Group Endorses Implementation of Transparency Law

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Munir Gwarzo, DG, SEC

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PUBLISH What You Pay Nigeria, a global coalition, has welcomed the decision by the Security and Exchange Commission, SEC, of the United States to give life to the proposed rule of Section 1504 of the Dodd Frank act 2010 by agreeing to issue the proposal for the implementation of the project by project accounting disclosures by extractive companies listed on the US stock exchange.

In a press statement, the group said it joined Publish What You Pay, US, a sister coalition, to add its voice and “the voices of the citizens of other resource rich countries on the importance of the proposal and the laid out final rules for the implementation of a more transparent extractive sector.”

It added: “We encourage the SEC to come up with a proposal that will enhance and strengthen the accountability of project by project reporting by companies listed in the New York stock exchange.”

The Publish What You Pay Nigeria and Nigeria citizens, the statement said, encouraged the SEC to put up a proposal that would be stronger than the laws in Canada and EU and not less. It said it would look forward to the comment period before the full adoption and therefore, called on its members and other interested groups to contribute towards the actualisation of the dream.

“We call on the Nigeria government especially the legislature to monitor this proposal closely to see how we can use this existing global rules and directives to strengthen transparency and accountability in our extractive sector especially at this time of reform and change in the extractive sector,” it said.

— Jan 4, 2016 @ 17:20 GMT

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