Business
RG CAC Says Nigeria Is Desirous Of Sustaining Transparent, Accountable And Business Friendly Environment
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).
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.
“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.
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.
Baobab Nigeria, a microfinance bank focused on empowering small businesses and individuals, says almost N500 billion has been disbursed since operation commenced in 2009.
The microfinance bank announced the figure while reiterating its commitment to supporting micro, small, and medium-sized enterprises (MSMEs) during a press conference held in Lagos, on Friday.
Baobab’s board of directors, representatives from the Baobab Group, international partners, industry leaders, and regulatory bodies were present at the press conference.
The company said the event provided a platform for discussions on strategies, financial inclusion policies, and sustainable solutions to support the growth of Nigeria’s small and medium-sized sectors.
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“With close to N500 billion disbursed in loans to micro, small, and medium businesses since its inception, Baobab Nigeria has consistently played a pivotal role in fostering financial inclusion and business expansion,” the statement reads.
“Since inception, the bank has successfully served close to 300,000 clients and disbursed close to half a million loans in number. These efforts align with Baobab’s mission to provide accessible financial services to underdeveloped African communities.
Speaking at the event, Philip Sigwart, the group chief executive officer (GCEO) of Baobab Group, emphasised the company’s dedication to supporting microenterprises and small businesses through impactful financial services.
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“At Baobab, we recognise that small businesses are the backbone of the Nigerian economy. We are committed to building a sustainable and inclusive financial ecosystem that empowers entrepreneurs,” Sigwart said.
“By continuously innovating and expanding our services, we reinforce our mission to provide accessible financial solutions that fuel growth and economic development in Nigeria and across Africa.”
The statement added that Baobab has built a robust financial structure to sustain its growth trajectory.
Baobab said as of December 2024, its gross loan portfolio (GLP) had reached N60 billion, indicating high demand for its financial products, while its balance sheet size stood at N80 billion.
Contributing to the business growth, Eric Ntumba, managing director and CEO of Baobab Nigeria, said the company’s expansion remains sustainable, as it has successfully maintained a low portfolio at risk while nearly doubling its loan portfolio within a year.
BAOBAB PLEDGES TO BRIDGE GAPS IN FINANCIAL INDUSTRY
Rotimi Oyekanmi, board chairman of Baobab Nigeria, reaffirmed the bank’s mission to bridge financial gaps and expand opportunities for those in need.
“We aim to bridge gaps in the financial industry by expanding opportunities to underserved states and regions lacking access to essential financial services,” Oyekanmi said.
“In the coming years, one of our key objectives is to extend our reach across all 36 states in Nigeria with a clear focus on financial deserts.”
Baobab said bringing together its board of directors highlights its leadership in the financial sector, reinforcing its commitment to driving entrepreneurial growth and financial empowerment.
African Development Bank (AfDB) has invested over $8 billion in water infrastructure across 40 African countries since 2000, benefiting more than 92 million people.
Director, Water Development and Sanitation Department, AfDB, Mr Johannes Chirwa, said this at the African Ministers’ Council on Water (AMCOW) West Africa sub-regional meeting in Abuja on Tuesday.
Chirwa was represented at the occasion by Emily Kilongi, AfDB Principal Water and Sanitation Engineer.
He said the meeting was an essential opportunity to review progress, overcome challenges, and develop future strategies for water management in Africa.
“Since 2000, the AfDB has invested over $8 billion in water infrastructure across 40 African countries, benefiting over 92 million people,” he said.
Chirwa revealed AfDB’s ongoing efforts in policy dialogue through platforms such as African Water Week and AfricaSan.
“Looking ahead, the Bank is actively involved in developing a post-2025 Africa Water Vision, contributing expertise to ensure a comprehensive and impactful strategy,” he said.
He reaffirmed the bank’s commitment to strengthening water governance through initiatives such as the Pan-African Water Sector Monitoring and Reporting System (WASSMO).
He also said the forthcoming Africa Water Vision and Policy, alongside the bank’s 2026-2030 Action Plan would play a key role in addressing emerging challenges.
Dr Jihane El Gaouzi, a representative of African Union Commission (AUC), said the impact of the Africa Water Vision 2025 in raising awareness of water and sanitation challenges was enormous.
“Africa still faces significant challenges in achieving equitable and sustainable water management.
“This is in spite progress from initiatives like the UN Water Conference 2023 and the Africa Water Investment Programme.
“The AUC is gathering stakeholder input for the post-2025 Africa Water Vision, focusing on poverty reduction, economic growth, regional cooperation, and environmental sustainability,” she said.
El Gaouzi outlined key upcoming events, to include the Africa Water Summit in August 2025 in South Africa and the UN Water Conference in 2026 to be co-hosted by the UAE and Senegal.
They aim to advance Africa’s water security agenda.
She said that water and sanitation have been designated as the AU’s official theme for 2026 under Agenda 2063.
She said: `The 5th Specialised Technical Committee and the 44th Executive Council of the AU urge the AUC to develop a climate-resilient, inclusive water security framework’.
El Gaouzi said Africa needed a continental governance framework to ensure sustainable and equitable water access and reaffirmed that access to water is a fundamental right.
She urged stronger collaboration among governments, the private sector, and regional organisations and reaffirmed AUC’s commitment to Africa’s post-2025 water vision through strategic planning and policy-driven investment.
Founded in 2002 AMCOW promotes cooperation, security, economic development, and poverty eradication through effective water resource management and supply services.
In 2008, at the 11th ordinary session of the African Union (AU) Assembly in Sharm el-Sheikh, Egypt, Heads of State and Government of the AU committed themselves to accelerating the achievement of water and sanitation goals in Africa.
AMCOW was mandated to develop and follow up an implementation strategy for these commitments. (NAN)
A federal high court has dismissed Nigerian National Petroleum Company (NNPC) Limited’s objection to its inclusion in a lawsuit brought by Dangote Petroleum Refinery over import licences issued to oil marketers.
According to a report by Reuters, Inyang Ekwo, the presiding judge, gave the ruling on Tuesday.
In an amendment, dated November 25, 2024, Dangote refinery had sought a single relief to correct the name of the second defendant in the lawsuit from ‘Nigeria National Petroleum Corporation Limited’ to ‘Nigeria National Petroleum Company Limited’.
Dangote refinery had filed a suit on September 6, 2024, marked FHC/ABJ/CS/1324/2024, against the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and NNPC as first and second defendants.
The refiner had requested the court to nullify the import licences issued to NNPC, Matrix Petroleum Services Limited, A. A. Rano Limited, and four other oil companies.
Dangote refinery asked the court to rule that the NMDPRA violated Sections 317 (8) and (9) of the Petroleum Industry Act (PIA) by granting licences for petroleum product importation, adding that such licences should only be issued in circumstances where there is a petroleum product shortfall.
The refiner urged the court to declare that the NMDPRA is in violation of its statutory responsibilities under the PIA by not encouraging local refineries such as Dangote’s.
The publication said NNPC had objected to the suit that domestic consumption still surpasses the refinery’s production. Hence, imports remain necessary.
Also, NNPC argued that the Dangote refinery’s filing cited a non-existent company, Nigeria National Petroleum Corporation, as the national oil company had officially changed its name to Nigeria National Petroleum Company Limited in 2022 when it became a limited liability company.
However, in his ruling, Ekwo dismissed the objections.
The publication said the presiding judge adjourned the case to May 6 to consider the request by NMDPRA and NNPC to dismiss the suit due to a lack of merit and their counter-argument that the refinery is seeking to create a monopoly.
Dangote refinery seeks N100 billion in damages from NMDPRA, NNPC and five oil marketers.