Nigeria to unveil national BO register next month, says NEITI

In an attempt to check ownership of shell companies, especially in the extractive sector, Nigeria will next month launch a national Beneficial Ownership register.

The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Corporate Affairs Commission (CAC) are spearheading the move, a release by NEITI said.

Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji and the Registrar General of the CAC, Mallam Garba Abubakar had explained that under the joint inter-agency collaboration, the NEITI Beneficial Ownership register filled with facts, information and data on who owns what in the oil, gas and mining sectors would merge with CAC Beneficial Ownership Portal that covers all registered companies in Nigeria.

Orji stated that with a national integrated Beneficial Ownership Portal, NEITI and CAC would be in a better position to support government’s revenue growth efforts by checking capital flight, tax evasion, terrorism financing illicit financial flows and outright economic sabotage.

He identified political will, stakeholders’ consultation, institutional and citizen’s ownership as well as civil society partnership as critical success factors that have led Nigeria’s efforts.