Nigeria: CAC, NAICOM Partner Against Money Laundering

E9BF043B AB5B 4753 BF19 B38DEB25E321
Share this article

The Corporate Affairs Commission (CAC) and the National Insurance Commission (NAICOM) would partner to further boost the fight against money laundering in the country.

The resolution was reached when Mr Thomas Olorundare,  Commissioner for Insurance and CEO of  NAICOM visited the Registrar General of the CAC, Alhaji Garba Abubakar, on Thursday in Abuja.

Olorundare said access to the CAC’s database, particularly its Beneficial Ownership Register (BOR) was fundamental to enriching its operations.

He said that accessibility of the commission’s BOR database would also help in reaching its targeted goal. The NAICOM boss, however, applauded the commission’s reforms and prayed for a stronger working relationship with the CAC.

Responding, Abubakar said that since 2021 when the commission began the implementation of the CAMA Act, 2020, it had made available details of Persons with Significant Control (PSC) in all newly registered companies.

Abubakar said it was challenging for the CAC to capture PSCs for all the nearly five million registered entities, as some of them were legacy companies.

He assured that in the near future, the BOR would be a standalone register in open data format to provide access for the download of information.

Share this article

Global: Unbanked and Mastercard Team Up to Accelerate Crypto Card Adoption Within Web3 Organizations in Europe

Previous article

Zimbabwe: RBZ Slashes Lending Rates, Increases Forex Retention

Next article

You may also like


Comments are closed.

More in News