The Corporate Affairs Commission (CAC) has called for the harmonisation of beneficial ownership information held by regulatory agencies to strengthen corporate transparency and combat illicit financial activities.
The Registrar-General of the Commission, Hussaini Magaji, made the call in Abuja at a stakeholder workshop on Beneficial Ownership Disclosure and the Beneficial Ownership Register.
According to Magaji, the existence of separate beneficial ownership registers across regulatory institutions could hinder effective access to information on individuals who ultimately own, control, or benefit from companies.
“Nigeria should work towards harmonising and centralising beneficial ownership information within a coordinated national framework, with the CAC corporate registry serving as the central corporate data backbone,” he said.
He explained that while directors and shareholders are formally listed in corporate records, the individuals who exercise ultimate control over a company may not always appear in those documents.
This, he noted, underscores the importance of beneficial ownership disclosure in promoting accountability and transparency.
Magaji stated that Nigeria’s Beneficial Ownership Register is already being utilised by agencies such as the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Nigerian Financial Intelligence Unit (NFIU).
According to him, these agencies use the register to support investigations, trace ownership structures, and establish links between individuals, assets, and financial transactions.
He reiterated the need for a coordinated national framework that would make beneficial ownership information more accessible, interoperable, and useful across government institutions, with the CAC corporate registry playing a central role.
Magaji also encouraged journalists and civil society organisations to make greater use of beneficial ownership information when investigating corporate structures, public procurement arrangements, and business relationships, while adhering to privacy and data protection regulations.
“To our journalists, I want you to see the Beneficial Ownership Register differently. This is a tool in your hands. It is a tool for investigative journalism,” he said.
However, he cautioned journalists against interpreting the appearance of an individual’s name in a corporate record as evidence of wrongdoing.
He stressed the importance of thorough verification, fairness, and responsible reporting in the use of beneficial ownership data.
