Nigeria's CAC Leads in Global Beneficial Ownership Transparency

Hussaini Ishaq Magaji, the Registrar-General and Chief Executive of the Corporate Affairs Commission (CAC), announced that Nigeria's Beneficial Ownership Register has emerged as a reference point for numerous countries. This statement was made during a training session on the Beneficial Ownership Register for journalists and Civil Society Organisations (CSOs) held on a Tuesday in Abuja.

Magaji noted that countries are increasingly seeking Nigeria's experience for peer reviews and knowledge exchange, particularly regarding the operationalization of beneficial ownership transparency. He emphasized the importance of this achievement and the responsibility to maintain it.

The training aims to bolster Nigeria's transparency and accountability ecosystem, highlighting that the fight against corruption and related issues requires collaboration among government institutions, regulators, law enforcement, the media, CSOs, and citizens. Currently, Nigeria operates three separate beneficial ownership transparency registers within different institutional frameworks, with the CAC's register aimed at fostering a conducive corporate environment for legitimate businesses.