CAC pushes unified corporate registers to curb illicit finance

The Corporate Affairs Commission in Nigeria is advocating for the harmonisation and centralisation of beneficial ownership registers to combat illicit financial flows, money laundering, and corporate structure abuse. Registrar-General Hussaini Magaji emphasized the need for a connected system to identify the ultimate owners and controllers of companies.

He argued against fragmented beneficial ownership information across separate databases, especially for companies operating in multiple sectors. Magaji stressed that corporate ownership data should be centralized within a national framework, with the CAC corporate registry as the central data backbone. He reiterated that the objective is transparency and accountability, and data should not remain in silos.

The CAC already maintains a Beneficial Ownership Register, while entities in Free Trade Zones use the Nigeria Export Processing Zones Authority framework, and extractive industries' information is managed by the Nigeria Extractive Industries Transparency Initiative. Magaji urged journalists and civil society organizations to push for interoperability, common standards, and improved access to beneficial ownership data, while respecting privacy and data protection.

He highlighted that the CAC register could aid investigations into companies, transactions, and business relationships. The Registrar-General noted that agencies like the Independent Corrupt Practices Commission and the Economic and Financial Crimes Commission have utilized beneficial ownership information in their investigations.

He cautioned journalists against jumping to conclusions based on the appearance of a name in a corporate record. The CAC plans to host a Global Conference on Beneficial Ownership in Lagos on November 8, 2026, to review progress and discuss the next steps in enhancing transparency.