Enhancing Corporate Accountability in Nigeria
This example was featured in the OGP 2020 Annual Report. Read the full report here.
In August 2020, President Muhammadu Buhari of Nigeria signed the Companies and Allied Matters Act (CAMA), putting in place a new registry that will enhance corporate accountability and transparency by disclosing persons with significant control of companies. According to Registrar General Alhaji Garba Abubakar, who leads the autonomous body responsible for the register, the OGP framework was the single most important platform used to achieve consensus amongst government and civil society stakeholders in support of the new law. Nigeria is also the recipient of the OGP MDTF implementation award, that will support the development of the infrastructure necessary for an effective beneficial ownership registry. This reform could mobilize domestic resources and fight corruption by making it harder for people to use anonymous companies to avoid taxation and contribute to illicit financial flows.
Featured Photo: Nigerian construction workers on site. Nigeria’s new registry will publicly disclose beneficial owners in various industries including construction and extractives. Credit: Arne Hoel / World Bank
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Nigeria is currently implementing their 2019-2022 action plan.
Beneficial ownership transparency has emerged as an important policy tool in countries for combating corruption, stemming illicit financial flows, and fighting tax evasion.
Open Government Partnership 2020 Annual Report
Read about the actions OGP took in 2020 to engage and activate the open government community and respond to the pandemic and its multiple challenges.