Key stakeholders, including CISLAC Executive Director, Mallam Auwal Ibrahim Musa (Rafsanjani) and CAC Registrar-General Alhaji Hussaini Ishaq Magaji (SAN), participated alongside representatives from civil society organisations, anti-corruption agencies, and the media.
In his welcome address, Musa emphasised that endemic corruption often stems from a lack of transparency. He stressed the importance of effective collaboration in anti-corruption efforts, noting that civil society alone lacks constitutional enforcement power.
He also expressed concern over the absence of Nigeria’s leading anti-corruption agencies on the first day of the event, highlighting the need for their active participation to advance the country’s commitment to reducing corruption.
The CISLAC boss urged the media to expose individuals who exploit government influence to perpetrate corruption, describing them as prime anti-development agents hindering national progress.
He further lamented that Nigerians endure high taxation without access to quality living conditions and cautioned against the “Japa syndrome,” encouraging citizens to remain hopeful and committed to improving the country.
He also acknowledged the cooperation and partnership of Oxfam and the CAC in organizing the workshop. He highlighted Nigeria’s leadership in financial transparency, noting that the launch of the Open Central Register of Beneficial Ownership on May 25, 2023, positioned the country at the forefront of corporate accountability efforts in Africa.
Musa outlined the workshop’s objectives to include ensuring that regulators, business membership organizations (BMOs), civil society organisations (CSOs), and the media fully understand the existence, purpose, and functionalities of the Persons with Significant Control (PSC) Register as well as equip participants with the skills necessary to access, interpret, and utilize the PSC Register effectively in their respective fields.
He listed other objectives to strengthening inter-agency partnerships to combat illicit financial flows, tax evasion, and money laundering, while ensuring the sustainability of transparency initiatives.
He anticipated that the workshop would strengthen multi-sector partnerships among regulators, civil society, and media organizations, fostering collaboration in tracking, detecting, and prosecuting financial crimes as well as enhance investigative capacity, ensuring that stakeholders effectively utilize the PSC Register to identify and mitigate corruption risks.
Musa concluded by emphasizing the critical role of beneficial ownership transparency in governance, noting that corporate secrecy has long been a breeding ground for corruption, money laundering, and illicit financial flows, which drain national resources meant for healthcare, education, infrastructure, and economic development.
In his keynote address, CAC Registrar-General Alhaji Hussaini Ishaq Magaji (SAN), represented by Assistant Director Muhammad Abdullahi, underscored the importance of the Beneficial Ownership Register in promoting transparency and integrity in Nigeria’s business environment.
Magaji highlighted the challenges and opportunities presented by the Beneficial Ownership Register, noting that while implementation may face challenges such as ensuring accurate and timely data submission, it also offers significant opportunities to strengthen governance, attract investment, and build trust among businesses, government, and the public.
He concluded by urging all stakeholders to take proactive steps in their respective roles to support the Beneficial Ownership Register, emphasizing the collective responsibility in creating a more transparent and prosperous Nigeria.
Presentations on the first day of the workshop covered the development and objectives of the PSC Register, with Salisu Abubakar of the CAC providing insights into its background, legal framework, and compliance requirements.
Muhammad Abdullahi demonstrated the functionalities of the PSC Register, illustrating how individuals can verify company registrations and identify the individuals behind them.
Dr. Isaac Botti led a discussion on the legal obligations of companies under the PSC regulations and the penalties for non-compliance, while Dr. Lawrence Dube facilitated an interactive session on the role of stakeholders in beneficial ownership transparency, featuring representatives from regulators, BMOs, CSOs, and the media.
This workshop underscores the commitment of CISLAC, Oxfam, and the CAC to enhancing transparency and accountability in Nigeria’s corporate sector, aiming to reduce corruption and promote sustainable development.
