Nigeria Country Report: Assessment of Nigeria Beneficial Ownership Transparency Legal Framework
Civil Society Legislative Advocacy Centre | 09 April, 2019
In order to deepen awareness and understanding of state and non-state actors on outstanding shortcomings of Nigerian beneficial ownership transparency laws and practice, the Civil Society Legislative Advocacy Centre (CISLAC), in collaboration with Transparency International, has engaged a critical study into country’s commitment towards beneficial ownership information and regulation.
Accessing the degree of linkage between Nigerian laws and 10 beneficial ownership principles, the study in page 5 scores Beneficial Ownership definition, 75%; Identifying and mitigating risk, 50%; Acquiring accurate beneficial ownership information, 13%; Access to beneficial ownership information, 29%; Beneficial ownership of trusts, 75%; Access to beneficial ownership of trusts, 50%; Duties of businesses and professions, 79%; Domestic and international cooperation, 58%; Beneficial ownership information and tax evasion, 67%; and Bearer shares and nominees, 69%.
The study discloses existing lack of central institution on Beneficial Ownership and decentralised nature of Nigeria’s beneficial ownership information, which to a large extent impedes adequate accessibility to beneficial ownership information. “In Nigeria, there is no central beneficial ownership registry and companies are not required to disclose beneficial ownership to the CAC.”
It recommends the establishment of a central register of beneficial ownership information to provide access to information for both public and competent authorities; amendment to legislation to explicitly provide access for all law enforcement bodies and tax agencies to beneficial ownership information within a specified timeframe.
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