The Registrar-General/CEO of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, has inaugurated the National Working Group on Beneficial Ownership Information, described it as a critical driver of economic reform and growth.
Speaking during the inauguration, Magaji said beneficial ownership transparency goes beyond a regulatory requirement, calling it “the cornerstone of good governance.” He noted that it plays a vital role in protecting the economy from abuse, strengthening investor confidence, and boosting Nigeria’s standing in the global financial system.
He tasked members of the working group with leveraging their expertise and creativity to develop a robust framework that would serve as a benchmark for transparency and accountability.
Responding on behalf of the committee, Maimunat Hamu Modi, Assistant Director and Head of the Status Desk, pledged the group’s commitment to delivering on its mandate through collaboration and diligence.
In a related development, the CAC boss also unveiled plans to host an International Conference on Beneficial Ownership Information in Nigeria this November, aimed at advancing transparency and accountability in financial and corporate systems globally.
According to Magaji, the conference will bring together experts, policymakers, regulators, and practitioners from across the world to foster peer learning, mutual review, and the exchange of best practices. He described the initiative as a significant step in tackling corruption, illicit financial flows, and the concealment of assets.
He further charged members of the organizing committee to ensure the event delivers both in execution and long-term impact.
Membership of the two committees includes representatives from key institutions such as the Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), National Drug Law Enforcement Agency (NDLEA), Nigeria Police Force (NPF), and the African Development Bank, among others.
