Lagos, Nigeria – The Civil Society Legislative Advocacy Centre (CISLAC), in collaboration with the Corporate Affairs Commission (CAC) and Oxfam, has intensified efforts to enhance transparency in Nigerian businesses through the Beneficial Ownership Register. At a two-day workshop in Lagos, stakeholders were educated on how the initiative can help combat financial crimes, tax evasion, and terrorism financing.
Why Transparency in Business Ownership Matters
CISLAC’s Executive Director, Auwal Rafsanjani, underscored the risks of undisclosed business ownership, highlighting its role in enabling financial misconduct. He pointed out that the lack of transparency allows companies to evade taxes and fund illicit activities, posing significant threats to national security and economic development.
“Many big companies, both local and international, refuse to pay taxes, creating serious gaps in our ability to generate resources for national development. Some businesses are being used to finance terrorism and other financial crimes simply because their true owners remain unknown,” Rafsanjani said.
He emphasized that by mandating companies to disclose their real owners, the government could significantly reduce corruption and increase revenue collection.
Government’s Efforts and Regulatory Framework
Speaking on the importance of compliance, CAC’s Assistant Director of Compliance and Litigation, Salisu Abubakar, stressed that the Beneficial Ownership Register would not only enhance transparency but also boost investor confidence in Nigeria’s business sector.
“A publicly accessible Beneficial Ownership Register will not only promote transparency but also strengthen investors’ confidence in Nigeria’s business environment,” Abubakar stated.
He called for greater cooperation among government agencies, businesses, civil society organizations, and the media to ensure the effectiveness of the register.
The Role of Regulatory Agencies
Regulatory and security bodies such as the CAC, Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and the Department of State Services (DSS) are pivotal in enforcing compliance. Abubakar urged companies to adhere to disclosure requirements to maintain lawful and accountable operations.
Looking Ahead: Strengthening Enforcement and Public Awareness
Experts at the workshop stressed the need for strong enforcement mechanisms to ensure compliance. They also called for sustained public awareness campaigns to educate business owners and investors on the benefits of transparency in corporate ownership.
As Nigeria continues its fight against corruption and financial crimes, initiatives like the Beneficial Ownership Register are crucial in fostering accountability and improving economic stability.
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