Nigeria has become a model for other African nations looking to build and implement their Beneficial Ownership Register (BOR), two months after the Corporate Affairs Commission (CAC) made history by launching Africa’s first BOR.
Kenya and Malawi are set to visit the CAC to study its processes with a view to developing their own BOR.
The Registrar General/CEO of the CAC, Alhaji Garba Abubakar, revealed this at a Training Workshop on the Use of Beneficial Ownership Information Disclosure in Abuja.
Garba Abubakar explained that the technical training for internal and external users and stakeholders is one of the components of the BOR project aimed at bringing them up to date with the technicalities of the Register.
Abubakar, who spoke on the trajectory of the project, stressed that the BOR would be beneficial to investigative agencies, the media, and civil society organizations, amongst others.
The Registrar General used the forum to enjoin Nigerian Banks to review their Know Your Customer (KYC) systems to operate in line with global financial standards.
He noted with satisfaction that most Embassies were now utilizing the CAC database to grant or reject visa applications on account of the active or Inactive status of the applicants on the database.
He therefore revealed that the Commission was compiling lists of Inactive companies with a view to striking them off Nigeria’s Register of Companies.
Garba Abubakar enjoined companies to update their records with the Commission to avoid being struck off soon, which would have attendant consequences.
Other speakers at the event included Temitope Olubunmi Erinomo from the Special Control Unit Against Money Laundering (SCUML), who delivered a paper titled: Registration requirements and AML/CFT obligations under the Money Laundering Prevention and Prohibition Act.
Hauwa Abubakar Faruq of the Nigerian Financial Intelligence Unit (NFIU) presented a paper on Compliance Obligations under FATF Recommendations and the AML/CFT framework, while Safiya Ahmed Yabo of the Securities and Exchange Commission (SEC) made a presentation on “Capital Market Operations and the requirements for compliance under the AML/CFT Framework.”
Also speaking at the event was Ikechukwu Nweje of the World Bank, who said that they were proud to associate with the progress made by the CAC, which they consider a veritable partner.
The World Bank representative commended the Commission for engendering interagency collaboration towards implementing the BOR, which enjoyed funding from the global financial institution.
While restating the World Bank’s commitment to working with relevant agencies to create jobs for Nigerian youths, Ikechukwu charged other well-meaning institutions, individuals, and groups to also support the fight against poverty and unemployment in society.
AUWALU MUHAMMED, KADUNA
