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CAC unveils beneficial ownership register

The Corporate Affairs Commission (CAC) in Abuja yesterday unveiled a Beneficial Ownership Register (BOR) platform for companies in a bid to improve transparency. The Registrar…

The Corporate Affairs Commission (CAC) in Abuja yesterday unveiled a Beneficial Ownership Register (BOR) platform for companies in a bid to improve transparency.

The Registrar General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, at the unveiling of the platform to customers and stakeholders said it was in line with President Muhammadu Buhari’s commitment to the Open Government Partnership Initiatives at the 2016 London Anti-Corruption Summit.

Abubakar said the BOR will provide a simple, precise, and user-friendly environment for the search and provision of information on persons with significant control (PSC).

He added that the commission would, in the coming weeks, launch a customer relationship management system (CRM) in line with global best practices. 

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“The CRM would upscale the commission’s customer service by affording customers the opportunity to lodge and resolve complaints in record time,” he added 

In a presentation, Priscilla Orukpe, BOR developer, with Oasis Management Company, described the BOR portal as an automated platform where records of PSC collated by CAC are stored and accessible both to the general public and for government use.

Speaking on its workability, she said the BOR Portal will enable users to find the Person with Significant Control (PSC) of any entity when a search is initiated with the entity’s name, entity’s number, PSC first name, and PSC surname.