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FG to release list of real owners of Nigeria’s oil, gas assets in January



The federal government will next month make public the real owners of oil, gas and mining assets in the country through a National Beneficial Ownership (NBO) register.

The data to be jointly launched by the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Corporate Affairs Commission (CAC), was expected to further push the country’s preparedness to shine the light on the opacity in the extractive industry.

The Executive Secretary of NEITI, Dr. Ogbonnaya Orji and the Registrar-General of the CAC, Mallam Garba Abubakar announced this at the on-going Conference of State Parties on United Nations Convention Against Corruption in Sharm El Sheikh, Egypt.

A statement by the Deputy Director/Head Communications and Advocacy of the initiative, Obiageli Onuorah, noted that when ready, the register would be merged with the CAC register of companies in the country.

“The NEITI executive secretary explained that under the joint inter-agency collaboration with the CAC, the NEITI beneficial ownership register filled with facts, information and data on who owns what in the oil, gas and mining sectors will merge with CAC beneficial ownership portal that covers all registered companies in Nigeria.

“Orji stated that with a national integrated beneficial ownership portal, NEITI and CAC will be in a better position to support government efforts at revenue growth by checking capital flight, tax evasion, terrorism financing, illicit financial flows and outright economic sabotage,” the statement added.

Addressing a special panel on beneficial ownership at the conference in Egypt, the NEITI executive secretary identified political will, stakeholders’ consultation, institutional and citizens’ ownership as well as civil society partnership as critical success factors that have led Nigeria’s efforts.

The statement further revealed that Nigeria had submitted a draft resolution to the United Nations Convention Against Corruption on the use of beneficial ownership information and data disclosure to identify, track, recover and return assets looted or stolen from developing countries.

“The Attorney General of the Federation and Minister of Justice, Abubakar Malami, announced this while addressing the 9th session of conference of state parties in progress in Egypt,” NEITI stressed.
It explained that the draft resolution was submitted jointly with the support and partnership of five other developing countries , including Kenya, Pakistan, Peru, and Saudi Arabia.
“The attorney general informed the UN Convention that Nigeria has put in place institutional structures and legislations to protect Nigeria’s resources.

“The minister conveyed Nigeria’s appeal to the conference of the UN convention against corruption to consider the draft resolution on its merit in view of its strategic importance in recovering looted assets from developing countries,” the statement noted.

It explained that the Nigerian delegation to the conference led by the minister was made up of heads of key anti-corruption agencies, the NEITI executive secretary, chairman of the Economic and Financial Crimes Commission (EFCC), Registrar-General of CAC, among others.

“The UN Conference is expected to ratify the global anti-corruption strategy for adoption by over 150 countries attending the conference,” NEITI stated.

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Google set to invest $9.5bn in US



Google has announced plans to invest $9.5bn in its US offices and data centers around the country in 2022, up from more than the $7bn it spent in 2021.

According to CNN, the big bet on office space was coming at a point Google was embracing a hybrid work model. The Alphabet-owned company has called for many of its employees to work in an office three days a week after two years of being fully remote.

The Chief Executive Officer of Alphabet and Google, Sundar Pichai, said, “It might seem counterintuitive to step up our investment in physical offices even as we embrace more flexibility in how we work.

“Yet we believe it’s more important than ever to invest in our campuses and that doing so will make for better products, a greater quality of life for our employees, and stronger communities.”
Google said it would open an office in Atlanta this year and continue to develop and expand office space in Austin and New York. It added that it planned to continue investing in data centers in Iowa, Nebraska, and Tennessee, among other states.

As part of the announcement, Google said it expected to create at least 12,000 new full-time jobs at the company this year.

Google and other tech companies were among the first businesses to shift to remote work when the pandemic hit in early 2020. But that shift always appeared to be temporary. Like others in Silicon Valley, Google had previously invested billions in expansive campuses and lavish office benefits for workers.

