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RG CAC Says Nigeria Is Desirous Of Sustaining Transparent, Accountable And Business Friendly Environment

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By ABUBAKAR YUSUF

The Registrar General, Corporate Affairs Commission CAC, Alhaji Garba Abubakar said Nigeria cannot afford to play down on its efforts to ensure ease of doing business in the country.

According to the Registrar General Person with Significant Control Register also known as Beneficiary Ownership Register (BOR) wlll address the illicit financial flows within and outside Nigeria and also create enabling environment for investors and business owners.

Garba Abubakar made this assertion in his remarks at the launch of the Nigeria’s Public Central Register of Company Beneficial Ownership Information
on Thursday, in Abuja.

The Registrar recalled that at the landmark Anti-Corruption Summit held in London on 12th May 2016, President Muhammadu Buhari made a commitment on Beneficial Ownership Transparency when he stated that Nigeria was committed to establishment of a public central register of company beneficial ownership information, implementation of bilateral arrangements that will ensure law enforcement in one partner country has full and effective access to the beneficial ownership information of companies incorporated in the other partner country, and joining the pilot initiative for automatic exchange of beneficial ownership information.

“President Buhari had assured the global community that Nigeria is committed to signing the Open Government Partnership initiatives.” Abubakar stated.

Alhaji Garba Abubakar accordingly explained” What we are witnessing today is the demonstration of these commitments by Mr. President.

It is very instructive to note that out of the 43 countries that attended the Summit, Nigeria was one of the only six countries that promised to establish public central registers of true company ownership amidst global concerns on the misuse of companies and other corporate arrangements to hide the proceeds of corruption and evade tax.

Other five countries were Afghanistan, France, Kenya, the Netherlands and United Kingdom) .

“The imperatives of transparency in beneficial ownership was further underscored by the Vice President, Professor ‘Yemi Osinbajo, GCON on 14th July 2020 at the Africa Regional Webinar on Combating Corruption and Illicit Financial Flows held to commemorate the 20th Anniversary of the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

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On that occasion, the Vice President had stated as follows –
“For us in the developing world and especially in Africa, breaking the wall of secret corporate ownership is crucial because secrecy around corporate ownership is implicated in our underdevelopment.

Although anonymous companies are not always illegal, nevertheless secrecy provides a convenient cover for criminality and corruption”.

On why the Commission embarked on the initiative,Abubakar said Immediately after the London Summit, Nigeria progressed its commitment to the principles of Open Government Partnership (OGP) by a formal expression of intent to join the OGP.

He added that Nigeria was confirmed as a participating country by the OGP Secretariat on 27th July 2016.

“Prior to this, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) had, in 2014, recommended Nigeria for membership of the Financial Action Task Force (FATF).

“The bases for the recommendation were stated to include the extent of Nigeria’s implementation of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) measures, involvement in GIABA work and high political commitment to advancing the implementation of AML/CFT regime of acceptable international standard.

Implementing the various commitments to transparency in both public and private sector governance required reforms to both the legislative and enforcement frameworks.

Thus by 2018, the Commission was already partnering with Open Ownership (OO) , OGP and the World Bank to achieve the necessary reforms. In August 2020, the most significant hurdle was crossed. The Companies and Allied Matters Act 1990 was repealed after three decades and a new Companies and Allied Matters Act (CAMA 2020) was signed into law by Mr. President.

The new Act contained the required statutory framework for Beneficial Ownership (Persons with Significant Control (PSC)) Transparency.

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“The next stage in implementation of the commitments was to develop the necessary technological solution and enforcement framework. Still working with OO, OGP and World Bank, the Commission was able to put together the Persons with Significant Control Regulations (PSCR).

“The PSCR detailed the reporting obligations for reporting entities; the information to be reported; the timelines for reporting; the application of the Regulations to State Owned Enterprises (SOEs), Politically Exposed Persons (PEPs), Foreign Companies exempted from registration; and the sanctions (administrative and criminal) for infractions.

The PSCR was approved by the Honourable Minister of Industry, Trade and Investment, His Excellency Otunba Richard Adeniyi Adebayo (CON) on 23rd November, 2022. The implementation had since commenced”Abubakar maintained.

