Four Key Terms In CAC’s Beneficial Ownership Register

CAC’s Registrar-General, Garba Abubakar

By Miriam Humbe

Between Wednesday and Thursday in the week, Registrar-General of the Corporate Affairs Commission, Garba Abubakar unveiled the Beneficial Ownership Register to the public.

The gathering brought together stakeholders in the sector including the Nigerian Bar Association, (NBA), sister Government Agencies such as NEITI and foreign partners such as the Open Ownership, United Kingdom.

Other stakeholders represented African nations such as Zambia.

Zambia’s Wilson Banda told the gathering: “We’re here to learn. We have a BOR in Zambia but it’s not as advanced as the one in Nigeria”.

Also speaking exclusively to Humsimedia, Executive Director of UK based Open Ownership, Tom Townsend said that Nigeria’s Open Register of Beneficial Owners of Companies and Entities was by far more advanced than that of the UK.

The Registrar-General said that the Beneficial Ownership Register was aimed to stop Illicit-financial flows and terrorism financing through companies via lifting the corporate veil on company Directors and their cohorts.

CAC’s Registrar-General, Garba Abubakar And Guests

The R-G said that the Beneficial Ownership Register was meant to ensure transparency and assist in the anti-corruption campaign of government.

Persons using the services of the Corporate Affairs Commission directly or online may encounter certain terms relating to the Beneficial Ownership Register.

Here’s a definition of key terms in the Beneficial Ownership Register as availed by the Corporate Affairs Commission:

1. Open Government Partnership (OGP) is a multi-stakeholder initiative focused on improving government transparency, ensuring opportunities for citizens’ participation in public matters and strengthening mechanisms for public accountability.

2. As reported by the UN Convention Against Corruption (UNCAC).

3. FATF is the global money laundering and terrorism financing watchdog. It leads global action to tackle money laundering, terrorist and proliferation financing.

4. Open Government is a non-profit organisation which supports countries to generate data on company ownership that complies with international standards and meets the needs of data users across government, civil society and the private sector.