The Corporate Affairs Commission (CAC) of Nigeria has announced that it has secured support from the World Bank and other international financial institutions to digitize its legacy records, some of which date back to 1912. This significant initiative was revealed by Hussaini Ishaq Magaji, SAN, Registrar-General and CEO of CAC, during the Africa Beneficial Ownership Transparency Network (AfBOTN) meeting held on October 9-10, 2024, in Seychelles.
Magaji emphasized that this meeting was the first of its kind, focusing on the challenges governments face in implementing beneficial ownership transparency reforms and discussing potential pathways forward. The international support will also include capacity-building initiatives aimed at identifying beneficial owners, with assistance from various international donor agencies.
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This digitization effort is part of CAC’s broader reform agenda to enhance transparency in corporate governance. During the AfBOTN meeting, Magaji presented strategies for driving compliance, highlighting the importance of international collaboration. Notable organizations such as the African Development Bank (ADB) and the International Monetary Fund (IMF) have expressed interest in partnering with CAC to support these reform initiatives.
The conference, backed by the UK Foreign, Commonwealth and Development Office and Open Ownership, underscored the urgent need for stronger reforms to prevent corrupt individuals from concealing illicitly-acquired funds, marking a significant step towards improving corporate governance in Nigeria.
