Tag: CAC

  • CAC Seeks Unified Ownership Register to Tackle Illicit Funds

    CAC Seeks Unified Ownership Register to Tackle Illicit Funds

    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.

     

  • Senate removes NPA, CAC, Customs, NIMASA, 6 other Govt owned Enterprises from 2023 budget

    Senate removes NPA, CAC, Customs, NIMASA, 6 other Govt owned Enterprises from 2023 budget

    Following the report of the Medium Term Expenditure Framework Fiscal Strategy Paper (MTEF/FSP,) the Senate has approved the removal of Government-Owned Enterprises (GOEs) from the 2023 national budget.

    The affected agencies are; Nigerian Ports Authority (NPA), National Agency for Food and Drugs Administration and Control (NAFDAC), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigeria Customs Service (NCS).

    Others include Corporate Affairs Commission (CAC), Joint Admissions and Matriculation Board (JAMB), Federal Inland Revenue Service, (FIRS) Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMPDRA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The decision of the Senate was sequel to the report of the MTEF/FSP submitted by the Senate Committee on Finance, chaired by Senator Adeola Olamilekan, which was considered on Wednesday.

    According to the report: “That 10 out of the 63 GOEs be placed on cost of collections to serve as a test case for other GOEs which can be added in the future. The list of these GOEs include , NCC, CAC, NPA, NIMASA, NUPRC, FIRS, CUSTOMS, NMPDRA, JAMB, NAFDAC, with immediate effect with the proposed finance bill 2023 coming up with the amendment of the existing Act of the above mentioned agencies.”

    Meanwhile, the Committee has pegged the total aggregate expenditure for 2023 at N19.76 trillion – comprising of a Total Recurrent (Non-debt) of N8.53 trillion; Personnel Costs (MDAs) of N827.8 billion; Capital expenditure (exclusive of transfers) N3.96 trillion; Special Intervention (recurrent) amounting to N350 billion; and Special intervention (capital) of N7 billion.

  • CAC prioritise the reduction of the registration circle for new companies to three hours before the end of year 2021.

    The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.

     

    Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.

     

    The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.

     

    “To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

     

    Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.

     

    He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.

     

    While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.

     

    The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in h im by the president.

     

     

     

     

     

     

     

    Source: www.punchng.com

  • CAC generates N19bn for its 2020 fiscal year

     

    The Corporate Affairs Commission on Monday announced a revenue generation of N19bn for its 2020 fiscal year.

    It also announced a total remittance of N2.7bn to the consolidated revenue account of the Federal Government.

     

    The Registrar-General, CAC, Garba Abubakar, told journalists in Abuja that the commission had also settled all its tax obligations, adding that the obligations were negotiated downwards by the commission’s management.

     

    “We have settled all our tax obligations. The tax obligations were over N1.2bn when I took over and we were able to re-negotiate and have paid N700m and got a discount of about N500m to N600m,” he said.

     

     

    Abubakar added, “For the first time we were able to pay operating surplus of over N2.7bn to the Federal Government. If not for the outstanding liabilities, the operating surplus would have been more than N5bn.”

     

    On revenue generation, the CAC boss said the commission surpassed its 2020 target by about N1bn.

     

    He said the feat was achieved after the commission blocked areas of leakages to its revenue generation drive.

     

     

    “We had a projected revenue target in 2020 of N18.2bn and we closed the year with over N19bn,” Abubakar stated.

     

    He explained that about 85 per cent of the N6bn liability of commission which he inherited had been paid.

     

    READ ALSO: 243 COVID-19 violators convicted, pay N4.8m fine

     

     

     

    He said to ensure the integrity CAC records, the commission had directed a revalidation exercise for all its accredited customers.

     

     

    According to him, the revalidation exercise would last till March 31 this year, as anyone who fails to validate their records would not be able to transact business with CAC.

     

    The CAC helmsman also vowed that no union would close the headquarters of the commission beginning from today (Tuesday), stressing that the industrial crisis at the commission was being addressed.

     

    Abubakar said qualified employees of the commission had been promoted, while most of the pensions arr ears of staff had been cleared.

     

    Source: www.punchng.com