search criteria also allow enquirers to search by name, assets or beneficial owners. The new portal will create greater transparency in the industry allowing investors or interested parties to 'lift the veil' over companies or individuals who claim to own an equity interest in specific licenses.

 

With the federal government committed to diversifying the economy, the NEITI register is a major effort at cleaning up the industry and preparing it for additional domestic and foreign investment. Nigeria's top ten States by mineral production include Ogun State (16.49m metric tonnes), Kogi State (15.13m metric tonnes), Cross River (3.49m metric tonnes), Akwa Ibom (1.9m metric tonnes) and Abuja FCT (1.89m metric tonnes). The other States include Edo (1.71m metric tonnes), Sokoto (1.64m metric tonnes), Zamfara (1.56m metric tonnes), Ebonyi (1.49m metric tonnes) and Gombe(1.47m metric tonnes) (see table 1 below).

 


Table 1 Nigeria Mineral Production By State

Mineral Production by State 2018

States

Production figure(tonnes)

 OGUN

                        16,497,405.04

 KOGI

                         15,134,541.35

 CROSS RIVER

                           3,493,458.00

 AKWA IBOM

                           1,918,604.34

 FCT

                           1,894,280.63

 EDO

                           1,705,607.36

 SOKOTO

                           1,644,826.34

 ZAMFARA

                           1,561,879.66

 EBONYI

                          1,486,660.96

 GOMBE

                           1,465,130.88

Source: National Bureau of Statistics

 


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Nigeria's top ten minerals by type include the following:

1.      Limestone

2.     Granite

3.     Laterite

4.     Clay

5.     Granite Dust

6.     Sand

7.     Granite Aggregates

8.     Shale

9.     Sapphire

10.  Coal

 

The NEITI Beneficial Ownership Portal would be a good beginning to understanding the mining ecosystem by asset size, equity ownership percent and ownership name. The next step would probably be to embark on a comprehensive mapping of the sector and creating a digital investor databank for quick and easy referencing of mineral type (see table 2 below), quantity (reserve) and corporate or individual investment interests. 


 

Table 2 Nigeria's Mineral Top Ten Mineral Resource Type By Production

Mineral Production by type 2018

Minerals

Production figure(tonnes)

 LIMESTONE

                         27,195,278.76

 GRANITE

                           9,627,160.29

 LATERITE

                           5,076,092.07

 CLAY

                           3,468,007.79

 GRANITE DUST

                           3,395,591.61

 SAND

                           2,285,714.96

 GRANITE  AGGREGATES

                           2,115,913.07

 SHALE

                              946,351.00

 SAPPHIRE 

                              644,072.00

 COAL

                              352,679.01

Source: National Bureau of Statistics

 


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