Abuja – The Registrar‑General of Nigeria’s Corporate Affairs Commission (CAC), Hussaini Magaji, inaugurated a national working group on beneficial ownership on Thursday, describing it as the “engine of reforms for economic growth” in the country’s corporate sector.
The group, chaired by Maimunat Modi, Assistant Director and Head of the CAC’s Status Desk, is tasked with developing a robust framework that will identify the natural persons who ultimately own or control companies and assets, regardless of the names under which they are registered. Magaji emphasized that transparency on beneficial ownership goes beyond mere regulatory compliance; it is a cornerstone of good governance, protecting the economy from abuse, bolstering investor confidence and enhancing Nigeria’s standing in the global financial system.
In his inauguration speech, Magaji called on members to apply their expertise, creativity and commitment to create a framework that could serve as a benchmark for other jurisdictions. “The framework should set a standard that other countries can emulate,” he said.
Modi reaffirmed the group’s dedication to the mandate, pledging collaborative effort among members to achieve the initiative’s objectives. The working group draws representatives from key agencies, including the Financial Intelligence Unit (FIU), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the African Development Bank (AfDB).
In a related development, the CAC announced plans to host an international conference on beneficial ownership information in November. While inaugurating the conference’s organising committee, Magaji highlighted the event’s role in promoting transparency, accountability and integrity in financial and corporate systems worldwide. He noted that the conference will underscore Nigeria’s commitment to combating corruption and illicit financial flows, and will bring together experts, policymakers, regulators and practitioners from around the globe.
The three‑day conference is expected to facilitate peer learning, mutual review and the exchange of best practices. Magaji urged the organising committee to ensure that the summit delivers a transformative impact on the international discourse surrounding beneficial ownership.
The establishment of the working group and the upcoming conference signal Nigeria’s intensified focus on aligning its corporate regulatory environment with international standards, such as those advocated by the Financial Action Task Force (FATF). By strengthening beneficial ownership transparency, the country aims to attract sustainable investment, improve its ease‑of‑doing‑business rating and reinforce its reputation as a responsible participant in the global financial system.
