The Extractive Industries Transparency Initiative (EITI) says it is holding a conference that will engage various stakeholders from government, civil society and companies to seek a way forward on Beneficial Ownership in Africa.
Scheduled to hold between October 31 and November 2, 2018, in Dakar Senegal, the conference is aimed at tackling the challenges posed by hidden ownership.
According to the EITI “Knowing who owns the companies that operate in the oil, gas and mining sectors is key to strengthening natural resource governance.
“It has also proven to be important to improve the investment climate and promote responsible business conduct,” the organisation said, according to information on its website.
“Through the EITI and other global and regional efforts to tackle the challenges posed by hidden ownership, African countries are taking the lead in improving beneficial ownership transparency in extractives,” it added.
Sessions at the conference have been tailored to address issues such as how ownership transparency can be key to prevent tax evasion, mitigate illicit financial flows and raise revenues from extractives.
Issues around improving revenue mobilisation with ownership data; and how publicly accessible information can help improve tax collection and preventing illicit financial flows by knowing where the flows go, would also be discussed.
Several other issues which includes the benefits of using the EITI to improve beneficial ownership disclosures through piloting of beneficial ownership reporting and what have been the disclosed so far would be looked into.
According to the EITI, the Conference is being organised with support from the Governments of Denmark, France, and the United Kingdom as well as BP, Cairn Energy, Kosmos Energy and Woodside Energy.
Meanwhile, the Nigeria Extractive Industries Transparency Initiative (NEITI) will on October 4, 2018, hold a stakeholders engagement with a view to harmonising strategies on eventual establishment of Beneficial Ownership register in Nigeria’s extractive sector.
e360 reported in May this year that the country was intensifying efforts at establishing public register of beneficial ownership.