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CAC Launches Register of Persons with Significant Control of Companies

Nigeria’s foremost Company Registry,the Corporate Affairs Commission has launched the Beneficial Ownership Register, also called Register of Persons with Significant Control.

Presenting the Register yesterday at a well attended ceremony made of World Bank officials ,delegation from Registries of other countries including Zambia and other stakeholders,the Hon.Minister of Industry, Trade and Investment, Otunba Niyi Adebayo ,represented by Baba Gana Alkali, Director, Policy, Planning, Research and Statistics of the Ministry,said the historic event was a fulfilment of the sovereign commitment of President Muhammadu Buhari to the global community at the London Anti-Corruption conference held in May,2016 that Nigeria will fully subscribe to the principles of the Open Government Partnership (OGP) initiatives.

According to him, part of the initiatives required the development and deployment of a Public Register of Beneficial Ownership.

The Minister maintained that the launch of the Register was a tool not only in promoting transparency and accountability in private and public space, but, also in the fight against corruption, money laundering and countering the financing of terrorism.

Earlier in his address, the Registrar General of Corporate Affairs Commission, Alhaji Garba Abubakar recalled that it is very instructive to note that out of the 43 countries that attended the May, 16 Anti-Corruption Summit in London, Nigeria was one of the only six countries that promised to establish public central registers of true company ownership amidst global concerns on the misuse of companies and other corporate arrangements to hide the proceeds of corruption and evade tax. The other five countries were Afghanistan, France, Kenya, the Netherlands and United Kingdom).

The Registrar General revealed that the launch of the Person with Significant Control Register marks the final step in the implementation of the country’s commitment seven years ago to establish a public central register of company beneficial ownership information.

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