Companies seeking licenses must update books with CAC – RG

The Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar, has said it is partnering with relevant regulators to ensure that companies seeking operational licenses update their information and data with it.

Abubakar stated this on Wednesday during a stakeholder training workshop on the use of the Beneficial Ownership Register (BOR) in Abuja.

Highlighting the relevance of the BOR, the registrar said the BOR unveiled in May by the CAC was the first in Africa and part of efforts to boost transparency in company operations and the fight against corruption

Speaking further, he said, “The commission is partnering with relevant financial regulators like CBN, PenCom, NAICOM among others, to ensure that every company applying for license must update its information with the CAC because if it doesn’t, it means it is hiding something.”

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Emphasizing the need for synergy, he noted that the “Nigeria Financial Intelligence Agency, EFCC and other anti-corruption agencies are already partnering with the CAC to ensure compliance with anti-money laundering laws because banks have before now allowed billions of transactions by companies that do not have beneficial ownership register with the CAC or even a valid office address.”

The RG added that the beneficial ownership has begun to yield results as some embassies in the country have started rejecting visa applications funded by companies whose status is inactive on the CAC portal.