Alhaji Abubakar restated that the launch of the Person with Significant Control Register marked the final step in the implementation of the country’s commitment seven years ago to establish a public central register of company beneficial ownership information.

“I wish to, at this point, acknowledge and appreciate the roles of the World Bank and our own Federal Ministry of Finance. They assisted with funding for the development of the Register.

In the same vein, our gratitude goes to the Open Ownership for the technical support provided at no cost to us. To you all, we say a big “Thank You”.
THE PERSON WITH SIGNIFICANT CONTROL REGISTER (PSC REGISTER)” He explained.

Alhaji Garba Abubakar further stated that the PSC Register was developed and implemented by the CAC, utilizing cutting-edge technological solutions that support end-to-end electronic disclosure of PSC information by reporting entities to the Commission and publication of the information to the general public in the form of a web-search or specialized formats (e.g. JavaScript Object Notation (JSON) and Comma Separated Values (CSV)).

The solution featured a public facing search portal (htttps://bor.cac.gov.ng) that enables the general public access to beneficial ownership information on relevant incorporated entities in Nigeria.

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Any of several search parameters may be used on the search portal. The parameters include:
• Entity name
• Entity registration number
• Name of the PSC (first name, surname or full name)
He however, maintained that the information provided to the general public does not include Personally Identifiable Information (PII) like National Identification Number (NIN), complete date of birth, residential address, phone number, etc.
“This is in compliance with the National Data Protection Regulation (NDPR) issued by the National Information Technology Development Agency (NITDA).

“The solution also features an enterprise service bus for data exchange via the Application Programming Interface (API), which enables data sharing with competent authorities, security agencies and authorized organizations (local or international).

“The information in the PSC Register is available and accessible at no cost to the general public. With the introduction of the Register, any person can easily ascertain who owns what in Nigerian companies and limited liability partnerships.

The expectation is that the Register would greatly enhance the fight against corruption and criminality by facilitating investigations by law enforcement agencies into the true ownership and control of companies and limited liability partnerships; supporting Civil Society Organisations (CSOs) in promoting citizens’ participation in public accountability and governance, as well as strengthening the capacity of the media to perform their traditional roles as watchdogs of the society.

Users of the Register are encouraged to report any incorrect information observed in the Register to the Commission using the report interface on the Register” RG stated.

The unveiling of the initiative was witnessed by;Reprentatives of Ministers of Trade and Investment, Budget and National Planning,Country Director,World Bank, Shubham Claudhuri, Sanjay Pradhan, CEO,IGP Support Unit,Tom Townsend,CEO,Open Ownership, Wilson Banda, Registrar and CEO, Zambia Patents and Companies Registration Agency, Government Officials, among other stakeholders.
Goodwill messages from all stakeholders present.

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Seplat installs 850MMscfd gas infrastructure

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13 hours ago

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April 14, 2025

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Seplat Energy Plc has said it is increasing domestic gas supply in Nigeria by installing over 850 million standard cubic feet per day (MMscfd) of infrastructure.

Chief Operating Officer, Mr Samson Ezugworie, stated on Sunday that the company is working diligently to address Nigeria’s persistent energy poverty.

Ezugworie confirmed that over 850MMscfd of gas installations have been completed within Nigeria’s borders to support local demand.

He added that this figure excludes the capacity of assets recently acquired from Mobil Producing Nigeria Unlimited (MPNU).

“Over the years, we’ve installed over 850MMscfd of gas aimed at supplying domestic users across the country.

“With the MPNU acquisition, we’re exploring new growth opportunities within its vast gas reserves.

“We intend to utilise a significant portion of this gas to further power homes and industries across Nigeria,” Ezugworie said.

He reiterated Seplat Energy’s commitment to sustainability across environmental, social, and corporate governance dimensions.

According to him, the company’s long-term focus is driven by outcomes that extend beyond short-term gains.

He stressed that building a sustainable business requires vision, even when benefits are not immediately visible to today’s generation.

