Nigeria Showcases Beneficial Ownership Register at Global Transparency Conference

Nigeria has presented progress on its beneficial ownership register at the Extractive Industries Transparency Initiative global conference in Brussels. The register identifies the real people who ultimately own or control companies. The Corporate Affairs Commission said Nigeria was the first African country to create a public beneficial ownership register for the extractive sector in 2019. The commission said the central register is publicly accessible and is intended to improve transparency in company ownership. The CAC added that the system is being linked with procurement, revenue and law-enforcement institutions. Companies are required to disclose their real owners, file annual returns and update ownership records when changes occur. According to the commission, reliable ownership data can help regulators identify those behind companies holding extractive licences, prevent misuse of corporate structures and give investors more confidence when assessing Nigerian businesses.

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