The Corporate Affairs Commission says the introduction of Beneficial Ownership Register will help to tackle corruption in the public and private organisations, and money laundering.
It also said the Persons with Significant Control, registration platform would help the Federal Government in monitoring money laundering and sponsorship of terrorism by organisations in the country.
The CAC Registrar-General, Garba Abubakar, said this during a one-day training on the use of beneficial ownership register, organised in collaboration with the United States Agency for International Development, Palladium and the World Bank.
Abubakar, stated that the BOR would help in the war against terrorism and proliferation of arms in the country. He said the verification platform had been designed to instill transparency in the dealings of public and private organisations.
Represented by the Commission’s Director of Compliance, Justin Biraol, he said the push for BOR was given by former President, Muhammadu Buhari, at the London Anti-Corruption Conference/Summit of May 2015, where commitment was made that the country would implement the requirements of Beneficial Ownership as part of the overall National Anti-Corruption strategy.
Abubakar said political commitment was followed up by concrete actions which eventually resulted in the repeal and re-enactment of the Companies and Allied Matters Act 2020.
“The Commission with the assistance of the World Bank and other stakeholders such as Oasis, developed and deployed the National Register of Beneficial Ownership on 26/5/2023 and has sequel to this deployment undertaken series of training on the use of the register,” Abubakar stated.