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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: October 2018

Classification:

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

Notes:

October 2018 update: 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.

June 2018 update: 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.

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