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Open disclosure of companies’ ownership will aid anti-graft war – CAC

The Director of Compliance and Litigation, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said disclosing the beneficial ownership of companies registered or incorporated in Nigeria will aid the Federal Government’s anti-corruption initiatives.

Abubakar disclosed this while delivering his keynote address titled: ‘The Role of CAC in the Implementation of Beneficial Ownership Disclosure in Nigeria’, at the induction and investiture ceremony for 181 new members of the Compliance Institute, Nigeria (CIN) held in Lagos.

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He said no other government agency in Nigeria has the liberty of registering and incorporating companies, which makes it easier to track companies involved in money laundering.

“A lot of people have used the opportunity of a registered company as a tool for money laundering in the country. This is why there is need for the disclosure of all beneficiaries of companies to be able to enhance transparency and to help reduce the level of corruption in the country,” he said.

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He urged all government agencies to promote synergy in order for all to perform their respective duties effectively.

He called on all compliance officers to verify the status of companies with the CAC in their professional dealings with members of the public.

Also speaking, the president of Compliance Institute, Nigeria (CIN), Mr. Pattison Boleigha, said Nigeria can easily win the anti-corruption war if it encourages compliance culture among the populace.

He said the investiture is a giant stride towards actualizing Nigeria’s efforts to stem the scourge of corruption, defeat terrorism, instil discipline and a culture of compliance in the country.

“The political and economic environment in Nigeria and globally has recently gone through tremendous changes with a fast pace in changes in regulation in all sectors.

“To meet the fast pace changes, the need for compliance culture to be driven by compliance professionals becomes very expedient and this led to the existence of the institute,” he said.

While congratulating the inductees, Boleigha assured them that they have joined a select crop of professionals that will help reshape the corporate compliance culture in Nigeria, Africa and the world.

“The skills, knowledge and expertise that you have gained will enhance your professional competencies and enable you to secure good compliance jobs.

“The induction has imposed on you the challenges of having to stand tall in integrity, impeccable in character, professional in service and uphold high ethical and professional standards,” he added.

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