CORRUPTION: CAC seeks single national register to strengthen anti-corruption figh

tThe Corporate Affairs Commission (CAC) has urged the establishment of a single, harmonised national register for beneficial ownership to strengthen Nigeria’s anti-corruption framework and improve the fight against corporate and financial crimes.The Registrar-General of CAC, Mr Hussaini Magaji, made the call during the commission’s 35th anniversary celebration, designated as Anti-Corruption Day on Tuesday in Abuja.Magaji said the current fragmented system of beneficial ownership disclosure, where some sectors maintained separate registers outside the CAC framework, created duplication, inconsistencies and regulatory loopholes that could be exploited for illicit activities.According to him, CAC is legally and institutionally positioned to serve as the central repository for beneficial ownership information in Nigeria.He said that access to accurate corporate records was critical to the successful investigation and prosecution of financial crimes.He said that the CAC remained the custodian of information on company ownership, control and management.“No successful prosecution of corporate and financial crimes can be achieved without the support of the Corporate Affairs Commission,” Magaji said.He reaffirmed the commission’s commitment to sustained collaboration with anti-corruption and law enforcement agencies.“These include the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU) and the National Drug Law Enforcement Agency (NDLEA),” he said.Magaji called for deeper information sharing, joint investigations and real-time verification processes to enhance enforcement outcomes.The CAC boss also urged stakeholders to support the passage of the Persons with Significant Control (PSC) Rules into an Act of the National Assembly, saying a stronger legal framework was required to address sophisticated abuses of corporate structures.He disclosed that companies that failed to disclose their beneficial owners were flagged as inactive in CAC records, adding that such entities should not enjoy the privileges of legality.Magaji, however, expressed concern that some financial institutions continued to transact with non-compliant companies, describing the practice as a major weakness in the national compliance chain.On internal reforms, he said, CAC had demonstrated zero tolerance for corruption by surrendering three staff members to the ICPC over alleged misconduct and submitting details of 248 fake company registrations to the EFCC for investigation.According to him, the fight against corruption requires coordinated efforts across institutions and sustained commitment to transparency and accountability.