By: Tijani Salako.
The Corporate Affairs Commission (CAC) has called for the harmonisation of Nigeria’s beneficial ownership registers to strengthen corporate transparency, improve the business environment and make it easier to identify the individuals who own, control and benefit from companies operating in the country.
The Registrar-General and Chief Executive Officer of CAC, Hussaini Ishaq Magaji, SAN, made the call at a capacity-building training organised by the commission for journalists and Civil Society Organisations (CSOs) on the use of the Beneficial Ownership Register (BOR).
Magaji said Nigeria currently operates three separate beneficial ownership registers domiciled with the CAC, the Nigeria Export Processing Zones Authority (NEPZA) for Free Trade Zones and the Nigeria Extractive Industries Transparency Initiative (NEITI) for the extractive sector.
He noted that although the three registers are designed to provide information on who owns, controls and benefits from corporate entities, the fragmentation of the data could limit the effectiveness of Nigeria’s transparency architecture.
The CAC boss therefore called for a national conversation on the harmonisation and interoperability of the registers to create a single, stronger and interconnected transparency framework for businesses and regulators.
According to him, a more coordinated beneficial ownership system would strengthen the ability of relevant institutions to trace corporate ownership structures and improve transparency in business transactions.
He explained that while “Beneficial Owner” is the internationally recognised terminology, Nigeria’s legal framework uses the term Person with Significant Control (PSC) under the Persons with Significant Control Regulations, 2022, to identify the real natural person behind a corporate entity.
Magaji said Nigeria’s Beneficial Ownership Register had emerged as a global reference point, noting that other countries were engaging with the country through peer reviews and knowledge exchanges on the implementation of beneficial ownership transparency.
He urged businesses and other stakeholders to embrace the register as part of efforts to promote responsible corporate governance and strengthen confidence in Nigeria’s business environment.
The Registrar-General also disclosed that anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and National Drug Law Enforcement Agency (NDLEA), had already used the register in their investigations.
He said the register, which is accessible free of charge through the CAC website, could also support due diligence by journalists and other stakeholders seeking to establish the ownership and control structures behind companies involved in transactions.
Magaji further announced that the CAC would host a Global Conference on Beneficial Ownership in Lagos on November 8, 2026, with about 200 delegates from 43 countries expected to participate.
He said the conference would come 10 years after Nigeria’s commitment at the London Anti-Corruption Summit and would provide another platform for discussions on beneficial ownership transparency and corporate accountability.
The CAC chief executive charged participants at the training to apply the knowledge gained to promote transparency and accountability, stressing the need to make transparency a culture of doing business in Nigeria.
The one-day training featured paper presentations and panel discussions on the use of the Beneficial Ownership Register and its relevance to transparency and accountability in the corporate sector.
