Public Register Following Beneficial Ownership Data Standard (NG0039)

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

General Problem / Challenge Addressed by the Commitment: Anonymous/shell companies constitute potential dangers to the economy and security of the countries where they operate. These companies deny the countries valuable revenue through tax avoidance, and 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(s) in Focus: 1. Corruption 2. Opacity in the utilization and management of public resources

Rationale for the Commitment: The identification of beneficial owners of registered entities will discourage corruption, enable the government to trace and curb illicit financial flows, terrorism financing, tax evasion and financial mismanagement, and empower citizens to match the identities of those handling government contracts with a view to identifying conflicts of interest.

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

Anticipated Impact: 1. Reduction in loss of public resources 2. Availability of resources for national developmental projects

Expected Outcomes | Milestones (Performance Indicators)

1. Increase in valuable revenue through tax avoidance and reduction in money laundering, drug trafficking and terrorism financing. Increased tax revenue accruing to Government as a result of curbing money laundering, drug trafficking and terrorism financing activities.

2. Increased Identification of natural persons who directly or indirectly own, control or enjoy the benefits of the corporate entity, masking corruption. An operational register of beneficial owners institutionalized

Planned Activities (Start Date - End Date | Expected Output(s) | Output Indicator(s))

1. Documentation and Award of Contract for the Design, Development and Deployment of the 2nd Phase of Electronic Register of Beneficial Owners of Corporate Entities in line with Open Data Standard. (January 2023 - December 2024 | Deployment of electronic register of beneficial Ownership developed and deployed under the 2nd phase | 1. Award of contract and transfer of funds by the World Bank for project execution completed 2. Percentage completion of contract by the Vendor.)

2. Testing and Validation of the Electronic Register of Beneficial Ownership of Corporate entities by stakeholders. (January 2023 - December 2024 | Pilot a robust and functional electronic Register of Beneficial Owners that meets the Beneficial Ownership Data Standard | A fit-for-purpose register of beneficial ownership in line with Beneficial Ownership Data Standard developed.)

3. Roll out and confirmation of the Electronic Register of Beneficial owners of registered entities developed according to the Beneficial Ownership Data Standard. (January 2023 - December 2024 | Functional electronic register of beneficial owners of corporate entities in line with the Beneficial Ownership Data Standard. | Electronic register of beneficial owners of corporate entities in line with the Beneficial Ownership Data Standard produced.)

4. Notice and reminder to registered entities on the obligation to submit information on Beneficial owners as required by the Companies and Allied Matters Act (CAMA) 2020. (January 2023 - December 2024 | Evidence of publication of notices for corporate entities to comply with the submission of information on beneficial owners as required by the Companies and Allied Matters Act (CAMA) 2020 | Number of companies complying with notice to submit information on their Beneficial owner)

5. Capacity building for law enforcement agencies, and CSOs on the use and benefit of the beneficial ownership register. (January 2023 - December 2024 | Increased number of law enforcement officers knowledgeable on the laws governing the application of the beneficial ownership register use | 1. Number of trained law enforcement agencies and Officers using the electronic register of beneficial ownership. 2. Number of law enforcement agencies sensitized on the use and benefits of the electronic register of Beneficial owners 3. Number of law enforcement officers trained on the use of the electronic register of beneficial owners)

6. Public engagements to create awareness of the existence, use and benefit of the electronic Register of beneficial ownership. (January 2023 - December 2024 | Increase in the number of citizens accessing and using the Beneficial ownership register | 1. Number of public engagements held to create awareness on beneficial ownership. 2. Number of citizens using the BO register platform.)

Source(s) of Funding: Federal Government Budget and Donor Agencies