By Felix Khanoba
The Corporate Affairs Commission (CAC) has called for the creation of a unified and harmonised national register for beneficial ownership as part of efforts to strengthen Nigeria’s anti-corruption system and combat corporate and financial crimes.
The Registrar-General of CAC, Mr Hussaini Magaji, made the appeal on Tuesday in Abuja during activities marking the commission’s 35th anniversary, which was observed as Anti-Corruption Day.
Magaji explained that the present arrangement for beneficial ownership disclosure remained fragmented, with certain sectors maintaining separate registers outside the CAC system. He said this situation led to duplication, inconsistencies and regulatory loopholes that could be exploited for illicit purposes.
According to him, CAC is both legally and institutionally equipped to function as the central repository for beneficial ownership information in the country.
He noted that access to accurate corporate records was essential for the effective investigation and prosecution of financial crimes, adding that the CAC remained the custodian of information on company ownership, control and management.
“No successful prosecution of corporate and financial crimes can be achieved without the support of the Corporate Affairs Commission,” Magaji said.
He reiterated the commission’s readiness to continue working closely with anti-corruption and law enforcement agencies.
“These include the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU) and the National Drug Law Enforcement Agency (NDLEA),” he said.
Magaji also called for enhanced information sharing, joint investigations and real-time verification processes to strengthen enforcement.
The CAC chief urged stakeholders to back the passage of the Persons with Significant Control (PSC) Rules into an Act of the National Assembly, noting that a stronger legal framework was needed to address increasingly sophisticated abuses of corporate structures.
He disclosed that companies that failed to declare their beneficial owners were marked as inactive in CAC records, stressing that such firms should not continue to enjoy the benefits of legal status.
Magaji, however, raised concern that some financial institutions still carried out transactions with non-compliant companies, describing the situation as a serious gap in the country’s compliance system.
“While CAC may flag such companies as inactive, some financial institutions—particularly banks—continue to allow these inactive companies to operate, open accounts, and transact freely.
“This is a major weakness in our national compliance chain. We must join hands to stop it.
“Our collective success depends on ensuring that the regulatory ecosystem speaks with one voice:
“if a company is non-compliant, it must not enjoy the privileges of legality,” he said.
Speaking on internal reforms, Magaji said the commission had shown zero tolerance for corruption by handing over three staff members to the ICPC over alleged misconduct and forwarding details of 248 fake company registrations to the EFCC for investigation.
According to him, the anti-corruption drive requires coordinated institutional efforts and sustained dedication to transparency and accountability.
