While they Nigeria did not take part in the official pilot project following the summit, this commitment is measured by providing evidence on further actions since then towards automatic exchange of beneficial ownership information. Nigeria has signed agreements with a number of nations, which provide for the Automatic Exchange of Information (AEI). The CRS Regulations and the various agreements signed by the Federal Inland Revenue Service will allow it to receive specified information on the bank accounts held by Nigerian tax residents in up to 105 countries. In exchange, the FIRS will be obligated to provide similar information to these other countries. Additionally, they were involved in follow up meetings and conversations for a Beneficial Ownership Leadership Group along with the UK, Kenya, Ukraine, Slovakia, Indonesia and Denmark. No new engagements have been had since April, 2020.

Peer reviewer: 1

Updated: October 31, 2020

While they did not take part in the official pilot project following the summit, Nigeria has signed agreements with a number of nations, which provide for the Automatic Exchange of Information (AEI). The CRS Regulations and the various agreements signed by the Federal Inland Revenue Service will allow it to receive specified information on the bank accounts held by Nigerian tax residents in up to 105 countries. In exchange, the FIRS will be obligated to provide similar information to these other countries. Additionally, they were involved in follow up meetings and conversations for a Beneficial Ownership Leadership Group along with the UK, Kenya, Ukraine, Slovakia, Indonesia and Denmark.

Updated: April 30, 2020

There are indications that the Federal Governemnt of Nigeria is willing to join the Beneficial owner Pilot initiative under the Open Government partnership implementation but there is no publicly available information to substantiate the move or initiative.

Updated: October 30, 2019

As EITI comment"Nigeria and Armenia already have national corporate registries in place, with Armenia requiring beneficial ownership data to be disclosed. OpenOwnership have been supporting Nigeria on their design of forms and collection processes for its pending beneficial ownership provisions."

Peer reviewer: 1

Updated: October 30, 2019

The fulfillment of this commitment is still subject to the establishment of the Beneficial Ownership Register which is still at the preparatory stage. No tangible action seems to be in making at the moment.

Updated: May 30, 2019

Nigeria has signed agreements with a number of nations, which provide for the Automatic Exchange of Information (AEI). These agreements allow the exchange of information between tax authorities of different countries and about financial accounts and investments to help stop tax evasion. Countries who are party to this agreement include Switzerland, Panama, the Bahamas and other tax havens.There is no proof that this collaboration would result in greater clarity on the beneficial ownership in key sectors on Nigerian economy. The continued suspension of Nigeria from the EGMONT group makes sharing of sensitive legal and financial data with international partners difficult.

Updated: October 30, 2018