Groups train stakeholders on business ownership

The Civil Society Legislative Advocacy Centre, in collaboration with the Corporate Affairs Commission and Oxfam, has sensitised stakeholders to the importance of the Beneficial Ownership Register in enhancing transparency and accountability in Nigerian businesses.

At a two-day workshop in Lagos, CISLAC’s Executive Director, Auwal Rafsanjani, explained how undisclosed business ownership enables financial crimes, tax evasion, and even terrorism financing.

He stressed that revealing true business owners through the register would help combat corruption and improve national revenue.

“Many big companies, both local and international, refuse to pay taxes, creating serious gaps in our ability to generate resources for national development. Some businesses are being used to finance terrorism and other financial crimes simply because their true owners remain unknown.

“The Nigerian government has identified individuals involved in terrorism financing, yet none has been prosecuted, largely due to the secrecy surrounding business ownership,” Rafsanjani said.

In his remarks, CAC’s Assistant Director of Compliance and Litigation, Salisu Abubakar, emphasised the register’s role in boosting investors’ confidence, calling for stronger collaboration among government agencies, businesses, civil society, and the media to ensure its effectiveness.

Abubakar said, “A publicly accessible Beneficial Ownership Register will not only promote transparency but also strengthen investors’ confidence in Nigeria’s business environment.

“Companies must comply with disclosure requirements to ensure their operations remain lawful and accountable. Regulatory and security bodies, such as the CAC, EFCC, FIRS, and DSS, play a crucial role in enforcing compliance and maintaining the integrity of the register.”