In an efforts to protect public resources, and the fight against corruption, illicit financial flows, money laundering, terrorism financing and abuse of corporate structures, the Register-General and Chief Executive Officer, Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji has called on Journalists and Civil Society Organisations (CSOs) to actively involve in strengthening and interrogate Nigeria's Beneficial Ownership transparency framework.
According to him, there is need for Nigeria’s various beneficial ownership databases into a single coordinated system, believing that fragmented information could expose those hiding behind companies and other corporate structures.
The Registrar- General of the CAC made the call on Tuesday in Abuja while officially opening a one day training workshop organised for Journalists and Civil Society Organisations on the Beneficial Ownership Register.
He urged journalists to make greater use of the Beneficial Ownership Register in investigative reporting, particularly when examining companies, procurement deals, transactions and business relationships.
He said journalists should go beyond identifying the registered owners of companies by investigating who ultimately controls the entities and who benefits from their operations.
"Journalists should see the Beneficial Ownership Register as a tool for investigative journalism by asking who owns this company? Who ultimately controls it? Who benefits from it?”
To Civil Society Organisations, he equally urged them to take full advantage of
the platform to strengthen their research, advocacy and public acountability
"Today represents more than a training programme. It is an invitation to partnership. A partnership in which the CAC provides the platform and information; Journalists investigate and inform; Civil Society Organisations
analyse and advocate; Law-enforcement agencies utilise information for
legitimate investigations; and together, we strengthen public accountability.
If we get this right, the Beneficial Ownership Register will become much more than a regulatory requirement. It can become a powerful instrument for deterring illicit practices, protecting public resources, improving the business environment and strengthening confidence in Nigeria’s corporate sector", he said.
He noted that currently Nigeria operates beneficial ownership registers under three different institutional arrangements.
"The register maintained by the CAC, information on companies, operating within Free Trade Zones under the Nigeria Export Processing Zones Authority (NEPZA), and beneficial ownership information concerning the extractive sector maintained under the Nigeria Extractive Industries Transparency Initiative (NEITI)."
The Registrar- General acknowledged the legal basis for the separate arrangements, he noted that the databases were essentially designed to provide answers to similar questions concerning corporate ownership and control.
“My position is clear: Nigeria should work towards harmonising and centralising beneficial ownership information within a coordinated national framework, with the CAC corporate registry serving as the central corporate data backbone,” the Registrar-General said.
He described Nigeria’s progress in establishing and operating a Beneficial Ownership Register as a major achievement, saying the country’s experience had generated international interest, peer reviews and opportunities for knowledge sharing.
He also said that law-enforcement agencies, including the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC) and National Drug Law Enforcement Agency (NDLEA), had used beneficial ownership information during investigations.Adding that the information had assisted investigators in tracing corporate ownership structures and establishing links between individuals, assets and transactions under investigation.
Magaji also rejected the notion that greater corporate transparency should be viewed as a threat to legitimate businesses, arguing that it would instead protect genuine entrepreneurs, boost investor confidence, assist law-enforcement agencies and improve Nigeria’s standing internationally.
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On the Global Conference he said the Commission scheduled to hold the conference in Lagos November 8, 2026.
The conference he said is expected to attract about 200 delegates from 43 countries and will provide a platform for Nigeria to share its experience while examining the next stage of beneficial ownership transparency.
Also the conference would include greater harmonisation and interoperability among the country’s existing beneficial ownership systems.
"Ladies and gentlemen, let me also use this opportunity to invite you to another
landmark initiative of the Corporate Affairs Commission. On 8 November 2026 in Lagos, Nigeria, the Commission will host the Global Conference on Beneficial Ownership. This major international gathering is expected to attract approximately 200 delegates from 43 countries.
"The conference will provide Nigeria with an important platform to showcase its
experience in beneficial ownership transparency and the progress we have
made in our broader fight against corruption and illicit financial activities.
The Registrar-General further urged participants at the training to use the knowledge gained to improve public understanding of beneficial ownership and support efforts to strengthen Nigeria’s transparency framework.
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