A total of 100,000 registered firms will soon be removed from the Corporate Affairs Commission’s database, the organization has said.
The CAC’s Registrar-General/CEO, Alhaji Garba Abubakar, announced this in Lagos while addressing a Training Workshop on the Use of the Beneficial Ownership Register.
He claimed that the businesses that will be erased have not submitted annual returns in the last ten years and must thus be removed from the register.
Abubakar stated that before taking the measures stipulated in section 692 of the CAMA,2020, the Commission would soon send notices of striking off to the concerned enterprises.
However, he clarified that the companies are legally eligible to be relisted following the discharge of their outstanding debts and a court ruling.
Therefore, in order to prevent being expelled, he recommended businesses to make sure that they paid their yearly returns on time.
The Registrar General emphasized that Africa’s first Beneficial Ownership Register, created by the CAC with the backing and aid of the World Bank, would significantly reduce corruption, money laundering, and terrorism financing.
He clarified that the purpose of the platform, which was introduced in May of this year, was to facilitate information searches on Persons with Significant Control.
“The portal serves as an automated platform where PSC records compiled by CAC are kept and made available for use by the public and the government.
“This portal provides a search feature and details on individuals who have considerable control according to the World Bank-recommended international beneficiary ownership data standards.
“It also provides an Enterprise Service Bus, ESB, gateway for data exchange by BODS in the required format.”When a search is started with either of the following parameters: entity’s name, entity’s number, PSC first name, and PSC surname, the BOR Portal will allow users to locate the Person with Significant Control, of any entity,” he added.
He urged all parties to make use of the BOR in carrying out their duties, notably investigating agencies, attorneys, journalists, and civil society organizations.
In his remarks at the occasion, the Chairman of the Nigerian Bar Association Section on Business Law, NBA-SBL, Dr. Adeyeye Adefulu, praised the CAC for marking yet another significant turning point in its history.
The president of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, also spoke and emphasized the value of the BOR in the fight against the financing of terrorism and money laundering.
Gwadabe cautioned professionals to exercise caution while working with their clients while noting some of the risks related to money laundering and terrorism financing.
