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The Corporate Affairs Commission (CAC) has called for the harmonisation and centralisation of Nigeria’s beneficial ownership registers to strengthen efforts against illicit financial flows, money laundering and the misuse of corporate structures.
The Registrar-General and Chief Executive of the CAC, Hussaini Magaji, made the call on Tuesday in Abuja during a training session on the Beneficial Ownership Register 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, particularly businesses operating across multiple sectors and regulatory jurisdictions.
CAC seeks coordinated national ownership framework
The Registrar-General said beneficial ownership information should not remain fragmented across separate institutional databases, arguing that a unified framework would improve transparency and accountability.
“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 clarified that the proposal was not intended to undermine the statutory responsibilities of other institutions, including the Nigeria Export Processing Zones Authority (NEPZA) and the Nigeria Extractive Industries Transparency Initiative (NEITI).
“This is not about taking away the legitimate statutory responsibilities of NEPZA or NEITI. It is about connecting the dots,” he said.
“It is about ensuring that the Nigerian beneficial ownership ecosystem speaks with one voice, one standard and one level of transparency.”
According to him, fragmented registers can make it difficult to establish the complete ownership profile of companies with interests spanning different sectors.
“A company may operate in different sectors. It may have interests across different regulatory environments. Its ownership structure should not become invisible simply because the information sits in different institutional compartments,” he added.
Fragmented registers create transparency gaps
The call comes amid broader efforts to strengthen corporate transparency and prevent companies from being used as channels for corruption, tax evasion, money laundering and other illicit financial activities.
The CAC currently operates Nigeria’s Beneficial Ownership Register. However, beneficial ownership information for entities operating within Free Trade Zones is maintained under the NEPZA framework, while information relating to companies in the extractive industries is held within the NEITI framework.
Magaji said the three systems were designed around the same fundamental objective: identifying the natural persons behind corporate entities.
“The information we are trying to establish is substantially the same. 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 maintained by the CAC, making stronger coordination and interoperability between the institutions necessary.
Journalists, CSOs urged to demand interoperability
Magaji urged journalists and civil society organisations to advocate common standards, interoperability and improved access to beneficial ownership information, while ensuring that legitimate privacy and data protection requirements are respected.
“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 more than an administrative obligation, stressing its role in promoting corporate accountability and protecting public resources.
The CAC register, he explained, could support investigations into companies, transactions, procurement arrangements and business relationships by helping identify the individuals who ultimately control corporate entities.
“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?” Magaji said.
Agencies already using beneficial ownership data
The Registrar-General disclosed that agencies such as the Independent Corrupt Practices and Other Related Offences Commission, the Economic and Financial Crimes Commission and the 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 proof of wrongdoing.
“Information must be properly understood, independently verified and reported fairly and responsibly,” he said.
Magaji also stated that access to the CAC’s beneficial ownership information was free, encouraging journalists and civil society groups to use the platform for research, investigative reporting and public accountability.
“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.
CAC to host global beneficial ownership conference
The CAC announced plans to host a Global Conference on Beneficial Ownership in Lagos on 8 November 2026.
The event is expected to attract approximately 200 delegates from 43 countries and will provide an opportunity to assess Nigeria’s progress since its commitment at the London Anti-Corruption Summit.
The conference will also examine the next phase of beneficial ownership transparency, including stronger coordination among registers, improved interoperability and more effective use of corporate ownership information.
“The world is watching Nigeria. Countries that are seeking to strengthen their own beneficial ownership systems are looking at our experience,” Magaji said.
He urged stakeholders to use the conference to advance practical discussions on harmonisation and the responsible use of ownership data.
According to the Registrar-General, the success of Nigeria’s beneficial ownership framework should not be judged by the existence of a register alone, but by how effectively the information helps expose corporate abuse and strengthen public accountability.
“Nigeria needs a transparency system that does not merely collect information, but connects information,” he said.
Legal framework for persons with significant control
The CAC’s Persons with Significant Control Rules, 2022, provide the legal framework for disclosing individuals who exercise significant ownership, control or influence over companies and other relevant entities.
Within Nigeria’s corporate legal framework, the term Person with Significant Control is used to describe the concept commonly referred to internationally as beneficial ownership.
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