*Says Law Enforcement, Investors Made Over 107,000 Verification Requests
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The Corporate Affairs Commission has removed more than 500,000 entities from Nigeria’s beneficial ownership register for failing to update information on their beneficial owners, its Registrar-General said in Brussels on Wednesday.
Mr. Ishaq Magaji Hussain, Registrar-General of the Corporate Affairs Commission, disclosed the figure while speaking at the 10th EITI Global Conference, where Nigeria set out its progress in implementing beneficial ownership policies in the extractive sector. The disclosure was made in a post on the Commission’s X handle.
He said the Commission had also received:
- more than 90,000 verification requests from law enforcement agencies; and
- a further 17,000 requests from investors worldwide since January 2026,
bringing total verification requests to more than 107,000.
The figures, he said, show growing adoption of Nigeria’s beneficial ownership system by regulators, law enforcement agencies and investors seeking information on the individuals who ultimately own or control corporate entities.
Nigeria became the first African country to establish a public beneficial ownership register for the extractive sector, in 2019, the Registrar-General said. The Commission subsequently developed a central beneficial ownership register covering the wider Nigerian economy, with information accessible to the general public.
He said the Federal Government had adopted beneficial ownership disclosure as a key transparency mechanism, with the system structured to support integration with public procurement, revenue administration and law enforcement institutions including the Nigerian Revenue Service, the Economic and Financial Crimes Commission and the Nigerian Financial Intelligence Unit.
“Beneficial Ownership goes beyond the use by government agencies for investigation. It’s for the general society. It has basically become a framework for transparency in all activities in the extractive industry and the central economy.”
Companies are required to disclose information on their ultimate owners at incorporation and to update the information where changes occur. They are also required to file annual returns, with failure to update records potentially leading to their classification as inactive.
The framework, he said, was intended to prevent corporate entities from operating without transparent ownership structures.
“Shell companies are not allowed to operate in the country. Once the purpose of the company ceases to exist, the information must be filed to the CAC, which is Nigeria’s corporate registry. Consequently, that company must be wound up.”
He said access to beneficial ownership information was increasingly important to investors, particularly foreign investors, because it allows them to identify the individuals behind companies operating in Nigeria.
The Companies and Allied Matters Act 2020, which came into effect in 2021, established the legal framework for mandatory disclosure. Under the Persons with Significant Control regime, companies must provide details of individuals who exercise direct or indirect control over them. The Registrar-General said the rules also apply to public companies, with persons holding more than five per cent voting rights required to disclose relevant ownership information.
Mr. Hussain identified verification of beneficial owners, particularly foreign investors, as one of the major challenges facing the system.
To address it, the Commission has introduced artificial intelligence into its processes to support the verification of foreign investors amid increasing cross-border investment.
He said companies operating in sectors such as mining were required to meet corporate disclosure obligations before obtaining or renewing operational licences and permits, and that enforcement had encouraged companies to update their beneficial ownership information regularly to avoid losing their corporate status and associated operational rights.
Growing demand for the data, he said, showed that the register was becoming an important tool for transparency, investment due diligence and regulatory enforcement.
The remarks were made during an Opening Extractives programme held as part of the EITI Global Conference, alongside representatives from Argentina, Armenia, Colombia, Ghana, Liberia, the Philippines, Senegal, South Africa and Zambia. The session was themed “Beneficial Ownership Data in Practice” and examined how countries are using beneficial ownership information to strengthen transparency and accountability in the extractive industries.
A revised Opening Extractives Licensing Manual was unveiled at the session. Ms. Phoebe Williams, Advocacy Manager at Open Ownership, described it as a practical resource for regulatory authorities responsible for allocating and governing extractive licences and contracts.
She said the manual provides guidance on how regulators can use beneficial ownership information in the screening, award, monitoring, renewal and transfer of extractive rights including licences, contracts, permits and concessions and on identifying risk red flags, prioritising applications for regulatory oversight, and verifying information to establish the individuals behind companies seeking or holding extractive rights.
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