By Chioma Obinagwam
The Corporate Affairs Commission (CAC) and Civil Society Legislative Advocacy Centre (CISLAC) has charged corporate entities to disclose Beneficial Ownership in their establishments to curb corruption and financial leakage in the economy.
Confiance News gathered from the opening remarks by the Executive Director of CISLAC during a media training on how to use Beneficial Ownership information to improve natural resource governance in Nigeria.
“This would greatly enhance the fight against corruption and criminality by facilitating investigations by law enforcement agencies into the true ownership and control of companies and limited liability partnerships,” he said.
Speaking at the event which held in Lagos on Thursday, Auwal said that the Financial Action Task Force (FATF) stresses the need for the establishment of a publicly accessible central register for warehousing personal information of natural persons that own, control and benefit from corporate entities.
He said that the involvement of Politically Exposed Persons (PEPs) who conceal corruptly acquired wealth through the complex networks of companies deliberately created to hide their identities has further increased the risks they pose to non-fortified economies.
He added that the CAC, in a show of commitment to Beneficial Ownership Transparency (BOT) mandates registered companies to provide the public with information on Persons with Significant Control (PSC) while submitting their annual report.
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