The Corporate Affairs Commission (CAC) has called for the harmonisation and centralisation of Nigeria’s beneficial ownership information to strengthen the fight against corruption, money laundering, terrorism financing and illicit financial flows.
The Registrar-General/Chief Executive of the CAC, Hussaini Ishaq Magaji, said a coordinated national framework would help government and relevant stakeholders identify the individuals who ultimately own, control or benefit from companies and other corporate structures.
Speaking at a training on the Beneficial Ownership Register for journalists and Civil Society Organisations in Abuja, the Registrar-General said Nigeria currently operates three beneficial ownership transparency registers under different institutional frameworks.
They include the Beneficial Ownership Register maintained by the CAC, information on entities operating within Free Trade Zones under the Nigeria Export Processing Zones Authority (NEPZA), and beneficial ownership information relating to the extractive industries under the Nigeria Extractive Industries Transparency Initiative (NEITI).
While acknowledging the statutory basis for the sectoral arrangements, the CAC chief said the information contained in the separate registers largely seeks to answer the same fundamental questions: who owns an entity, who controls it, who benefits from it and who is the natural person behind its corporate structure.
“My position is clear: 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,” the Registrar-General said.
According to the CAC boss, the proposal is not intended to undermine the statutory responsibilities of NEPZA, NEITI or other institutions, but to connect existing systems and eliminate information silos.
The Registrar-General argued that a harmonised architecture would enable relevant institutions to obtain a more complete picture of corporate ownership, particularly where companies operate across different sectors and regulatory environments.
The CAC chief also described Nigeria’s beneficial ownership regime as a significant achievement, noting that the country’s experience in operationalising its Beneficial Ownership Register had attracted international interest, peer reviews and knowledge-sharing engagements.
The Registrar-General said the objective was to ensure that beneficial ownership transparency moved beyond policy documents to become a practical tool for accountability and the prevention of abuse of corporate structures.
The official stressed that transparency should not be regarded as a threat to legitimate businesses, but as a mechanism for protecting honest entrepreneurs, strengthening investor confidence, supporting law enforcement and improving Nigeria’s international standing.
The Registrar-General further urged journalists to regard the Beneficial Ownership Register as a tool for investigative journalism, particularly in probing companies, transactions, procurement arrangements and business relationships.
Journalists, according to the CAC boss, should ask critical questions about who ultimately owns or controls companies and who benefits from their activities.
The CAC’s RG disclosed that law-enforcement agencies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC) and National Drug Law Enforcement Agency (NDLEA), have used beneficial ownership information in investigations, including tracing ownership structures and identifying persons connected to assets and transactions under investigation.
However, the Registrar-General cautioned journalists and other users against equating the appearance of an individual’s name in a corporate record with criminality.
“Information must be properly understood, independently verified and reported fairly and responsibly,” the official said.
The CAC also said access to its beneficial ownership information is free, urging journalists and Civil Society Organisations to familiarise themselves with the platform and use the information responsibly.
The Registrar-General said stronger collaboration between the CAC, media, Civil Society Organisations, regulators, law-enforcement agencies and other stakeholders would be critical to maximising the benefits of beneficial ownership transparency.
The official also announced that the CAC would host a Global Conference on Beneficial Ownership in Lagos on November 8, 2026, with about 200 delegates expected from 43 countries.
The conference, according to the Registrar-General, would provide an opportunity for Nigeria to showcase its experience while examining the next phase of beneficial ownership transparency, including greater harmonisation and interoperability among existing systems.
The Registrar-General urged the media and Civil Society Organisations to use the training to deepen public understanding of beneficial ownership and contribute to efforts to strengthen Nigeria’s transparency architecture.
The official said the ultimate objective was to move Nigeria from merely collecting corporate information to connecting and effectively using such information to promote transparency, accountability and trust.
“The question is not only where the information is, but whether we connect the information, understand the ownership structure and establish who is really behind the entity?” the Registrar-General said.
