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Property

Nigeria will establish a transparent central register of foreign companies bidding on public contracts and buying property.

Country: Nigeria

Status: ongoing

Themes: Beneficial ownership

Last updated: December 2020

Classification:

Concrete: Concrete | New: New | Ambitious: Not Ambitious

  • 6 Evidence:

    Nigeria: OGP, Others Offer BO Register Advice Continue reading at https://www.developmentdiaries.com/2020/08/nigeria-ogp-others-offer-bo-register-advice/ | Development Diaries

    CISLAC's public consultation sensitization on the CAMA

    Companies in Nigeria to file annual returns forms

    NEITI unveils Nigeria’s Open Government Partnership

    COMPANIES AND ALLIED MATTERS ACT, 2017

    Nigerian Open Contracting Portal

  • 7 Notes:

    Sequel to the signing of the Amended CAMA into law, the Corporate Affairs Commission has started the process of consultation with stakeholders on the establishment of the Beneficial ownership register. This is a mandatory requirement for the establishment of the register.

    The CAMA Act states that foreign companies need to be incorporated in Nigeria to do business in the country "(1) Subject to sections 80- 83 of this Act, every foreign company which before·or after Foreign companies the commencement of this Act was incorporated outside Nigeria, and having the intending to carry on intention of carrying on business in Nigeria, shall take all steps necessary to obtain business in Nigeria. incorporation as a separate entity in Nigeria for that purpose, but until_ so incorporated, the foreign company shall not carry on business in Nigeria or exercise any of the powers of a registered company and shall not have a place of business or an address for service of documents or processes in Nigeria for any purpose other than the receipt of notices and other documents, as matters preliminary to incorporation under this Act."

    This means that these companies when registered in Nigeria would enter the Nigerian register of companies.

    Peer reviewer: 1

    Updated: October 31, 2020

    The Corporate Affairs Commission (CAC) modified the companies’ Annual returns template to include beneficial ownership information in the third quarter of 2019. This is a stop-gap measure pending the signing into law of the Companies and Allied Matters (Amendment) Act. However, these new measures and laws do not extend to foreign companies bidding on public contracts and buying property.

    Peer reviewer: 1

    Updated: April 30, 2020

    The Nigeria Open Contracting Portal (NOCOPO) is the official internet portal that should serve as a primary and definitive source of all public sector procurement information, however, this platform does not provide information on the foreign companies' bidding on public contracts and buying property.

    Updated: October 30, 2019

    The NOCOPO platform is running and can be used for public search of companies bidding for any contract.

    Updated: May 30, 2019

    The reviewed version of the CAMA mandates that this register shall be established, though no specific structure on how this will be managed, there is also no guarantee that this legal provision will be granted a speedy consideration. The most recent development on this commitment is the Corporate Affairs Commission issuance of a circular for all entities to disclose the beneficial owners in their annual report starting from the 2017 annual report. The reviewed Corporate and Allied Matters Act (CAMA) was passed by the Senate, we are waiting for the concurrence of the lower chamber before it goes for the presidential accent. The Corporate and allied Commission has issued a circular for the beneficial ownership disclosure for all entities to the Federal Executive Council which has been adopted.

    Updated: October 30, 2018

    The most recent development on this commitment is the Corporate Affairs Commission issuance of a circular for all entities to disclose the beneficial owners in their annual report starting from the 2017 annual report.

    Updated: June 30, 2018

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