Capacity development, he added, remains central to Seplat’s growth and national development priorities.

“This month, 50 graduates began employment and are undergoing diverse training across various departments.

“For us, this reflects sustainability—developing talent pipelines to secure Seplat’s future leadership and technical expertise,” he said.

Ezugworie also highlighted the company’s technological interventions transforming Nigeria’s gas sector.

He noted that Seplat had executed its End of Routine Flaring (EORF) roadmap through targeted facility investments.

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“These initiatives are designed to reduce Scope 1 and 2 emissions and boost energy efficiency across operations.

“For example, our Sapele Integrated Gas Plant’s first module is now operational and producing gas.

“At full capacity — expected in 2025 — the plant will significantly cut our Group’s Scope 1 emissions.

“Other key flare-out projects are ongoing, including the Western Asset Flares Out and Oben LPG Project.

‘The company is also working on the Sapele LPG Facility and the Ohaji Flares Out Project,” he said.

According to him, Seplat expects to end routine flaring of gas across its onshore assets by the second half of 2025.

He further outlined Seplat Energy’s efforts in Corporate Social Investment across health, education and energy access.

“In 2024, 352 teachers benefitted from the Seplat Teachers Empowerment Programme (STEP),” Ezugworie said.

He added that 6,373 students were impacted by the Pearls Quiz, and STEAM labs were equipped in four schools.

“Our Eye Can See Programme helped 9,780 people last year. Energy solutions reached six schools and three hospitals,” he said. (NAN)

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AfDB’s Chief Adesina Warns Of Tariff ‘Shock Wave’

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April 12, 2025

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An onslaught of tariffs by the United States will send “shock waves” through African economies, the president of the African Development Bank said on Friday, warning of reduced trade and higher debt-servicing costs.

The comments come as US President Donald Trump has upended global markets by pushing — and then retracting — a slew of tariffs in recent days.

A baseline 10-percent levy remains in place for all countries, along with higher tariffs on Chinese imports to the United States — scrambling decades of global trade policy.

Those new levies — with 47 African countries at risk of even higher tariffs — will cause local currencies to weaken on the back of reduced foreign exchange earnings, AfDB President Akinwumi Adesina said in the nation’s capital, Abuja.

“Inflation will increase as costs of imported goods rise and currencies devalue against the US dollar,” Adesina said in a speech at the National Open University of Nigeria, according to prepared remarks which also touched on migration and decreased foreign aid.

“The cost of servicing debt as a share of government revenue will rise, as expected revenues decline.”

As some observers watch for countries around the world to turn to other trade partners — including China — Adesina warned that Europe and Asia “will buy less goods from Africa” amid the global shocks.

The Trump administration’s current trade posturing also makes it nearly certain that the US African Growth and Opportunity Act, a major duty-free agreement for 35 African countries that expires this year, will not be renewed, Adesina said.

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“Chances of renewal and extension are now extremely low,” he said, predicting serious blows for Lesotho and Madagascar, which are major clothing, diamond and vanilla exporters.

Old models ‘no longer work’
Adesina is set to step down as head of the bank — a major lender to economic development projects on the continent — at the end of his second term later this year.

But much of his speech focused on the future of the continent, from critical mineral deals to reduced foreign aid to emigration.

He said the global financial system has failed to deliver for Africa “especially on matters of debt, climate change and access to greater financing”, while “restrictive immigration policies” in rich countries pose challenges for labour mobility.

The dismantling of USAID, America’s main foreign development arm, along with cuts by European countries, “means that the old development models that Africa has always relied on will no longer work.”

At the same time, however, Adesina argued that “aid is not the way to develop”, and that “Africa cannot blame others for not taking in its rising migrant population”.

“It must create the right environment for its own youth to thrive, right here on the continent,” he said.

Whether and how that happens though, is contingent on both African and foreign powers — including the United States as it pursues a deal on critical minerals with the Democratic Republic of Congo.

Though Adesina didn’t reference the deal directly, he warned that “Africa must also carefully negotiate its engagement in the global geopolitical rush for critical minerals and rare earth elements”.

