CAC to start publishing profiles of company owners

The Corporate Affairs Commission (CAC) has announced that it will begin publishing profiles of company owners in an effort to support anti-corruption initiatives in Nigeria and around the world.

The registrar-general of CAC, Garba Abubakar, explained that the new Beneficial Ownership Information Register will be open to the public, allowing anyone to view records of shareholders of companies online free of charge.

The register will help investigating agencies track those responsible for illegal activities such as corruption, illicit financial flow, and terrorism financing.

Companies are required to disclose the natural persons that own them from the point of incorporation and when there is any change.

The initiative aims to ensure transparency and make information available to investigation agencies, the media, and civil society.