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Public Register

Nigeria is committed to establishing a public central register of company beneficial ownership information. (The President of Nigeria has presented a draft Money Laundering Prevention and Prohibition Bill to the National Assembly in February, 2016. This Bill has defined Beneficial Ownership in line with FATF standards.)

Country: Nigeria

Status: ongoing

Themes: Beneficial ownership

Last updated: December 2020

Classification:

Concrete: Concrete | New: New | Ambitious: Somewhat Ambitious

  • 11 Evidence:

    Beneficial Ownership reform in Africa: analysing progress in Ghana, Kenya, and Nigeria

    The Repeal and Re-Enactment of The Companies and Allied Matters Act

    CAMA 2020: what it is and what is it not?

    Agba: CAMA Amendment Act Will Ensure Transparency, Disclosure Of Beneficial Owners Of Companies

    Nigeria takes steps to stop US$15.7bn of illicit flows through financial systems

    Doing Business Provisions in the Companies and Allied Matters (Repeal and Re - enactment) Bill 2018

    Nigeria Profile

    ECONOMIC AND FINANCIAL CRIMES COMMISSION

    Companies and Allied Matters Act (Amendment) Bill, 2019

    Companies and Allied Matters Act 1990 CAP C20 LFN 2004 (Amendment) Bill, 2017

    Beneficial ownership register set for October

  • 6 Notes:

    With the Companies and Allied Matters Act (Repeal and Re-enactment) Bill recently signed on the 7th of August, 2020, efforts are presently underway by the Corporate Affairs Commission (CAC) to build an electronic register for beneficial ownership information. An OGP multi-donor trust fund has been secured by the CAC with support from the World Bank for building the electronic register.

    Updated: October 31, 2020

    The Companies and Allied Matters Act (Amendment) Bill, 2019 is being reintroduced by the 9th Assembly as Presidential assent to the previous Bill (Companies and Allied Matters Act 1990 CAP C20 LFN 2004 (Amendment) Bill, 2017) from the 8th Assembly remains pending. This shows the level of urgency demanded towards establishing the publicly accessible Beneficial ownership register in Nigeria. Likewise a sector specific register of beneficial ownership is to be introduced.

    Peer reviewer: 1

    Updated: October 30, 2019

    The suspension on Nigeria by the EGMONT group following the passage of the Nigeria Financial Intelligence Unit Establishment Law has been avoided, but the benefial ownership register aspect of this commitment is still pending because of the status of the establishment of the register. There is legal progress on the matter but there is still no or little technical work going on on the registry itself.

    Updated: May 30, 2019

    Despite rhetoric assuring the governmental commitment, there is no tangible action towards the establishment of the central register.

    Updated: October 30, 2018

    The Senate of the Federal Republic of Nigeria passed the Companies and Allied Matters (Repeal and Re-enactment) Bill 2018 on Tuesday, May 15, 2018 with Beneficial Ownership as one of the key provisions around ease of doing business in Nigeria. These provisions in this legislative framework will mandate the disclosure of beneficial interests in a company’s shares and prescribe punitive measures for failing to disclose such interests. In this regard, where a person holds interests on behalf of another in a nominal capacity in a company, both parties (the owner and the nominal holder) are required to disclose the beneficial interests to the company

    Updated: June 30, 2018

Nigeria's Commitments
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