Nigeria has showcased its progress in implementing beneficial ownership transparency in the extractive industries at the 10th Extractive Industries Transparency Initiative (EITI) Global Conference in Brussels, Belgium, highlighting a system designed to expose the individuals behind registered companies and strengthen accountability.
The Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Magaji Hussain, presented Nigeria’s experience during an Opening Extractives programme on Wednesday, describing how the country’s beneficial ownership register has evolved into a central repository accessible to the public.
Nigeria became the first African country to establish a public beneficial ownership register for the extractive sector in 2019, according to the CAC chief.
The presentation formed part of a panel discussion themed “Beneficial Ownership Data in Practice,” which featured representatives from countries including Argentina, Armenia, Colombia, Ghana, Liberia, the Philippines, Senegal, South Africa and Zambia.
Nigeria Expands Beneficial Ownership Transparency
Hussain said the CAC had developed a central register containing beneficial ownership information across the Nigerian economy, with the aim of promoting transparency and accountability in corporate activities.
Beneficial ownership information identifies the individuals who ultimately own or control a company, even when ownership is held through other entities or intermediaries.
According to the Registrar-General, Nigeria’s framework has expanded beyond investigations by government agencies and is intended to support investors, regulators, law enforcement institutions and the wider public.
He said the register is structured to support integration with public procurement and revenue services, as well as institutions such as the Nigerian Revenue Service (NRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU).
“Beneficial Ownership goes beyond the use by government agencies for investigation. It’s for the general society,” Hussain said, adding that the system had become a framework for transparency across the extractive industries and the wider economy.
He explained that companies are required to disclose information about their ultimate owners at incorporation, while changes to ownership records must also be reported.
CAMA Provides Legal Framework for Disclosure
Hussain said the Federal Government strengthened the legal basis for beneficial ownership disclosure through the Companies and Allied Matters Act (CAMA) 2020, which established requirements for reporting information about individuals with significant control over companies.
Following the Act, the CAC introduced regulations governing persons with significant control (PSC), requiring companies to provide details of individuals who exercise direct or indirect ownership or control.
He said the requirements also cover public companies, with disclosure obligations applying to individuals holding more than five per cent of voting rights.
However, the verification of beneficial owners’ identities, particularly in cases involving foreign investors, remains a challenge, according to the Registrar-General.
To address this, Hussain said the CAC had introduced artificial intelligence into its processes to support identity verification amid increasing cross-border investments in Nigeria.
He added that companies are expected to keep their records current through annual returns and updates when relevant information changes.
Under the system, failure to comply with filing obligations can lead to a company being marked inactive or removed from the register, potentially affecting its ability to maintain relevant licences and permits.
CAC Removes More Than 500,000 Entities
Hussain said the Commission had removed more than 500,000 entities from the beneficial ownership register between 2025 and the time of his presentation because their relevant ownership information, licences or operational permits had not been updated.
He said the enforcement action had encouraged other companies to comply with their reporting obligations to avoid losing their registered status and potentially jeopardising their operational permits.
The Registrar-General also disclosed that the central register had received more than 90,000 verification requests from law enforcement agencies since January 2026, alongside another 17,000 requests from investors around the world.
According to Hussain, the volume of requests demonstrates the register’s growing use by public authorities and investors seeking information about the people behind Nigerian companies.
Access to reliable beneficial ownership information, he added, can help foreign investors assess corporate structures and identify individuals with significant control over businesses operating in the country.
EITI Conference Unveils Revised Licensing Manual
The session also featured the unveiling of a revised Opening Extractives Licensing Manual, designed to help regulatory authorities use beneficial ownership data when awarding and overseeing extractive licences and contracts.
At the launch, Phoebe Williams, Advocacy Manager at Open Ownership, described the manual as a practical resource for regulators responsible for allocating and governing extractive rights.
The manual provides step-by-step guidance on using beneficial ownership information during the screening, award, monitoring, renewal and transfer of licences, permits, contracts and concessions.
It also outlines approaches for prioritising applications for regulatory scrutiny, identifying potential red flags and checking information to establish who ultimately owns or controls companies applying for or holding extractive rights.
The guidance is intended to help regulators make more informed decisions by looking beyond a company’s registered name to the individuals behind its ownership structure.
Nigeria’s presentation placed the country’s disclosure framework alongside international efforts to strengthen transparency in the extractive industries. Its long-term effectiveness will depend on the accuracy of ownership records, consistent compliance by companies and the ability of regulators and investors to use the information in practice.
