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

The Corporate Affairs Commission, CAC has revealed plans to exposure the existent owners down Nigerian companies.

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

According to him, determination are ineligible owners of Nigerian companies and existent individuals down the firm structure.

He said determination is an urgent request for the nationalist to cognize the existent quality beings down firm entities nether its beneficial ownership disclosure framework.

He added that the determination would assistance way illicit fiscal inflows wrong the country’s firm ecosystem.

“In elemental terms, determination whitethorn beryllium a ineligible proprietor connected insubstantial and the existent idiosyncratic down the firm structure.

“We privation to cognize the quality being down the firm structure. And that is wherefore beneficial ownership disclosure is not simply a bureaucratic requirement,” Magaji said.

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