Abuja: The Corporate Affairs Commission (CAC) has urged the establishment of a single, harmonised national register for beneficial ownership to strengthen Nigeria’s anti-corruption framework and improve the fight against corporate and financial crimes. The Registrar-General of CAC, Mr Hussaini Magaji, made the call during the commission’s 35th anniversary celebration, designated as Anti-Corruption Day on Tuesday in Abuja.
According to News Agency of Nigeria, Magaji highlighted that the current fragmented system of beneficial ownership disclosure, where some sectors maintained separate registers outside the CAC framework, created duplication, inconsistencies, and regulatory loopholes that could be exploited for illicit activities. He emphasized that CAC is legally and institutionally positioned to serve as the central repository for beneficial ownership information in Nigeria.
Magaji pointed out that access to accurate corporate records was critical to the successful investigation and prosecution of financial crimes. He stated that CAC remained the custodian of information on company ownership, control, and management, and that no successful prosecution of corporate and financial crimes could be achieved without the support of the Corporate Affairs Commission.
He reaffirmed the commission’s commitment to sustained collaboration with anti-corruption and law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), and the National Drug Law Enforcement Agency (NDLEA).
Magaji called for deeper information sharing, joint investigations, and real-time verification processes to enhance enforcement outcomes. He also urged stakeholders to support the passage of the Persons with Significant Control (PSC) Rules into an Act of the National Assembly, noting that a stronger legal framework was required to address sophisticated abuses of corporate structures.
He disclosed that companies failing to disclose their beneficial owners were flagged as inactive in CAC records, adding that such entities should not enjoy the privileges of legality. Magaji expressed concern that some financial institutions continued to transact with non-compliant companies, describing the practice as a major weakness in the national compliance chain.
On internal reforms, Magaji reported that CAC had demonstrated zero tolerance for corruption by surrendering three staff members to the ICPC over alleged misconduct and submitting details of 248 fake company registrations to the EFCC for investigation.