EITI publishes report on Beneficial Ownership

by Fonban Emmanuel

The minister of Minis and participants
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The Minister of Mines, Industries and Technological Development, Gabriel Dodo Ndoke who doubles as the Deputy Chairman Extractive Industries Transparency Initiative committee on Monday, 19 October 2020 presided over the closing ceremony of the workshop to publish a report on beneficial ownership within the extractive industry.

 The workshop took place at Mont Febe Hotel in the presence of the EITI officials, representative of the Prime Minister as well as EITI committee members.

It is important to note the Cameroon with its wealth of resources have been challenged in the mining sector by the illegal activities which take place in this sector. This workshop to publish a report on beneficial ownership was aimed at knowing actors on the field and holding them accountable to crackdown on illegal activities.

According the Minister of Mines who doubles as the Deputy Chair of the EITI committee, Beneficial Ownership in extractive industries is a mechanism by which the transparency initiative recommends all actors in the industrial chain and administrators of extractive resources to do precisely the transparency around beneficial ownership of resources.

“It is precisely a matter of giving an account of those who decide, command and control resources in the field and to allow the states which owns the resources and the first to benefit from these resources to benefit from these exploitations. What we have done here today is part of an order of a global recommendation that took effect from January, 2020 across the world. Cameroon was a member of this initiative and should not be left behind. The interest of this workshop is therefore to tell the general public and all the actors of the extractive industry in our country that more than ever, it is time for transparency and that both must play their role so that expected results to be attained” said Minister Gabriel Dodo.

Throughout this course of disclosing beneficial ownership data to the public, EITI committee employed the services BDO Tunisie Consulting, to carry out a study to guide Cameroon on the systematic disclosure of the identity of beneficial owners in the extractive sectors.

To accompany EITI in these, public and private establishments interested in combating illicit financial flows and corruption like CONAC, ANIF, Chambers of Accounts and other Civil Society Organizations were called to the tabled to be part.

The success of these will save Cameroon so much money from hidden businesses in the mining sectors.

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