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Wednesday, July 15, 2020

Osinbajo seeks end to secret business ownership

Osinbajo seeks end to secret business ownership

Vice President of Nigeria, Proffesor Osibanjo
Vice President of Nigeria, Proffesor Osibanjo

Vice President Yemi Osinbajo, has said that there is a need for stakeholders to restrain the adverse effect of secret and beneficial ownership of corporate businesses on economic across the continent.

He expressed this view in his address at the 20th Anniversary of Africa Regional Webinar of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Tuesday in Abuja.

The theme of the webinar is: ‘’Combating Corruption and Illicit Financial Flows: New Measure and Strategies.’’

In his statement, He said: “One more matter of concern that the international community must work together to solve is the matter of secret corporate ownership and the whole issue of beneficial ownership.

“For us in the developing world and especially in Africa, breaking the wall of secret corporate ownership is crucial because secrecy around corporate ownership is implicated in our underdevelopment.

“Although anonymous companies are not always illegal, secrecy provides a convenient cover for criminality and corruption.

“Our experience in Nigeria as in other developing countries is that anonymous corporate ownership covers a multitude of sins including conflict of interests, corruption, tax evasion, money laundering, and even terrorism financing.’’

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