General problem/challenge addressed by the commitment
Anonymous companies constitute potential and real dangers to the economy and security of the countries where they operate. These companies deny the countries of valuable revenue through tax avoidance, mask links to corruption, money laundering, drug trafficking and terrorism financing. People use proxies and fronts to register companies and the legal owners are usually not those who control and benefit from the companies.
To put in place a system that enables openness, transparency and full disclosure of beneficial ownership information.
Specific OGP challenge addressed by commitment
Most companies operating in Nigeria do not disclose beneficial owners, and names of owners are shrouded in secrecy. The Companies and Allied Matters Act 1990 (as amended) is still limited in providing for a public register of beneficial owners.
Rationale for commitment
If beneficial owners were identified, there would be the possibility of tracing money linked to tax evasion, corruption, money laundering, drug trafficking and terrorism financing.
Increased tax revenue from corporate entities and reduction of the possibility of hiding proceeds of corruption.
Number of companies sanctioned for failure to disclose beneficial owners.
Level of Accessibility to the public register of beneficial owners located in the CAC.
Number of companies registered in the beneficial ownership register.