Corporate Affairs Commission seeks unified ownership register in Nigeria

The Corporate Affairs Commission (CAC) is advocating for the harmonization and centralization of Nigeria’s beneficial ownership information to combat corruption, money laundering, terrorism financing, and illicit financial flows.

Speaking at a training session in Abuja for journalists and civil society organizations, CAC Registrar-General Hussaini Ishaq Magaji noted that Nigeria currently operates three separate beneficial ownership registers under different frameworks: the CAC registry, the Nigeria Export Processing Zones Authority (NEPZA) for free trade zones, and the Nigeria Extractive Industries Transparency Initiative (NEITI) for the extractive industries.

Magaji proposed that the CAC corporate registry serve as a central data backbone to connect these existing systems and eliminate information silos. He emphasized that while the legal framework uses the term ‘Person with Significant Control’ (PSC), the objective remains the same: identifying the natural persons who ultimately own, control, or influence corporate structures, as these individuals may differ from the names listed as directors or shareholders.