Nigeria’s Corporate Affairs Commission (CAC) has called for the establishment of a single national register for beneficial ownership as part of efforts to strengthen anti-corruption enforcement and corporate transparency.
The Registrar-General and Chief Executive Officer of CAC at the Anti-corruption day of the ongoing 35th anniversary of the Commission in Abuja Nigeria, emphasised that fragmented ownership registers across sectors create loopholes that undermine Nigeria’s integrity framework.
According to him, “At the moment, we operate a fragmented system where certain sectors maintain separate beneficial ownership registers… This situation creates duplication, inconsistencies, and regulatory loopholes.”
Read Also,: Corporate Affairs Commission Adopts AI, Seals Google Partnership
Nigeria Lauds CAC For Advancing Corporate Transparency Reforms
Speaking, the Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Aliyu underscored the critical role of the CAC in strengthening transparency and sustainable development in the country.
The ICPC Chairman who was represented by the Director of Public Enlightenment and Education, Mr. Demola Bakare noted that global evidence shows that countries with transparent institutions achieve stronger economic growth and development.
He stated, “Countries that grow sustainably are those that deliberately build systems where rules are clear, information is accessible, institutions are accountable and economic actors operate in the open.”
Bakare described CAC as a vital institution in promoting corporate accountability and investor confidence. He noted,
“By regulating company incorporation, disclosure and compliance, the CAC directly influences the integrity of Nigeria’s business environment.”