How CAC Unveils Beneficial Ownership Register to Boost Transparency
The Corporate Affairs Commission (CAC) has taken a bold step to enhance transparency and accountability in company dealings in Nigeria.
The commission has launched the Beneficial Ownership Register, a public database that reveals the names of individuals who own or control companies.
The register, which was unveiled in Abuja yesterday, is part of the federal government’s efforts to fight corruption and illicit financial flows.
The Registrar General of the CAC, Alhaji Garba Abubakar, said the register was a fulfillment of the commitment made by President Muhammadu Buhari at the 2016 London Anti-Corruption Summit.
He said Nigeria was one of the only six countries out of 43 that attended the summit that promised to establish public central registers of true company ownership.
He said the register would help to expose the hidden owners of companies and deter money laundering, tax evasion, terrorism financing and other crimes.
The register, which was developed with support from the World Bank, uses advanced technology to enable reporting entities to disclose and update their beneficial ownership information online.
The public can also access and search the information for free on the CAC website.
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, who was represented by Babagana Alkai, Director, Policy, Research and Statistics, commended the CAC for launching the register.
He said the register would improve the business environment and attract more foreign investment to Nigeria.
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