Civil Society Legislative Advocacy Centre (CISLAC) has called on regulators to integrate beneficial ownership data into their compliance and enforcement frameworks.
The Executive Director of CISLAC, Mr Auwal Musa, made the call in Lagos yesterday in his opening remarks at the commencement of a two-day workshop on Nigeria’s Beneficial Ownership Register.
The News Agency of Nigeria (NAN) reports that Oxfam is supporting the workshop in conjunction with the Corporate Affairs Commission (CAC).
Musa said the workshop aimed to explore the PSC Register’s functionalities, discuss implementation challenges, and develop actionable strategies for maximising its impact.
He urged the CSOs and the media to leverage the PSC register for advocacy, investigative reporting, and accountability mechanisms.
He called on BMOs and the private sector to embrace full compliance with beneficial ownership disclosure requirements, fostering a transparent and competitive business environment.
“Corporate secrecy has long been a breeding ground for corruption, money laundering, and illicit financial flows, which drain national resources 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 will disrupt these financial leakages by enhancing corporate accountability and transparency.
“We will also provide enforcement agencies with actionable data to track illicit financial activities and increase investor confidence by fostering an open and trustworthy business environment.
”When we do this, Nigeria will be seen to be adopting global best practices and positioning herself as a regional leader in financial integrity, setting a precedent for other African nations to follow,” he said.
Similarly, Hussaini Magaji, the Registrar-General of the Corporate Affairs Commission (CAC), urged everyone to take proactive steps in their respective roles to support the Beneficial Ownership Register.
Magaji, represented by Muhammad Abdullahi, Assistant Director, CAC, called on government agencies to ensure rigorous enforcement and continuous register improvement.
He advised the private sector to commit to full compliance and transparency in disclosing beneficial ownership information.
He also urged civil society organisations to continue advocating, educating, and monitoring to ensure the register’s effectiveness.
“Media investigate and report on beneficial ownership data to keep the public informed and engaged. As we embark on this journey to strengthen helpful ownership transparency in Nigeria, let us remain steadfast in our commitment to integrity, accountability, and good governance.
“Together, we can create a more transparent and prosperous Nigeria, where businesses thrive, and corruption is curtailed,” Magaji said.
