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.)
Themes: Beneficial ownership
Last updated: October 2018
Concrete: Concrete | New: New | Ambitious: Somewhat Ambitious
The Repeal and Re-Enactment of The Companies and Allied Matters Act
Doing Business Provisions in the Companies and Allied Matters (Repeal and Re - enactment) Bill 2018
October 2018 update: Despite rhetoric assuring the governmental commitment, there is no tangible action towards the establishment of the central register.
June 2018 update: 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.