The Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Magaji, has set up a national working group on beneficial ownership as part of efforts to improve transparency in Nigeria’s corporate space.
Speaking during the inauguration in Abuja, Magaji described the team as the ”engine of reforms for economic growth” in the country’s business environment. He stressed that the initiative is key to strengthening trust and accountability in how companies operate.
Beneficial ownership refers to identifying the actual individuals who truly own or control a company or asset, even when it is registered under another name. This concept has become increasingly important in preventing hidden ownership structures that can be used for fraud or financial misconduct. Magaji explained that ensuring transparency in beneficial ownership is not just about meeting regulatory requirements but is also vital for good governance. According to him, it plays a major role in protecting the economy from abuse, boosting investor confidence, and improving Nigeria’s standing in the global financial system.
He encouraged members of the working group to bring their skills, innovation, and dedication to the task of building a strong and effective framework. ”The framework should serve as a benchmark for other countries,” he said, highlighting the ambition for Nigeria to set a global standard.
In her response, Mrs. Maimunat Modi, who leads the group as Assistant Director and Head of the Status Desk, assured that the team is fully committed to achieving its mandate. She noted that members would collaborate closely to deliver results that align with the goals of the initiative.In a related development, the CAC also announced plans to host an international conference on beneficial ownership information in November. Magaji made this known while inaugurating the organising committee for the event.
He said the conference would focus on promoting transparency, accountability, and integrity in corporate and financial systems worldwide. It is also expected to reinforce Nigeria’s efforts in combating corruption and curbing illicit financial flows. Magaji added that the conference would attract experts, policymakers, regulators, and industry professionals from different parts of the world. The gathering will provide an opportunity for participants to share knowledge, review practices, and learn from one another.
He urged members of the organising committee to ensure the event delivers meaningful and lasting impact. Participants in both committees include representatives from key institutions such as the Nigerian Financial Intelligence Unit, EFCC, ICPC, and the African Development Bank, among others.
