Beneficial Ownership Transparency in Nigeria
Beneficial OwnershipDisclosing beneficial owners — those who ultimately control or profit from a business — is essential for combating corruption, stemming illicit financial flows, and fighting tax evasion. Technical spe... More TransparencyAccording to OGP’s Articles of Governance, transparency occurs when “government-held information (including on activities and decisions) is open, comprehensive, timely, freely available to the public,... More in Nigeria
Summary
Opacity in Nigeria’s extractives sector has decimated communities, destroyed lives and led to the rise of militancy in oil producing regions. The Companies and Allied Matters Act (CAMA) was passed in 2020 – making it mandatory to disclose persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency. It will enable public authorities to track the proceeds of corruption and redirect the resources for national benefit.
Submitted by: OGP Nigeria
Nigeria has been a member of OGP since 2016.
This commitment received first place in the 2021 OGP Impact Awards for the Africa and the Middle East region.
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