Benin-Asaba Road Concession Ownership Ugolor: Alleges Two Control Firm

• Activist Rev. David Ugolor alleges that the company holding the Benin-Asaba Expressway concession is owned by two individuals.
• Documents from Nigeria's Corporate Affairs Commission (CAC) reportedly confirm this ownership structure.
• The concession firm is said to be owned by a Nigerian national and a Mauritanian national.
• The Nigerian shareholder reportedly holds a 95 percent stake in the company.
• These allegations raise questions about transparency in Nigeria's infrastructure concession agreements.

Reverend David Ugolor, a prominent activist, has publicly asserted that documentary evidence obtained from Nigeria's Corporate Affairs Commission (CAC) reveals that the firm responsible for this significant infrastructure project is controlled by just two individuals.

Concerns have been raised regarding the ownership structure of the company awarded the concession for the vital Benin-Asaba Expressway. Reverend David Ugolor, a prominent activist, has publicly asserted that documentary evidence obtained from Nigeria's Corporate Affairs Commission (CAC) reveals that the firm responsible for this significant infrastructure project is controlled by just two individuals.

Ugolor's allegations specifically point to a dual ownership model, identifying one shareholder as a Nigerian national and the other as a Mauritanian national. These claims, if substantiated, could prompt further scrutiny into the transparency and due diligence processes surrounding major public-private partnerships in Nigeria, particularly those involving critical national infrastructure like the Benin-Asaba Expressway concession.

According to the activist's findings, the Nigerian shareholder holds a dominant stake in the concessionaire company. Rev. Ugolor stated that this individual possesses a substantial 95 percent ownership share in the entity managing the Benin-Asaba Expressway concession. This significant majority holding by a single Nigerian individual, alongside a Mauritanian partner, forms the core of the activist's disclosure.

The information, reportedly sourced from official records maintained by the Corporate Affairs Commission Nigeria, underscores the importance of public access to corporate registration details. Such disclosures are crucial for fostering accountability and ensuring that the beneficial ownership of companies engaged in large-scale public projects is transparently understood by all stakeholders.

Infrastructure concessions in Nigeria, such as the Benin-Asaba Expressway concession, are typically structured as public-private partnerships designed to leverage private sector efficiency and capital for national development. The Corporate Affairs Commission (CAC) plays a pivotal role in this ecosystem by serving as the primary registrar of companies, making its records a fundamental source for verifying corporate ownership and compliance.

Allegations like those made by David Ugolor highlight the ongoing need for robust regulatory oversight and stringent due diligence in the award and management of these concessions. The integrity of the process, from initial bidding to operational phases, relies heavily on the transparency of corporate structures and the ultimate beneficial owners of the entities involved in Nigeria infrastructure concession agreements.

The claims regarding the ownership of the Mauritanian Nigerian concession firm managing the Benin-Asaba Road concession ownership Ugolor has brought to light underscore broader concerns about transparency in Nigeria's public-private partnership landscape. When a major infrastructure project, particularly one as critical as the Benin-Asaba Expressway, is managed by a company with a concentrated ownership structure, questions about accountability and potential conflicts of interest can arise.

Ensuring clear and verifiable ownership is paramount for investor confidence and public trust in large-scale projects. These David Ugolor allegations serve as a reminder that thorough scrutiny of corporate filings and beneficial ownership is essential to safeguard public funds and ensure that national assets are managed in the best interest of the populace, promoting fair competition and ethical governance in the infrastructure sector.

This report highlights potential transparency and due diligence concerns in Nigerian infrastructure concession agreements. Lawyers advising clients on public-private partnerships or infrastructure investments in Nigeria should be aware of such allegations, as they may signal increased scrutiny and the need for thorough ownership disclosure and compliance checks.

Source: Original reporting via Vanguard News