Introduction

CAC pushes for harmonised beneficial ownership register to combat illicit financial activities. Registrar-General Hussaini Ishaq Magaji urges centralised architecture to replace fragmented databases across government agencies. The move aims to connect ownership data and close loopholes exploited by financial criminals.

What Happened

At a training workshop in Abuja for journalists and civil society organisations, Magaji outlined the need to move beyond isolated islands of beneficial ownership information. He emphasized that the Commission's registry should serve as the central corporate data backbone, integrating data currently held separately by agencies like NEPZA and NEITI. The workshop introduced Nigeria's Persons with Significant Control framework, designed to identify the natural persons behind corporate structures.

Why This Matters

A unified beneficial ownership register strengthens transparency, enabling regulators, law enforcement, and journalists to trace real company owners. It supports anti-corruption efforts, helps prevent money laundering and terrorism financing, and protects legitimate businesses from being mistakenly linked to fraudulent entities. Greater transparency also boosts investor confidence and enhances Nigeria's standing in international anti-finance crime initiatives.

Key Takeaways

  • The CAC advocates centralising beneficial ownership data to replace fragmented government databases.
  • The PSC framework identifies ultimate controllers beyond nominal shareholders or directors.
  • Agencies including the EFCC, ICPC, and NDLEA have already used beneficial ownership information in investigations.
  • Transparency safeguards legitimate entrepreneurs and improves the country's international reputation.
  • The next phase focuses on harmonisation, interoperability, and balancing data connectivity with privacy protections.

Conclusion

Harmonising Nigeria's beneficial ownership register represents a critical step toward deeper corporate accountability and stronger financial oversight. By connecting fragmented data and making ownership structures visible, the framework empowers journalists, regulators, and citizens to detect and deter illicit activity. Continued digital transformation and responsible use of ownership information will determine the framework's long-term impact on governance and anti-corruption reform.