Oluchi Chibuzor
In furtherance to its tireless advocacy and sensational programmes and activities in ensuring reduction of corruption, a globally identified anti-development parasite of any society, the Civil Society Legislative Advocacy Centre (CISLAC) with Support from OXFAM in collaboration with Corporate Affairs Commission (CAC), held a 2-Day Sensitisation and Capacity Building on Nigeria’s Beneficial Ownership Register in Lagos.
The event had stakeholders including; the Executive Director of CISLAC, Mallam Auwal Ibrahim Musa (Rafsanjani), and the Registrar-General of CAC in Nigeria, Hussaini Ishaq Magaji (SAN), among other discussants as well as participants drawn from across the civil society organisations, anti-corruption and anti-corruption agencies and the media in attendance.
Speaking, Rafsanjani stated that endemic corruption emanating largely due to lack of transparency.
Rafsanjani stressed the need for effective collaboration in the anti-corruption business, adding that the civil society alone has no constitutional power of enforcement.
He wondered why despite being invited to the all-important event, Nigeria’s leading anti-corruption agencies did not show up at day one of the event to provide the needed contributions that are required to move the country forward in terms of commitment to reducing to the barest minimum, “if not exterminating it completely to – like said by former President Muhammadu Buhari – ‘kill the corruption before it kills Nigeria’.”
He urged the media to expose people who hide under government influence and powerful individuals to perpetrate corruption in Nigeria as, according to him, they are indeed the prime anti-development agents militating against sustained national values, peace, unity and development of the country that is much touted to be the Africa’s giant.
He said, “We know these people. If the government is serious about fighting corruption, they can deal with them. For instance, in the whole world, there nowhere something is called oil theft, it is only in Nigeria that is known and talked about. We have been asking.”
He lamented that Nigerians suffer huge taxation and yet cannot access quality living system but, however, urged that Japa syndrome should not be the resort for Nigerians.
He gave an insight to the workshop saying, “Today, we gather at a critical juncture in Nigeria’s fight against corruption, illicit financial flows (IFFs), tax evasion, and money laundering. Since the launch of Nigeria’s Open Central Register of Beneficial Ownership — also known as the Persons with Significant Control (PSC) Register — on May 25, 2023, our country 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.
In his keynote address, the CAC boss who was represented by Muhammed Abdullahi, an Assistant Director with the Commission, spoke about the collaboration with CISLAC in the successful organisation of the workshop saying, “As we convene here in Lagos, we are united by a shared commitment to advancing transparency, accountability, and good governance in Nigeria, particularly through the effective implementation of the Beneficial Ownership Register.”
According to MaMagaji, the launch of Nigeria’s Beneficial Ownership Register in 2023, marks a significant milestone in our nation’s fight against corruption and illicit financial flows. This register, which publicly discloses the true owners of companies and limited liability partnerships (LLPs), is a powerful tool for promoting transparency and integrity in our business environment.”
Enumerating the importance of Beneficial Ownership Transparency, the CAC boss said it is crucial for several reasons and listed them as: Combatting Corruption: By revealing the individuals who ultimately control companies, we can prevent the misuse of corporate structures for corrupt practices and money laundering. Enhancing Accountability: Public access to beneficial ownership information empowers citizens, civil society organizations, and the media to hold businesses and public officials accountable, and, Promoting Fair Business Practices: Transparency in ownership helps create a level playing field for businesses, fostering a competitive and fair market environment.
He, however, told stakeholders what their own role should be, which was also demonstrated by his representative at the event in Lagos on Wednesday.
He said, “The success of the Beneficial Ownership Register depends on the active participation and collaboration of various stakeholders: Government Agencies: 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, and many more play a critical role in maintaining and enforcing the register.”
In his presentation, an Assistant Director at CAC, Salisu Abubakar, delved into the Beneficial Ownership Register’s background, understanding of its legal and beneficial owner compared, statutory requirement its disclosure as to when, how, and who, and he talked about verification and sanctions for default or disclosure of wrong information as well as explaining the accessibility to BO information (BO Register) and then made his conclusion.
On level of compliance by corporate entities, Abubakar noted that, “The concept of Beneficial Ownership Transparency is new in Nigeria. The transition from manual records to electronic data commenced in January 2021 with the launching of the Companies Registration Portal (CRP) to lay a background to the eventual deployment of the BOR in May 2023.”
