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April 18, 2024
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CAC Registrar-General, Alhaji Garba Abubakar

Anti-corruption: CAC trains stakeholders on use of beneficial ownership register

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By Lucy Ogalue

The Corporate Affairs Commission (CAC), has embarked on training of some stakeholders in Abuja on the effective use of the Beneficial Ownership Register (BOR).

The CAC Registrar-General, Alhaji Garba Abubakar, on Wednesday expressed the hope that participants would after the training be able to query the data base to access information.

“The workshop is meant to train stakeholders on how to access information in the register.

“You can see that we have representatives from the EFCC, the Nigerian Financial Intelligent Unit (NFIU), Code of Conduct Bureau, the ICPC, the National Insurance Commission, and all other key stakeholders and the media.

“To learn how the register operates to access information, and how to query the data base.

“Either by the use of the name of the beneficial owner, the entity or the entity number as well as the format for applying to register as a user for the organisation,” Abubakar said.

He said if an organisation required an Application Programming Interface (API) integration of the CAC, there was a link it could use to enter the details of the officer.

“The commission will seamlessly create access for them to access information in real time.

“So this is why we are here and you can hear from the feedback. People are already using the register since its inauguration in May.

“We are hoping that it will assist them in their work because this register is not just for our benefit. It is for the benefit of Nigeria,” he said.

According to Abubakar, the essence of the register is to actually support the work of our investigation, law enforcement agencies, media and the civil societies.

On penalties, he said: “what the law says is, if you are a beneficial owner of any company, or a limited liability partnership, you must disclose the information to the company within 30 days of qualifying as a beneficial owner.

“And the company has to file this information with the CAC within seven days.

“Default in making this filing with the CAC attracts a daily default penalty which depends on the nature of the company and the penalty will run until the filing is made.

“So, if you are in default for one year, you will have a default penalty which is about N10,000 for every day for as long as the default lasts.

“So, this is what we are explaining that it helps to actually comply, don’t wait to accumulate penalty for yourself because the penalty cannot be waved,” Abubarka added.

The News Agency of Nigeria (NAN) reports that the BOR is an anti-corruption initiative of the commission.

Aside the penalty, the CAC has vowed to strike out companies that refused to comply with implementation of the initiative soon. (NAN)(www.nannews.com)

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Edited by Ifeyinwa Okonkwo/Ese E. Eniola Williams

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