Integrate beneficial ownership data into compliance, enforcement frameworks, CISLAC tells regulators

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By Abiodun Azi

Civil Society Legislative Advocacy Centre (CISLAC) has called on regulators to integrate beneficial ownership data into their compliance and enforcement frameworks.

Mr Auwal Musa, Executive Director, CISLAC, made the call in Lagos on Wednesday, 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 the workshop is with support from Oxfam in conjunction with the Corporate Affairs Commission (CAC).

Musa said that the workshop was to explore the functionalities of the PSC Register, discuss implementation challenges, and develop actionable strategies for maximising its impact.

He urged the CSOs and the media to therefore 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 meant 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 be disrupting these financial leakages by enhancing corporate accountability and financial transparency.

“We will also be providing enforcement agencies with actionable data to track illicit financial activities, 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, the Registrar-General, CAC, Hussaini Magaji, 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 improvement of the register.

He advised the private sector to commit to full compliance and transparency in disclosing beneficial ownership information.

He also urged the 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 beneficial 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. (NAN)(www.nannews.ng)

Edited by Deborah Coker

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