The Corporate Affairs Commission (CAC) has called for the harmonisation of Nigeria’s beneficial ownership registers to strengthen transparency, corporate accountability and efforts to combat financial crimes.
CAC Registrar-General, Hussaini Magaji, made the call at a stakeholder workshop on Tuesday, September 15, in Abuja, stressing that a coordinated national framework would make information on individuals who ultimately own or control companies more accessible. He said beneficial ownership disclosure was vital in tackling corruption, illicit financial flows, money laundering, terrorism financing and abuse of corporate structures.
Magaji explained that Nigeria’s legal framework captures beneficial ownership through the concept of Persons with Significant Control (PSC), which identifies individuals who ultimately own, control or significantly influence companies. He urged journalists and civil society organisations to use the register responsibly for investigations, while verifying information before publication, noting that being listed in corporate records does not by itself imply criminality.
Other stakeholder called for stronger use and integration of beneficial ownership data. They urged journalists and CSOs to connect ownership information with public procurement, property and financial records to uncover suspicious corporate relationships, corruption and possible asset concealment.
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