CAC Advocates Harmonisation of Beneficial Ownership Register to Curb Illicit Financial Activities, Others
*Says commission should serve as central corporate data backbone James Emejo in Abuja Registrar-General/Chief Executive, Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, has advocated the harmonisation and centralisation of the
Hussaini Ishaq Magaji, Registrar-General and Chief Executive of the Corporate Affairs Commission (CAC), has emphasized the importance of harmonising and centralising Nigeria's beneficial ownership information to combat illicit financial flows and other crimes. At a workshop for journalists and civil society organisations, Magaji stressed that fragmented databases across government institutions hinder efforts to identify ultimate corporate owners.
The CAC currently maintains the beneficial ownership register, while related information for free trade zones and extractive industries is managed by separate institutions. Magaji argued that these islands of data should be interconnected to create a national transparency architecture, enabling regulators, law enforcement agencies, and authorised users to access comprehensive ownership information across sectors.
He clarified that the goal is to identify the natural persons behind corporate entities, rather than merely fulfilling regulatory requirements. Magaji urged journalists to view the beneficial ownership register as a valuable investigative tool for uncovering hidden relationships and responsibilities of corporate structures. He stressed that a transparent ownership system would not negatively impact legitimate businesses, but rather protect them from association with illicit activities.
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