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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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NLC Rejects Electricity Tariff Adjustment, Sets For Protest

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March 2, 2025

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By Abubakar Yunusa

The Nigeria Labour Congress (NLC) has rejected plans by the Federal Government to regularise electricity tariffs for customers for Bands A, B and C.

In a communique released on Sunday after the National Executive Council (NEC) in Yola, Adamawa State, the labour union vowed to lead mass nationwide protests across Nigeria should the government continue with its plan.

Last Thursday, Minister of Power, Adebayo Adelabu, said lower bands would be upgraded to Band A.

In its communique sign by NLC General Secretary, Emmanuel Ugboaja, the labour union rejected the “forcefully migration” of consumers from lower bands to Band A.

“On the Migration of Electricity Consumers with a view to increasing tariff: NEC unequivocally rejects the ongoing sham reclassification of electricity consumers by the Nigerian Electricity Regulatory Commission (NERC), which seeks to forcefully migrate consumers from lower bands to Band A under the guise of service improvement while, in reality, imposing unjustified extortion on the masses,” the NLC declared.

“This systematic exploitation, sanctioned by the Ministry of Power, is nothing short of economic violence against the working class and broader Nigerian populace.

“It is evident that the ruling elite, acting as enforcers of global monopoly capital, are determined to further deepen the misery of the Nigerian people through incessant tariff hikes, increased taxation, and relentless economic strangulation.

“Whereas inflation has soared, wages remain stagnant, and the cost of living has become unbearable, the ruling class continues to transfer the burden of their fiscal irresponsibility onto the already impoverished working masses.

“NEC-in-session warns that any attempt to announce further electricity tariff increases will be met with mass resistance.

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“Consequently, the Congress resolves to immediately mobilise for a nationwide protest should the Ministry of Power and NERC proceed with their exploitative plan to further hike electricity tariffs under any guise.

“The NLC shall not stand idly by while the Nigerian people are subjected to the unholy machinations of capitalist profiteers and their state collaborators.”

For decades, Nigeria, Africa’s most populous nation, has been faced with intractable energy challenges, no thanks to an epileptic power supply which significantly affects productivity levels. Despite the privatisation of the electricity sector, power generation, transmission and distribution have remained bogged with hydra-headed monsters of policy inconsistency, low investments and operational challenges.

https://x.com/ZagazOlaMakama/status/1895958762063560836?t=ZQcL_C2ABzvXK0bihDZc0w&s=19

In 2024, NERC approved the upward review of electricity prices with a unit of power costing about N250 for Band A customers.

The cost of petrol and diesel which are readily available alternatives have equally increased by fivefold, compounding the dilemma of consumers. In the same year, NERC granted at least some State’s Electrify Regulatory Commissions licenses to power plants and power distribution.

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Uba Sani Disburses N375m Loan To 10 Communities

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1 day ago

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March 2, 2025

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By Abubakar Yunusa
Uba Sani, Kaduna state governor, says 10 communities received $25,000 cheques each from the community revolving fund to support farmer groups.

According to a statement by the state government, the cheques presented on Saturday amount to a total of N375 million.

Sani explained that the World Bank-assisted Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project provided the fund to help beneficiaries invest in climate-smart rain-fed agriculture.

The benefitting communities include Anchau, Kuzuntu, Kubau, Zuntu, Jenau, Likoro, Jaja, Hunkuyi, Kudan, and Danmahawayi.

Sani said the fund aligns with his administration’s commitment to rural transformation, which is designed to support registered farmer groups under the umbrella of community interest groups (CIGs).

“Kaduna state is proud to be at the forefront of initiatives aimed at combating climate change and ensuring sustainable livelihoods for our people,” he said.

‘’Over the years, we have implemented a range of strategic policies and programs designed to enhance ecological conservation, mitigate the impact of climate change, and promote economic resilience among our citizens.

‘’With the support of ACReSAL, the State Government unveiled a 10-year Climate Change Policy, trained 500 women, youth, and school-feeding vendors in the production of biomass briquettes as an alternative to wood fuel.”

Also, Sani said his administration disbursed loans in Kudan and Kubau local governments under phase one of the initiative, covering a total of 82 CIGs.

