Precious Nwonu, Enugu
The Corporate Affairs Commission has called for the harmonisation and centralisation of Nigeria’s beneficial ownership registers to strengthen efforts to combat money laundering, illicit financial flows and the misuse of corporate structures.
The Registrar-General and Chief Executive Officer of the CAC, Hussaini Ishaq Magaji, made the call on Tuesday in Abuja at a training on the Beneficial Ownership Register organised for journalists and civil society organisations.
Magaji said Nigeria needed an interconnected system that would make it easier to identify the individuals who ultimately own, control or benefit from companies operating across different sectors.
He said the fragmentation of ownership information across separate institutional databases could make it difficult to establish the full picture of corporate ownership.
“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,” Magaji said.
He stressed that the proposed harmonisation was not intended to strip other agencies of their statutory responsibilities, but to ensure that ownership information held by different institutions could be effectively connected.
“This is not about taking away the legitimate statutory responsibilities of NEPZA or NEITI. It is about connecting the dots,” he said.
The CAC currently operates a Beneficial Ownership Register, while information on entities operating within Free Trade Zones is maintained under the framework of the Nigeria Export Processing Zones Authority.
Beneficial ownership information relating to companies in the extractive sector is also maintained under the Nigeria Extractive Industries Transparency Initiative framework.
According to Magaji, the three systems essentially seek to establish the same information about the individuals behind corporate entities.
“Ultimately, we are trying to answer the same fundamental questions: Who owns this entity? Who controls it? Who benefits from it? And who is the natural person behind the corporate structure?” he said.
He noted that much of the underlying corporate information was already linked to records held by the CAC, making stronger coordination and interoperability among the relevant institutions necessary.
### CAC urges journalists, CSOs to scrutinise ownership data
Magaji also urged journalists and civil society organisations to advocate for common standards, interoperability and improved access to beneficial ownership information while respecting legitimate privacy and data protection requirements.
“To journalists and Civil Society Organisations: Your voice is needed in this conversation. We want you to interrogate this issue. Ask the difficult questions. Why should beneficial ownership information remain fragmented? Can we have interoperability between these registers? Can we establish common standards? Can we eliminate duplication?” he said.
He described beneficial ownership transparency as an important tool for corporate accountability and the protection of public resources, rather than merely a regulatory requirement.
The CAC boss said the register could assist journalists investigating companies, procurement arrangements, transactions and business relationships by helping them identify individuals who ultimately control corporate entities.
He urged journalists to go beyond the names of registered directors when examining corporate structures.
“When investigating a company, a transaction, a procurement arrangement or a business relationship, ask: Who owns this company? Who ultimately controls it? Who benefits from it? Are there relationships that are not immediately visible?” he said.
Magaji disclosed that 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.
He, however, cautioned journalists against assuming that the appearance of an individual’s name in a corporate record amounted to evidence of wrongdoing.
“Information must be properly understood, independently verified and reported fairly and responsibly,” he said.
### CAC register free to access
The Registrar-General said access to beneficial ownership information on the CAC platform was free, urging journalists and CSOs to use the resource for research and accountability reporting.
“Access to the beneficial ownership data is free. We are deliberately making this information accessible because transparency should not become a privilege available only to those who can afford it,” he said.
He said the effectiveness of the register should be judged by how the information was used to detect corporate abuse and strengthen accountability, rather than simply by the existence of the database.
“Nigeria needs a transparency system that does not merely collect information, but connects information,” Magaji said.
The CAC also announced plans to hold a Global Conference on Beneficial Ownership in Lagos on November 8, 2026.
The conference is expected to attract about 200 delegates from 43 countries and will examine Nigeria’s progress in beneficial ownership transparency since its commitment at the London Anti-Corruption Summit.
Magaji said the event would also provide an opportunity to discuss the next phase of reforms, including greater harmonisation, interoperability and effective use of corporate ownership data.
“The world is watching Nigeria. Countries that are seeking to strengthen their own beneficial ownership systems are looking at our experience,” he said.
The CAC Persons with Significant Control Rules, 2022, provide the framework for disclosing individuals who exercise significant ownership, control or influence over companies and other relevant entities.
In Nigeria’s corporate legal framework, a Person with Significant Control refers to what is commonly known internationally as a beneficial owner.
