The Federal Government will be able to monitor money laundering and the sponsorship of terrorism by domestic organizations with the help of the Persons with Significant Control registration platform, according to the Corporate Affairs Commission, which also claims that the introduction of the Beneficial Ownership Register will help to combat corruption in both public and private organizations.
Alhaji Garba Abubakar, the CAC Registrar-General, made this statement during a one-day workshop on the use of the beneficial ownership record that was organized in partnership with the World Bank, Palladium, and the United States Agency for International Development.
According to the CAC Registrar, the BOR would aid in the fight against terrorism and the spread of armaments in the nation. He said that the verification platform had been created to promote transparency in both public and private organization transactions.
The push for BOR was made by the former president Muhammadu Buhari at the London Anti-Corruption Conference/Summit in May 2015, where a commitment was made that the nation would implement the requirements of Beneficial Ownership as part of the overall National Anti-Corruption strategy. This was stated by the Commission’s Director of Compliance, Mr. Justin Biraol.
The Companies and Allied Matters Act 2020, according to Abubakar, was eventually repealed and reenacted as a result of political commitment being followed by practical actions.
The National Register of Beneficial Ownership was developed and launched by the Commission on May 26, 2023, with help from the World Bank and other partners like Oasis. Following this deployment, a series of training sessions on how to use the register were conducted, according to Abubakar.