The Corporate Affairs Commission (CAC) says new Beneficiary Ownership Registrar (BOR) will help the anti-corruption agencies in the fight against money laundering and terrorist financing in the country.
The Registrar-General, CAC, Alhaji Garba Abubakar, made this disclosure at the free training workshop on the use of BOR, organised by the commission in Lagos on Tuesday.
BOR is a portal to enable users to find the Person with Significant Control (PSC) of any entity when a search is initiated with either of the following parameters: entity’s name, entity’s number, PSC first name, and PSC surname.
Alhaji Garba explained that the Companies and Allied Matters Act (CAMA) had been reviewed and reenacted in 2020, to provide a legal framework to support the BOR.
He noted that this was why CAC was sensitising individuals, corporate organisations and civil societies on the use of BOR, which would further help to support the Federal Government’s anti-corruption drive.
“This is just a training session on the use of the Beneficiary Ownership Register. The register was launched on May 23. This is a public register of Beneficiary Ownership Companies in Nigeria. Alhaji Garba explained.
“The register was developed and designed in line with Nigeria’s commitment under the open government policy as well as the Extractive Transparency policy initiative to have a central register of Beneficiary Ownership of Companies.
“The register will help the government in the fight against corruption because you can easily tell who wants what in the Nigerian company. He added.
