The Corporate Affairs Commission (CAC) has called for the harmonisation and centralisation of Nigeria’s beneficial ownership information to strengthen transparency, accountability and the fight against illicit financial activities.

The Registrar-General/Chief Executive of the CAC, Hussaini Ishaq Magaji (SAN), made the call at a training on the Beneficial Ownership Register for journalists and Civil Society Organisations.

The CAC explained that Nigeria’s legal and regulatory framework uses the term “Person with Significant Control” (PSC) to describe individuals who ultimately own, control or significantly influence companies and other relevant entities. It said the PSC framework, established under the Persons with Significant Control Rules, 2022, is designed to identify the natural persons behind corporate structures and promote greater corporate accountability.

‎According to the Commission, Nigeria currently has three separate beneficial ownership transparency systems covering entities registered with the CAC, businesses operating within Free Trade Zones under the Nigeria Export Processing Zones Authority (NEPZA), and entities in the extractive sector under the Nigeria Extractive Industries Transparency Initiative (NEITI). It noted that while the sectoral arrangements have legitimate statutory bases, they largely seek to establish the same information on ownership and control.

‎The CAC therefore proposed a coordinated national framework that would use its corporate registry as the central corporate data backbone while retaining the statutory responsibilities of NEPZA and NEITI. It said connecting the systems would help eliminate unnecessary duplication, improve interoperability and prevent beneficial ownership information from being trapped in institutional silos.

‎The Commission also urged journalists and Civil Society Organisations to play a more active role in examining beneficial ownership information and advocating for stronger transparency measures. It said the information could assist investigative journalists in identifying corporate ownership structures, relationships and beneficiaries, while stressing that information obtained from the register must be independently verified and reported fairly and responsibly.

The CAC said beneficial ownership information has also been utilised by anti-corruption and law-enforcement agencies, including the Independent Corrupt Practices and Other Related Offences Commission, Economic and Financial Crimes Commission and National Drug Law Enforcement Agency, in investigations involving ownership structures, assets and transactions. It added that access to the Commission’s beneficial ownership information is free through its official platform.

The Registrar-General also announced that the CAC will host the Global Conference on Beneficial Ownership in Lagos on November 8, 2026. The conference is expected to attract about 200 delegates from 43 countries and will provide an opportunity for Nigeria to showcase its experience, exchange knowledge with other countries and discuss the future of beneficial ownership transparency.

The CAC said the training represents part of its broader effort to strengthen corporate governance, improve the integrity and accessibility of corporate information and prevent the abuse of corporate structures.

It urged journalists and Civil Society Organisations to continue investigating, researching and advocating for greater transparency, saying stronger collaboration among stakeholders would help transform beneficial ownership information into an effective tool for accountability and public trust.