CAC Advocates for Centralized Beneficial Ownership Disclosure

The Corporate Affairs Commission (CAC) has called for the harmonization and centralization of beneficial ownership information in Nigeria to strengthen corporate transparency and accountability, as well as to combat illicit financial activities. This statement was made by the Registrar-General of the Commission, Hussaini Ishaq Magaji, SAN, during a training session for media practitioners and civil society organizations in Abuja on Tuesday.

Magaji highlighted that the fight against corruption, money laundering, and terrorism financing requires collaboration among government institutions, regulators, law enforcement agencies, the media, civil society organizations, and citizens. He explained that Nigeria's legal framework identifies beneficial owners through the concept of a Person with Significant Control (PSC), which is defined in the Persons with Significant Control Rules, 2022.

Magaji noted that while corporate records may list directors and shareholders, the true owners may differ from those named in official documents. He emphasized that beneficial ownership disclosure is crucial for promoting transparency and preventing the misuse of companies for illicit purposes.