ZAINAB JUNAID
The Civil Society Legislative Advocacy Centre (CISLAC) has organised a two-day workshop on Beneficial Ownership Register, aimed at promoting corporate transparency and accountability in Nigeria.
The workshop, held at Amber Residence, Ikeja- Lagos, from 26-27 February 2025, in collaboration with Oxfam and CISLAC partners, brought together key stakeholders, including regulators, business membership organisations, civil society organisations, and the media.
Declaring the training open, CISLAC Executive Director, Mr Auwal Ibrahim Musa (Rafsanjani), stressed the importance of equipping stakeholders with the skills necessary to access, interpret, and utilise the PSC Register effectively in order to fight against corruption, Illicit Financial Flows (IFFs), tax evasion, and money laundering in the country.
He described Beneficial Ownership Register as a database that contains information about the ultimate beneficial owners of a company, organisation or asset and stressed the need to sensitise key stakeholders on BOR’s significance.
Mr Auwal also advocate for inter-agency collaboration in combating illicit financial flows, tax evasion, and money laundering, while ensuring the sustainability of transparency initiatives.
Rafsanjani explained that since the launch of Nigeria’s Open Central Register of Beneficial Ownership, also known as the Persons with Significant Control (PSC) Register, on 25 May 2023, Nigeria has demonstrated global leadership in financial transparency.
“This milestone aligns with Nigeria’s commitment made during the Anti-Corruption Summit in London (2016) and places us at the forefront of corporate accountability efforts in Africa,” he stated.
The CISLAC Chief revealed that Corporate secrecy has long been a breeding ground for corruption, money laundering, and illicit financial flows, a status that drains national resources meant for healthcare, education, infrastructure, and economic development.
“Nigeria loses billions of dollars annually to illicit financial flows, with shell companies and anonymous corporate ownership structures serving as key enablers of fraud and capital flight. Through the PSC Register, we are disrupting these financial leakages by: Enhancing corporate accountability and financial transparency; Providing enforcement agencies with actionable data to track illicit financial activities; Increasing investor confidence by fostering an open and trustworthy business environment; and by adopting global best practices, Nigeria is positioning itself as a regional leader in financial integrity, setting a precedent for other African nations to follow,” he highlighted.
Rafsanjani
Addressing participants at the workshop, the Registrar-General, Corporate Affairs Commission, Hussaini Ishaq Magaji, commended CISLAC for organising the workshop initiative and unwavering dedication to promoting transparency and accountability through capacity building workshops.
The Registrar-General, who was represented by the Assistant Director Technical, Muhammed Abdullahi, posited that the success of the Beneficial Ownership Register depends on the active participation and collaboration of various stakeholders.
He said Regulatory and security bodies such as the Corporate Affairs Commission (CAC), the Nigeria Extractive Industries Transparency Initiative (NEITI), Bureau of Public Procurement (BPP), Federal Inland Revenue Service (FIRS), The Nigeria Police, Economic and Financial Crime Commission (EFCC), Department of State Security Service (DSS), Nigeria Financial Intelligence Unit, among others, play a critical role in maintaining and enforcing the register.
To him, “Companies must comply with the requirements to disclose their beneficial owners, ensuring their operations are transparent and lawful; Civil Organisations such as CISLAC are essential in advocating for transparency, educating the public, and monitoring compliance with beneficial ownership regulations; while the media serves as a watchdog, investigating and reporting on beneficial ownership information to inform the public and expose any irregularities.”
Magaji stressed that while the implementation of the Beneficial Ownership Register poses challenges, such as ensuring accurate and timely data submission, it also offers significant opportunities like Strengthening Governance, attracting investment and building trust.
He urged all participants to take proactive steps in supporting the Beneficial Ownership Register with government agencies ensuring rigorous enforcement and continuous improvement of the register; Private Sector committing to full compliance and transparency in disclosing beneficial ownership information; Civil Society continuing to advocate, educate, and monitor to ensure the register’s effectiveness; and the media engaging in investigating report on beneficial ownership data to keep the public informed and engaged.
Also, Isaac Botti, a Research Consultant, Program Coordinator, Social Action,
He identified Companies and Allied Matters Act (CAMA 2020) and Persons with Significant Control Regulations (PSC regulations 2022) as the two principal legal frameworks that govern the Nigeria Beneficial Ownership Register.
Botti opined that law enforcement agencies must support compliance for the BOR with a combination of enforcement, collaboration and awareness raising efforts.
“Whistle blowing protection programmes, Community policing initiatives, leveraging technology, legal framework support Data sharing and analysis, and continuous capacity building would enhance monitoring and compliance efforts,” he added.
Contributing, Lawrence Dube elucidated the importance of BOT, saying it is a practice of requiring companies and other legal entities to disclose the real, human individuals who ultimately own or control them.
“It’s importance is to strengthen Corporate accountability and governance, and also help law enforcement track financial crimes and hidden assets,” he explained.
The workshop, which was designed to be interactive, practical, and solutions-driven had participants from different sectors in attendance who recommended the need for deployment and implementation of digital governance protocols to facilitate and enhance interagency collaboration at all levels of governance in the tracking of illicit financial flows and fiscal crimes; full implementation of cashless policy as a tool for curbing illicit cash flow within the economy.
The two-day training underscored the shared commitment of CISLAC to advancing transparency, accountability, and good governance in Nigeria, particularly through the effective implementation of the Beneficial Ownership Register.
