Breaking: FG Launches Register to Expose Real Company Owners
The Federal Government has officially launched Nigeria’s beneficial ownership register, a digital platform designed to reveal the real individuals who own and control registered companies across the country.
Managed by the Corporate Affairs Commission, the Beneficial Ownership Survey Register replaces opaque shareholder structures with a public record of persons who hold at least five percent ownership or exercise significant control over corporate entities.
The initiative targets long standing abuse of shell companies used for corruption, money laundering, terrorism financing, and tax evasion. Under the new framework, security agencies, journalists, investors, and the public can now identify the true controllers behind businesses operating in Nigeria.
Registrar General of the Corporate Affairs Commission, Hussaini Ishaq Magaji SAN, described the register as a major tool in the fight against financial crimes, noting that it will prevent public officials from hiding behind proxy firms to secure government contracts.
The platform is integrated with national databases, granting direct access to agencies such as the EFCC and ICPC for real time tracking of suspicious financial activities. It also strengthens Nigeria’s compliance with global anti money laundering standards and supports efforts to exit international monitoring lists.
Compliance is mandatory for all registered entities, with penalties in place for false declarations or failure to update ownership information. The CAC confirmed that the simplified online portal will ease compliance and improve transparency in the business environment.
The launch marks a significant shift in Nigeria’s anti corruption drive, as the government moves to dismantle corporate secrecy and strengthen accountability across the private sector.