Corporate Affairs Commission, CAC will henceforth make public profiles of owners of companies.
The Registrar-General of CAC, Garba Abubakar, made this known at the commission’s International Peer Learning Workshop on the use of Beneficial Ownership Information Register.
The event heralds the launch of Nigeria’s Open Register of Beneficial Ownership of Companies.
He said the register when unveiled, will be open to the public where everyone can view records of shareholders of companies online free of charge, adding that the initiative was aimed at supporting anti-corruption efforts in Nigeria and the world.
The essence of getting the beneficial ownership information is to support the anti-corruption initiative of the government, companies are the vehicles being used for corruption, illicit financial flow and for terrorism financing.
While emphasising that innocent people do not have anything to worry about the initiative, Abubakar said that companies are required to disclose the persons that own the companies from the point of incorporation.