Illicit funds: CAC moves to expose real owners behind Nigerian companies

The Corporate Affairs Commission, CAC has revealed plans to expose the real owners behind Nigerian companies.

Hussaini Ishaq Magaji, Registrar-General of the CAC, made the disclosure at an engagement with journalists on Tuesday in Abuja.

According to him, there are legal owners of Nigerian companies and real individuals behind the corporate structure.

He said there is an urgent need for the public to know the real human beings behind corporate entities under its beneficial ownership disclosure framework.

He added that the move would help track illicit financial inflows within the country’s corporate ecosystem.

“In simple terms, there may be a legal owner on paper and the real person behind the corporate structure.

“We want to know the human being behind the corporate structure. And that is why beneficial ownership disclosure is not merely a bureaucratic requirement,” Magaji said.