By Lucy Ogalue
Hussaini Magaji, Registrar-General of the Corporate Affairs Commission (CAC), has inaugurated a national working group on beneficial ownership to drive transparency.
Magaji while inaugurating the committee in Abuja, described the group as the ”engine of reforms for economic growth” in Nigeria’s corporate sector.
Beneficial ownership means the real person who owns or controls a company or asset, even if the company is registered in another name.
The registral-general said that beneficial ownership transparency goes beyond regulatory compliance, and was central to good governance.
According to him, it protects the economy from abuse, strengthens investor confidence and enhances Nigeria’s global financial reputation.
He charged members to deploy their expertise, creativity and commitment in building a robust framework.
”The framework should serve as a benchmark for other countries,” he said.
Responding, Mrs Maimunat Modi, Assistant Director and Head, Status Desk, who heads the group, pledged the group’s commitment to deliver on its mandate.
Modi assured that members would work collaboratively to achieve the objectives of the initiative.
In another development, the CAC unveiled plans to host an international conference on beneficial ownership information in November.
Magaji said this while inaugurating the organising committee for the conference.
He said the event would promote transparency, accountability and integrity in financial and corporate systems globally.
According to him, the conference will underscore Nigeria’s commitment to tackling corruption and illicit financial flows.
He revealed that the conference would bring together experts, policymakers, regulators and practitioners from across the world.
He added that the platform would facilitate peer learning, mutual review and exchange of best practices.
The CAC boss urged committee members to ensure the conference delivered transformative impact.
Membership of the committees are drawn from key agencies, including the Nigerian Financial Intelligence Unit, EFCC, ICPC and the African Development Bank(AfDB), among others.(NAN)(www.nannews.ng)
Edited by Deborah Coker
