An organization recently collaborated with government agencies to educate stakeholders on the significance of the Beneficial Ownership Register in promoting transparency and accountability within Nigerian businesses.
During a workshop in Lagos, the organization’s Executive Director discussed how undisclosed ownership can lead to financial crimes like tax evasion and terrorism financing.
Revealing the true owners of businesses through the register was highlighted as a way to fight corruption and increase national revenue.
It was noted that some companies, both local and international, avoid paying taxes, hindering resource generation for national development. Additionally, undisclosed ownership can be exploited for terrorism financing and other illicit activities.
Although individuals involved in terrorism financing have been identified by the Nigerian government, the lack of transparency in business ownership has hindered prosecution efforts.
Another speaker at the workshop highlighted the register’s role in increasing investor confidence and called for collaboration among various stakeholders to ensure its effectiveness.
It was emphasized that a publicly accessible Beneficial Ownership Register would enhance transparency and boost investors’ trust in Nigeria’s business climate.
Businesses were urged to adhere to disclosure requirements to maintain legality and accountability. Regulatory and security agencies were also cited as crucial in enforcing compliance and safeguarding the register’s integrity.