The Corporate Affairs Commission has called for the harmonisation and centralisation of Nigeria’s beneficial ownership registers to strengthen the fight against illicit financial flows, money laundering and the abuse of corporate structures.
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The Registrar-General and Chief Executive of the CAC, Hussaini Ishaq Magaji, speaking at a training on the Beneficial Ownership Register for journalists and civil society organisations on Tuesday in Abuja, said the country needs an interconnected system that makes it easier to identify the individuals who ultimately own or control companies.
The commission’s position is that corporate ownership information should not remain fragmented across separate institutional databases, particularly where companies operate across different sectors.
The Registrar-General said, “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.
“This is not about taking away the legitimate statutory responsibilities of NEPZA or NEITI. It is about connecting the dots. It is about ensuring that the Nigerian beneficial ownership ecosystem speaks with one voice, one standard, and one level of transparency.
“Because if the objective is transparency and accountability, then information should not exist in silos. We must make it possible to see the complete picture. 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.”
The call comes amid efforts to improve corporate transparency and prevent the use of companies as vehicles for corruption, tax evasion and other illicit financial activities.
The CAC currently maintains a Beneficial Ownership Register, while beneficial ownership information for entities operating within Free Trade Zones is maintained under the Nigeria Export Processing Zones Authority framework. Information relating to the extractive industries is maintained within the Nigeria Extractive Industries Transparency Initiative framework.
The Registrar-General said the three systems shared the same basic objective of identifying the natural persons behind corporate structures.
He said, “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 noted that much of the underlying corporate information was connected to records maintained within the CAC corporate registry, making it necessary to improve coordination among the institutions.
The Registrar-General also urged journalists and civil society organisations to push for interoperability, common standards and improved access to beneficial ownership information while respecting legitimate privacy and data protection requirements.
He said, “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 beneficial ownership transparency was not merely a bureaucratic requirement but an important tool for corporate accountability and the protection of public resources.
According to him, the CAC register could help journalists investigate companies, transactions, procurement arrangements and business relationships by revealing individuals who ultimately control corporate entities.
He said, “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?”
The Registrar-General disclosed that agencies including the Independent Corrupt Practices and Other Related Offences Commission, the Economic and Financial Crimes Commission and the National Drug Law Enforcement Agency had utilised beneficial ownership information in investigations and enforcement activities.
He, however, warned journalists against treating the appearance of a person’s name in a corporate record as evidence of criminality.
“Information must be properly understood, independently verified and reported fairly and responsibly,” he said.
The Registrar-General said access to the CAC’s beneficial ownership information was free and urged journalists and CSOs to use the platform to strengthen research and public accountability.
He said, “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.”
The CAC also announced that it would host a Global Conference on Beneficial Ownership in Lagos on November 8, 2026. The event is expected to attract about 200 delegates from 43 countries.
The Registrar-General said the conference would provide an opportunity to review Nigeria’s progress since its commitment at the London Anti-Corruption Summit and discuss the next phase of beneficial ownership transparency.
He said, “The world is watching Nigeria. Countries that are seeking to strengthen their own beneficial ownership systems are looking at our experience.”
He urged stakeholders to use the conference to advance discussions on harmonisation, stronger interoperability and the effective use of corporate ownership data.
The Registrar-General said the success of the register would not be measured by its existence alone but by how effectively its information was used to uncover abuse and strengthen public accountability.
He said, “Nigeria needs a transparency system that does not merely collect information, but connects information.”
The CAC’s Persons with Significant Control Rules, 2022, provide the framework for disclosing individuals who exercise significant ownership, control or influence over companies and other relevant entities. In Nigeria’s corporate legal framework, the term Person with Significant Control is used to describe what is commonly referred to internationally as beneficial ownership.
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