Beneficial Ownership Register: Center to Collaborate with CAC to Improve Transparency

Nigeria was one of the countries that participated in the UK Anti-Corruption Summit in 2016. The summit was aimed at tackling corruption globally. Nigeria made several commitments at the summit, including the establishment of a central register of beneficial owners of companies operating in Nigeria and the implementation of measures to prevent corruption in the public sector. These commitments were further re-echoed at the United Nations Convention against Corruption Conference of State Parties in 2021.

The Corporate Affairs Commission (CAC) launched the register on the 24th of May, 2023 aimed at promoting transparency and accountability in the country’s business environment by providing information on the true owners of companies operating in Nigeria. The Center welcomes the launch of the BO register which is a fulfilment of the nation’s commitment at the UK Anti-Corruption Summit.

Further to the recent launch of the Nigeria’s open register of beneficial owners, the Center was received in courtesy call by the Registrar General of the Corporate Affairs Commission (CAC), Mr AG Abubakar to discuss ways to strengthen the operationalization of the register.

Our discussion centers on ways to improve transparency in the use of the BO portal through provision of advocacy tools and access to politically exposed persons database to support implementation so as to enhance government contract and procurement processes.

While welcoming collaborations with the Center, the Registrar noted that the portal will address concerns raised by the Financial Action Task Force (FATF) and the United Nations Convention against Corruption (UNCAC).

As the sub-Saharan representative of the UNCAC Coalition, the Center commends the CAC on this achievement and will continue to monitor the implementation of national and international commitments related to transparency, anti-corruption and access to information. We therefore look forward to working with all stakeholders for effective utilization of this instrument to combat public sector corruption.

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