He further explained that phase two would commence in the second quarter of the year, including four local governments in the central and southern senatorial zones, alongside two area councils in the northern senatorial zone.

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According to the governor, the concluding phase of the implementation will cater to the remaining 11 local government areas in the state.

Joy Agene, the task team lead of the ACReSAL project, praised the government for its commitment to environmental sustainability, saying that the state remains one of the best-performing sub-nationals in the country.

Balarabe Lawal, minister of environment, also spoke at the event, stressing that the community revolving fund is a loan, not a grant, and must function as an investment fund for community and farmer groups.

‘’The loan is intended for communities, facilitating circulation among farmers and sustained through groups that ensure the loan remains active within your community via timely repayment, thereby enabling other farmers to reap the benefits,’’ he said.

“The ACReSAL project constitutes a significant component of the Federal Government’s aim to rehabilitate one million hectares of degraded land, contributing to the overarching goal of restoring four million hectares by the year 2030.

‘’The initiative will additionally contribute to diminishing the susceptibility of countless individuals living in extreme poverty in northern Nigeria, thereby enhancing their capacity to engage in the stewardship of their surroundings.”

At the event, Sani announced the procurement of the amphibious excavator, otherwise known as a swamp buggy, to prevent and control erosion, deepen waterways, and maintain and clean rivers.

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Afreximbank unveils new documentary series on Africa’s growth

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3 days ago

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March 1, 2025

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The African Export-Import Bank (Afreximbank) has announced the launch of its new documentary series titled “Impact Stories.”

A statement issued on Friday in Abuja by Vincent Musumba, Afreximbank’s Communications and Events Manager, stated that the documentary aimed to showcase the bank’s developmental impact across various sectors and countries in Africa.

It also highlighted the bank’s influence in the diaspora.

Musumba said Season One of the series, which consisted of six episodes, filmed across six countries and sectors, went on air on Afreximbank TV (www.youtube.com/@afreximbanktv) on Feb. 27, 2025.

He said the series produced by the Afreximbank TV team and CNN’s Created Studio services, sought to spotlight the bank’s interventions, incorporating multi-faceted narratives that brought the bank’s initiatives to life.

“Through testimonials of individuals, businesses, communities and economies that have been positively impacted by the interventions, the series creates an emotional connection.

“It also creates a shared commitment of an African vision focused on transforming trade and economic self-determination.”

Musumba said the inaugural season, consisting of six episodes, showcased some of Afreximbank’s development impact through inspiring short documentary-style films.

He said the episodes featured the Zimborders Beitbridge project which involved the expansion, upgrade and improvement of Beitbridge Border Post in Zimbabwe.

“This explores the transformative effect of Afreximbank’s investment in modernising the border post, and showing how improved infrastructure is addressing trade inefficiencies, fostering intra-African trade and driving regional growth.”

He said other episodes include the Glo-Djigbé Industrial Zone (GDIZ) in Benin, a project led by Afreximbank investee company, Arise Integrated Industrial Platform (Arise IIP).

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“This project is focused on driving industrialisation, job creation and end-to-end production on the continent.”

Another episode was on Oando PLC, which showcased the organisation’s successful acquisition in a key Nigerian oil sector joint venture and its transformative impact on local content and economic prosperity.

“Other episodes are Eva’s Coffee in Kenya, an SME business driving export development and local value chain expansion; Reine Ablaa, a rising music star and alumni of Afreximbank’s CANEX Music factory initiative.”

Musumba said an episode was on the ongoing success of the bank’s Pan African Payments and Settlement System (PAPSS).

He quoted Mrs Anne Ezeh, Director of Communications and Events at Afreximbank as saying: “Afreximbank was founded to drive Africa’s economic independence through trade and trade-enabling infrastructure.

“For the past 32 years, we have consistently translated that mandate into impactful projects and initiatives across the continent.

“The Impact Stories series represents an avenue to showcase the tangible progress we are making to transform the economic fortunes of the African people while reminding us of the development challenges that remain.”

Ezeh stated that compelling impact storytelling, when combined with data, evidence, and personal stories, made these elements potent tools for advocating positive change and motivating others to champion a cause.

She said new episodes would be released weekly. (NAN)

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