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Nigeria

Establish Beneficial Ownership Registry (NG0020)

Overview

At-a-Glance

Action Plan: Nigeria Action Plan 2019-2021

Action Plan Cycle: 2019

Status: Active

Institutions

Lead Institution: Corporate Affairs Commission

Support Institution(s): Federal Ministry of Justice, Office of the Accountant-General of the Federation, Office of the Auditor-General of the Federation, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Federal Inland Revenue Service (FIRS), Economic and Financial Crimes Commission (EFCC), Ministry of Foreign Affairs, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Extractive Industries Transparency Initiative (NEITI), NFIU and National Assembly Committees on Anti-Corruption, Financial Crimes and Public Accounts, Code of Conduct Bureau, NPC. One Campaign, Publish What You Pay, Public and Private Development Centre, ANEEJ, PLSI, CISLAC, Association of Chief Compliance Officer, Association of Bureau de Change, Initiative for Collective Voice, Accountability and Progress, PTCIJ, CDD, Organized Private Sector, Youths in Africa Anti-corruption Network, MAN, MASIMA, WANGONeT, FENRAD, Centre for Health Equity and Justice (CEHEJ).

Policy Areas

Beneficial Ownership, Capacity Building, E-Government, Legislation & Regulation, Open Data, Private Sector

IRM Review

IRM Report: Pending IRM Review

Starred: Pending IRM Review

Early Results: Pending IRM Review

Design i

Verifiable: Pending IRM Review

Relevant to OGP Values: Pending IRM Review

Potential Impact: Pending IRM Review

Implementation i

Completion: Pending IRM Review

Description

Brief description:
The establishment of a public register of beneficial owners of corporate entities will enable the relevant authorities mandated to curb corruption, identify natural persons who directly or indirectly own, control or enjoy the benefits of the corporate entity.

General problem:
Anonymous/shell companies constitute potential and real dangers to the economy and security of the countries where they operate. These companies deny the countries of valuable revenue through tax avoidance, mask links to corruption, money laundering, drug trafficking and terrorism financing. People use proxies and fronts to register companies and the legal owners are usually not those who control and benefit from the companies. Politically exposed persons also use their influence to confer advantages to themselves through such companies.

Specific OGP issue:
Corruption, Opacity in the utilization and management of public resources

Rationale for the commitment:
The identification of beneficial owners of corporate entities will discourage corruption and enable the government to trace and curb illicit financial flows, empowering citizens to be part of anti-corruption.

Main objective:
To put in place a system that enables openness, transparency and full disclosure of beneficial ownership information.

Anticipated impact:
Increase in valuable revenue through tax avoidance and reduction in money laundering, drug trafficking and terrorism financing.
Suggested impact – Reduced loses of public resources

See action plan for milestone activities


Commitments

  1. Participatory Budgeting

    NG0015, 2019, Audits and Controls

  2. Implement Open Contracting and the Open Contracting Data Standard

    NG0016, 2019, Beneficial Ownership

  3. Transparent Tax Revenue Reporting

    NG0017, 2019, Legislation & Regulation

  4. Open Contracting and Licensing in Extractives

    NG0018, 2019, E-Government

  5. Implement EITI Standard

    NG0019, 2019, Audits and Controls

  6. Establish Beneficial Ownership Registry

    NG0020, 2019, Beneficial Ownership

  7. Strengthen Asset Recovery Legislation

    NG0021, 2019, Anti-Corruption Institutions

  8. Implement National Anti-Corruption Strategy

    NG0022, 2019, Anti-Corruption Institutions

  9. Improve Compliance with Freedom of Information Act with Focus on Records Management

    NG0023, 2019, Capacity Building

  10. Improved Compliance with Mandatory Publication Provisions Requirement (FOIA)

    NG0024, 2019, Capacity Building

  11. Implement Permanent Dialogue Mechanism

    NG0025, 2019, Gender

  12. Aggregate Citizens' Feedback on Programs

    NG0026, 2019, E-Government

  13. Freedom of Association, Assembly, and Expression

    NG0027, 2019, Civic Space

  14. Enhance Participation of the Vulnerable

    NG0028, 2019, Capacity Building

  15. Implement New Computer Program in 6 Government Ministries to Improve Service Delivery

    NG0029, 2019, Capacity Building

  16. Legal Instrument to Strengthen SERVICOM

    NG0030, 2019, Legislation & Regulation

  17. Citizen Participation in Budget Cycle

    NG0001, 2017, Audits and Controls

  18. Open Contracting

    NG0002, 2017, Capacity Building

  19. Extractive Sector Transparency

    NG0003, 2017, Beneficial Ownership

  20. Tax Reporting Standards

    NG0004, 2017, Fiscal Transparency

  21. World Bank Doing Business Index

    NG0005, 2017, Infrastructure & Transport

  22. Beneficial Ownership Register

    NG0006, 2017, Beneficial Ownership

  23. Anti-Corruption Informationi Sharing

    NG0007, 2017, Anti-Corruption Institutions

  24. Asset Recovery Legislation

    NG0008, 2017, Capacity Building

  25. Anti-Corruption Activity Coordination

    NG0009, 2017, Anti-Corruption Institutions

  26. FOIA Compliance for Annual Reporting

    NG0010, 2017, Capacity Building

  27. FOIA Compliance for Disclosure

    NG0011, 2017, E-Government

  28. Permanent Dialogue Mechanism

    NG0012, 2017, Fiscal Transparency

  29. Joint Governmnet-Civil Society Legislation Review

    NG0013, 2017, Oversight of Budget/Fiscal Policies

  30. Technology-Based Citizens' Feedback

    NG0014, 2017, E-Government

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