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European markets pull back amid doubts over latest Russian pledges over Ukraine



European stocks retreated on Wednesday following the latest round of talks between Russia and Ukraine, aimed at finding a solution to the conflict.

The pan-European Stoxx 600 fell 0.8% in early trade, with autos shedding 1.9% to lead losses, while oil and gas stocks gained 1.7%.

In terms of individual share price movement, Finland’s Nokian Tyres fell 6.6%, while Sweden’s Lundin Energy added 4.7%.

Investor sentiment was boosted on Tuesday following negotiations between Russian and Ukrainian officials in Turkey, at which Russia’s deputy defense minister claimed Moscow had decided to “drastically” cut back its military activity near Ukraine’s capital.

Alexander Fomin, who spoke following the talks in Istanbul, said Russia would slow its military operations near Kyiv and Chernihiv in order for peace talks to progress. Russia previously claimed that it would reduce military operations in other parts of Ukraine but then continued its advance.

Growing hope for a cease-fire appeared to boost investor sentiment Tuesday, as Dow Jones Industrial Average futures rose 200 points, or 0.6%. S&P 500 futures also climbed 0.6%, while Nasdaq 100 futures climbed 0.7%. Meanwhile, the price of U.S. benchmark West Texas Intermediate crude oil, which spiked on the heels of Russia’s invasion of Ukraine, fell more than 4% to $100 per barrel.

Doubts have set in over the pledge, however, and while the Russian military has begun moving some of its troops in Ukraine away from areas around Kyiv to positions elsewhere in Ukraine, Pentagon Press Secretary John Kirby warned the troop movements do not amount to a retreat.

Shares in Asia-Pacific were mixed in Wednesday trade as investors watch for developments surrounding the war in Ukraine. Stateside, traders are keeping tabs on a slew of key economic reports, while also monitoring the Federal Reserve’s planned interest rate hikes.

The Job Openings and Labor Turnover Survey on Tuesday showed 11.3 million job openings, higher than the 11.1 million expected. The ADP will also release its private payrolls data ahead of the closely watched monthly jobs report, on Friday.

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Lagos Assembly kicks against harassment of residents by police



Lagos State House of Assembly Speaker, Mudashiru Obasa, yesterday, cautioned police in the state against harassment, intimidation and extortion of residents.

Obasa said this on the floor of the House when lawmakers honoured outgoing Commissioner of Police, Mr. Hakeem Odumosu, who has been promoted to Assistant Inspector-General, and is due to retire in January 2022.

Obasa said Odumosu was honoured as the first Commissioner of Police in the state to stand before the lawmakers and address Lagosians on his experience policing the state.

The Speaker thanked Odumosu for his openness and responsiveness to issues affecting the peace of the state.

“It is important to call on those behind you to know that the relationship between the police and the people need to be constantly improved upon,” Obasa said, adding that men of the Nigeria Police Force need to build more trust among the people.

“Everybody must be treated with respect, dignity and honour. And that is how we can earn respect. Policing should not be about harassment and extortion but building trust among the people and making them comfortable,” Obasa said.

The Commissioner of Police, who led a team of officers to the House, thanked the lawmakers for their support. According to him, nothing could have been achieved in terms of security and peace in the state without assistance of the House.

He said he would remain grateful to Lagosians for making it possible for him and his team to effectively manage the security of the state.

Odumosu, who described Lagos as ‘mini-Nigeria’, said proactivity of the Assembly led to the creation of laws that helped the police remain successful in the state.

He said the Cultism Prohibition Law also helped to reduce illegal associations in tertiary institutions in the state and enlightened property owners and residents.

“We promise to continue to excel in providing watertight security for people of the state,” he told the lawmakers. He also promised he would encourage his successor to sustain the relationship between the police and the House, while urging the lawmakers to extend their support to his successor.

“Policing Lagos is not a tea party. Without the laws in Lagos, it would have been difficult to police the state. Don’t get tired, don’t relent in making laws that would make Lagos maintain its place as the most peaceful state in Nigeria,” he said.

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