The Corporate Affairs Commission (CAC) has called for the harmonisation and centralisation of Nigeria’s beneficial ownership registers to strengthen efforts to combat money laundering, illicit financial flows and the abuse of corporate structures.
The Registrar-General and Chief Executive of the CAC, Hussaini Ishaq Magaji, made the call during a training programme on the Beneficial Ownership Register for journalists and civil society organisations in Abuja.
Magaji said Nigeria needs an interconnected national framework that would make it easier to identify the individuals who ultimately own, control or benefit from companies and other corporate entities.
He said corporate ownership information should not remain fragmented across separate institutional databases, particularly where companies operate in different sectors and are subject to multiple regulatory frameworks.
According to him, the CAC’s corporate registry could serve as the central corporate data backbone, connecting existing beneficial ownership systems rather than replacing the statutory responsibilities of other agencies.
Nigeria currently has beneficial ownership information maintained under different institutional arrangements. The CAC operates the national Beneficial Ownership Register, while information relating to entities operating within Free Trade Zones is maintained under the Nigeria Export Processing Zones Authority framework, and ownership information in the extractive sector is maintained through the Nigeria Extractive Industries Transparency Initiative.
Magaji said the different registers are essentially seeking answers to the same questions: who owns a company, who controls it, who benefits from it and who ultimately stands behind its corporate structure.
He argued that connecting the systems would eliminate information silos and provide regulators and law enforcement agencies with a more complete picture of corporate ownership.
The CAC already operates a Beneficial Ownership Register that provides information on Persons with Significant Control, a term used under the Companies and Allied Matters Act 2020 for individuals who exercise significant ownership, influence or control over companies. The commission’s online register allows searches using company names, registration numbers or the names of persons with significant control.
The commission said beneficial ownership transparency can help prevent the use of anonymous or shell companies to facilitate corruption, money laundering and other illicit financial activities. It also provides a means of tracing individuals behind corporate structures during investigations.
Magaji disclosed that agencies including the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and National Drug Law Enforcement Agency have used beneficial ownership information in investigations and enforcement activities.
He urged journalists and civil society organisations to push for interoperability between the different registers, common data standards and improved access to ownership information while ensuring that legitimate privacy and data protection requirements are respected.
The CAC also said access to its beneficial ownership information is free, encouraging journalists and civil society groups to use the database for research, accountability and investigative reporting.
However, Magaji cautioned that the appearance of an individual’s name in a corporate record should not automatically be interpreted as evidence of criminal activity, stressing the need for information to be independently verified and reported responsibly.
The commission’s push for a more integrated system comes as Nigeria continues efforts to strengthen corporate transparency and its broader anti-money laundering framework.
The CAC is also scheduled to host a Global Conference on Beneficial Ownership and Asset Recovery in Lagos from November 8 to 11, 2026, bringing together government agencies, regulators, international organisations, civil society groups and other stakeholders to discuss ownership transparency and asset recovery.
AbdulBasit Saba is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
