CAC to Disclose Ownership Register Of Companies

Date:

May 26, 2023.

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Azonuchechi Chukwu.

The Corporate Affairs Commission (CAC) has launched the Beneficial Ownership Register, an open data document that contains the names of persons with significant control of companies.

Speaking at the unveiling in Abuja yesterday, the Registrar General of the CAC, Alhaji Garba Abubakar, said the launch was to foster transparency in company dealings and drive anti-corruption fight of the federal government.

He said, “The launch of the Person with Significant Control Register (also described as the Beneficial Ownership Register) is the demonstration of these commitments by Mr President.

“It is very instructive to note that out of the 43 countries that attended the Summit, 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 register, which was developed with support from the World Bank and implemented by the commission, utilises cutting-edge technological solutions that support end-to-end electronic disclosure of PSC information by reporting entities to the commission and publication of the information to the public in the form of web-search or specialised formats.

In his remarks, the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, who was represented by Babagana Alkai, Director, Policy, Research and Statistics, noted that the register would curtail to a large extent illicit financial flows and boost transparency across board.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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