CAC seeks unified ownership register to fight illicit funds

The Corporate Affairs Commission (CAC) in Nigeria is advocating for a unified and centralized beneficial ownership register to combat illicit financial activities such as money laundering and tax evasion. During a training session in Abuja for journalists and civil society organizations, the Registrar-General and Chief Executive of the CAC, Hussaini Ishaq Magaji, emphasized the need for an interconnected system to identify ultimate owners and controllers of companies.

He stated that corporate ownership information should not be fragmented across separate institutional databases, especially where companies operate across different sectors. Magaji clarified that this initiative is not meant to undermine the responsibilities of other regulatory bodies like NEPZA or NEITI, but rather to create a comprehensive national framework for beneficial ownership information.

Currently, different entities maintain separate beneficial ownership data, including the CAC, Nigeria Export Processing Zones Authority, and the Nigeria Extractive Industries Transparency Initiative. Magaji urged stakeholders to push for better interoperability, common standards, and improved access to this information while respecting privacy and data protection rules.

He highlighted that the CAC register could assist journalists and civil society organizations in investigating companies, transactions, and business relationships by revealing the individuals who ultimately control corporate entities. He advised against assuming criminality based on mere name appearances in corporate records and stressed the importance of understanding, verifying, and reporting beneficial ownership information responsibly.

The CAC has made its beneficial ownership data freely accessible to journalists and civil society organizations to enhance research and public accountability. The organization also plans to host a Global Conference on Beneficial Ownership in Lagos in 2026 to discuss progress in implementing these transparency measures and explore ways to strengthen interoperability and the effective use of corporate ownership data.