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Much of Africa’s vast mineral wealth is mined locally but processed abroad, leaving many countries at the bottom of the supply chain.

The continent “must move away from exporting raw minerals and move into processing and value addition to benefit from the high returns at the top of global value chains”, Adesina said.

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Africa’s Real GDP Expected to Increase by 4% in 2025, According to Afreximbank

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April 12, 2025

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Afreximbank’s Research Report indicates that Africa’s real Gross Domestic Product (GDP) is anticipated to grow by 4.0% in 2025, despite the prevailing global economic fragility.

The 2025 African Trade and Economic Outlook (ATEO) Report, produced by Afreximbank, forecasts that Africa’s real GDP will rise to 4.1% in 2026 and 4.2% in 2027.

As reported by the News Agency of Nigeria (NAN), the 2025 ATEO offers a comprehensive analysis of Africa’s economic and trade performance, projecting the continent’s growth trajectory in the near to medium term.

The report emphasizes key macroeconomic and trade developments that are pivotal to Africa’s recovery, detailing opportunities for sustainable growth amid increasing global and domestic uncertainties.

Notably, the report reveals that 41% of African economies are expected to grow by at least 5%, nearly double the global average of 21%, highlighting the continent’s expanding role as a catalyst for global growth.

The gradual recovery of Africa is expected to be bolstered by rising global demand for African exports, a trend of disinflation, and the execution of structural reforms aimed at diversifying economies across the continent.

However, the report also identifies potential downside risks to Africa’s economic outlook, including escalating geopolitical tensions and fluctuating commodity prices.

The report warns that an economic slowdown in the United States and China could affect international financial conditions and diminish demand for African resources. Additionally, internal conflicts and climate change pose threats to stability and growth.

On a more optimistic note, the report points to potential upside risks, such as a projected decline in global interest rates beginning in 2025, should geopolitical conditions remain stable, which may enhance access to financing.

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Moreover, the African Continental Free Trade Area (AfCFTA) offers a significant opportunity to strengthen economic integration and intra-African trade, thereby reducing vulnerability to external shocks in the medium term.

To mitigate potential downside risks, the report recommends several short-term strategies, including adopting a nuanced and proactive monetary policy stance, enhancing resilience against climate-related and geopolitical disruptions, boosting domestic consumption, and accelerating the implementation of the AfCFTA agreement.

In the medium term, it suggests a shift towards economic diversification through strategic investments in human capital development and workforce training in key emerging sectors.

Furthermore, the report emphasizes the importance of improving economic governance, public infrastructure, and initiatives to bolster intra-African trade dynamics.

The report outlines several challenges and solutions for Africa to achieve stability and sustainable development in an increasingly uncertain global landscape.

The first challenge is Africa’s reliance on commodity exports, which leaves countries vulnerable to fluctuations in global commodity prices. To mitigate this risk, a structural shift towards a more diversified and resilient economy is essential.

The second challenge pertains to debt sustainability, with many African nations allocating over 50% of their revenues to servicing debt due to substantial development financing needs. Ensuring debt sustainability will require more efficient public spending and prioritization of growth-oriented investment projects.

The third challenge involves human capital and skill development. The report advocates for increased government investment in healthcare and fostering collaboration between public and private sectors. Strengthening training in science and technology is vital for skill development and successful structural transformation.

The fourth challenge concerns the inadequate social outcomes of economic growth in Africa, marked by slow progress in poverty reduction. To enhance growth that reduces poverty, it is crucial to improve basic public infrastructure and services, along with reducing dependency on natural resources through structural transformation. Addressing inequalities should be central to sustainable development goals, ensuring equitable access to quality education, healthcare, energy, transport infrastructure, and financial services.

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The final challenge identified is the rising concern over environmental degradation and the increasing frequency of extreme weather events. For sustainable economic development, promoting green growth must align with comprehensive policy frameworks that address climate change adaptation and mitigation strategies while recognizing the continent’s development needs and challenges.

The 2025 ATEO provides an extensive analysis of Africa’s economic and trade performance, projecting the continent’s growth trajectory in the near to medium term. (NAN)

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