Corporate Affairs Commission (CAC) and the Nigeria Extractive Industries Transparency Initiative (NEITI) are to partner in the exchange of information/data on Beneficial Ownership Register for the Extractive Industries to further boost the present Administration’s efforts in tackling terrorism financing and other illicit trades.
The collaboration which is expected to flag off soon was arrived at during a courtesy call on the Registrar General of the CAC, Alhaji Garba Abubakar by the Executive Secretary of NEITI, Orji Ogbonnaya Orji.
Highlighting the reform initiatives of the CAC particularly the implementation of Beneficial Ownership Register which attracted NEITI’s attention, the Registrar General/CEO of the Commission, Alhaji Garba Abubakar said the measure was adopted to strengthen the present administration’s fight against corruption and other crime related activities.
The RG said CAC launched the disclosure of Persons with Significant Control-PSC with companies registered from 3rd January, 2021 and is available free of charge on the Commission’s website in line with the provisions of CAMA 2020 and the requirements of the Open Government Partnership agreement endorsed by Nigeria and other countries around the globe.
Alhaji Garba who stressed that the framework for the disclosure of beneficial ownership was modeled after the United Kingdom’s system of person’s with significant control added that the information for other companies was disclosed when they came to file returns.
The RG revealed that arrangements were in top gear to develop the ESB that will allow for seamless exchange of information in open data format with agencies like NEITI and other international agencies.
Abubakar added that the project is being financed by the World Bank via the Federal Ministry of Finance.
The RG expressed huge optimism that with the upcoming measures in place, there would be no hiding place for terrorism financing and money laundering either local or international and therefore assured of the Commission’s willingness to share data with relevant government agencies involved in tracking the flow of illicit funds.
Speaking earlier, Executive Secretary/CEO of NEITI, Orji Ogbonnaya Orji sought collaboration to implement beneficial issues pertaining NEITI’s, Capacity Building/ Manpower exchange and Exchange of information/data on Beneficial Ownership register amongst others.
Highlighting the impact of NEITI, Ogbonnaya Orji said from 2007-date the agency had spearheaded the recovery of over $3billion, tracked and identified over $20billion recoverable revenues and initiated the share of 13% solid minerals derivation with N9.8B shared as derivation from Solid Minerals sector.
He stated that Nigeria is a member of the global EITI made up of 54-member countries with headquarters in Oslo, Norway and added that NEITI on its part empowers citizens with verifiable and accurate information to hold their government to account for the use of revenues accruing from natural resources.
Media Unit, CAC.