Unveiling the register, the Minister of Industry, Trade and Investment, Adeniyi Adebayo said that the initiative under the Corporate Affairs Commission’s mandate (CAC) would support anti-corruption efforts in Nigeria and the world.
Represented by Mr Babagana Alkali, Director of Policy, Research and Statistics in the ministry, Adebayo described the register as an essential tool for promoting transparency and accountability.
“The beneficial ownership register is a treasured tool not only in promoting transparency and accountability in private and public space but also in the fight against corruption, money laundering and financing of terrorism.
“Today’s launch of the beneficial ownership register will help Nigeria fulfil its obligation, grow Gross Domestic Product (GDP) and help the aspiration to become a member of the financial action task force.
According to him, Section 119, sub-section 3 of Companies and Allied Matters Act (CAMA) mandates the Corporate Affairs Commission to develop and deploy a register for beneficial ownership information register.
He said that 70 percent of company corruption cases were committed through corporate behaviours.
Adebayo said the register would make it hard for corrupt individuals and terrorists to conceal illicit financial transactions.
“The register being invented today underscores the importance this government attaches to the fight against corruption, money laundering, terrorism financing and financing of arms and weapons of mass destruction,’’ the minister said.
Earlier, the Registrar-General of CAC, Alhaji Garba Abubakar, said with the introduction of the register, any person could easily ascertain who owns what in Nigerian companies and limited liability partnerships.
“The expectation is that the register would greatly enhance the fight against corruption and criminality by facilitating investigations by law enforcement agencies into the true ownership and control of companies and limited liability partnerships.
“It will also support Civil Society Organisations (CSOs) in promoting citizens’ participation in public accountability and governance, as well as strengthening the capacity of the media to perform their traditional roles as watchdogs of the society,’’ Abubakar said.
The CAC boss urged users of the register to report any incorrect information observed in the register to the commission using the report interface on the register.
In his goodwill message, the Director-General Securities and Exchange Commission (SEC) Lambo Yuguda, said that without knowing who the beneficial owners of a company are, it is possible for illicit financial transactions and tax evasion to happen.
Similarly, Hajiya Saratu Shafi, Chairman, Federal Competition and Consumer Tribunal, comended the CAC for the inauguration of the register.
Shafi said that the register would assist the tribunal to handle issues concerning consumers and companies.
“I know it is going to be important to us,’’ she said.
BRANDPOWER reports that President Muhammadu Buhari while attending an Anti-corruption Summit in London in May 2016, said Nigeria is committed to establishing a public central register of company beneficial ownership information.
”We are taking steps to ensure transparency of the ownership and control of all companies involved in property purchase and public contracting.
”Nigeria is already collating this information through the Extractive Industry Initiative process and would extend it to other sectors.
”Nigeria will establish a transparent central register of foreign companies bidding on public contracts and buying property,” Buhari said at that summit.
