CAC Urges Unified Beneficial Ownership Registers to Combat Illicit Finance

The Corporate Affairs Commission (CAC) has announced a push to harmonise Nigeria’s beneficial ownership registers. By creating a single, unified register, the CAC aims to close loopholes that allow illicit financial flows and money laundering to thrive. The commission’s call follows growing concerns that fragmented corporate records enable shell companies to obscure true ownership and facilitate the movement of illicit funds across borders. If adopted, the unified register would require companies to disclose accurate beneficial owners, making it harder for criminals to hide assets and easier for regulators to track suspicious transactions. The initiative signals a decisive step toward tightening Nigeria’s corporate transparency framework and aligning domestic practices with international anti‑money‑laundering standards.