The Corporate Affairs Commission (CAC) has announced plans to identify the true owners behind Nigerian businesses.
Hussaini Ishaq Magaji, the Registrar-General of the CAC, shared this information during a meeting with journalists on Tuesday in Abuja. According to him, there are both legal owners of Nigerian companies and genuine individuals behind the corporate structures.
He emphasized the urgent need for the public to know the real people behind these entities under the beneficial ownership disclosure framework.
He stated that this initiative would help trace illicit financial flows within the country’s corporate system.
“In simple terms, there may be a legal owner on paper and the real person behind the corporate structure.
We want to know the human being behind the corporate structure. And that is why beneficial ownership disclosure is not merely a bureaucratic requirement,” Magaji explained.
Post a Comment