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CAC wants beneficial ownership records held by the corporate registry, NEPZA and NEITI linked through common standards to make it easier to identify the individuals behind companies.
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The Registrar-General says fragmented ownership data can create blind spots where businesses operate across different sectors and regulatory jurisdictions.
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EFCC, ICPC and NDLEA have already used beneficial ownership information in investigations, while CAC says access to its register is free.
September 16, (THEWILL) – The Corporate Affairs Commission is pushing for the harmonisation and centralisation of Nigeria’s beneficial ownership registers, saying fragmented corporate ownership data could create gaps that enable illicit financial flows, money laundering and abuse of corporate structures.
Hussaini Magaji, Registrar-General and Chief Executive of the CAC, made the call at a training on the Beneficial Ownership Register for journalists and civil society organisations in Abuja on Tuesday.
Under the proposed approach, the CAC corporate registry would serve as the central corporate data backbone, linking beneficial ownership information held across different regulatory systems.
“Information should not exist in silos. We must make it possible to see the complete picture,” Magaji said.
Three registers, one ownership picture
The CAC currently maintains a Beneficial Ownership Register, while beneficial ownership information for entities operating in Free Trade Zones is maintained under the Nigeria Export Processing Zones Authority framework.
Ownership information relating to extractive industries is also maintained within the Nigeria Extractive Industries Transparency Initiative framework.
CAC says the three systems are ultimately seeking to establish similar information: the natural persons who own, control or benefit from corporate entities.
Magaji said harmonisation would not remove the statutory responsibilities of NEPZA or NEITI but would connect their information through interoperability and common standards.
The issue is particularly relevant where companies have interests spanning several sectors and regulatory environments.
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A fragmented system can make it harder for investigators, journalists and other authorised users to establish the full ownership structure of a business when relevant information is held by different institutions.
The CAC is therefore calling for interoperability, common data standards and the elimination of duplication across the registers.
From corporate records to investigations
The commission is positioning beneficial ownership data as an investigative tool rather than simply a compliance requirement.
Magaji said agencies including the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and National Drug Law Enforcement Agency had used beneficial ownership information in investigations and enforcement activities.
For journalists and civil society organisations, the data can be used to examine companies involved in procurement, transactions and business relationships by asking who ultimately owns, controls or benefits from them.
CAC said access to its beneficial ownership information is free, which Magaji described as necessary to prevent transparency from becoming available only to those who can afford it.
However, he cautioned that the appearance of an individual’s name in a corporate record should not be treated as evidence of criminality.
“Information must be properly understood, independently verified and reported fairly and responsibly,” he said.
The commission’s Persons with Significant Control Rules, 2022 provide the framework for identifying individuals with significant ownership, control or influence over companies and other relevant entities.
Person with Significant Control is the terminology used in Nigeria’s corporate framework for what is commonly described internationally as beneficial ownership.
CAC sets November conference
The commission will host a Global Conference on Beneficial Ownership in Lagos on November 8, with about 200 delegates expected from 43 countries.
According to the CAC, the conference will examine Nigeria’s progress since its commitment at the London Anti-Corruption Summit and consider the next phase of beneficial ownership transparency.
For the commission, the focus is increasingly shifting from collecting ownership information to connecting and using it.
Magaji said the effectiveness of the system should ultimately be measured by its ability to expose corporate abuse and strengthen accountability.
“Nigeria needs a transparency system that does not merely collect information, but connects information,” he said.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
