President Muhammadu Buhari has approved Nigeria’s membership of the Beneficial Ownership Leadership Group with the Corporate Affairs Commission.
Prince Clem Agba, Minister of Budget and National Planning,who disclosed this on Tuesday at the 16th OGP National Steering Committee (NSC) in Abuja, said the Nigerian Open Government Partnership(OGP) National Steering Committee would continue with the implementation of the mandate to design, develop and establish the public Register of Beneficial Owners of companies in Nigeria.
He explained that this move was in line with Nigeria’s commitment to implementing a public register of Beneficial Owners of Corporate Entities operating in Nigeria.
The approval,he said,was sequel to the continuous support of President Buhari for beneficial ownership in Nigeria that includes the signing of the repeal and re-enactment of Companies and Allied Matters Amendment Act (CAMA) 2020 which made clear provision for collection and publication of Beneficial Ownership information.
He added: “The Beneficial Ownership Leadership Group membership will allow the Corporate Affairs Commission to access technical assistance and peer learning opportunities from this Group of countries and partners working on the global adoption and implementation of the Beneficial Ownership Register. Nigeria is already enjoying benefits from this Group, including receiving $400,000 in funding support from the Open Government Partnership (OGP) Multi-Donor Trust Fund Managed by the World Bank.
“Nigeria’s effort in the implementation of Beneficial Ownership Transparency won the 2021 OGP Impact Awards for Africa and the Middle East.”
The minister noted that the greatest success of the National Steering Committee would be the successful institutionalisation of OGP principles in Nigeria.
According to him, “We have done so much to this effect, let me plead with us all to make concerted efforts to sustain this feat. Today in Nigeria, 23 out of the 36 states have keyed into the OGP and this also includes AMAC in the FCT. Some of these have finished their first State Action Plans and have commenced the second, while others are still implementing their first.”
Speaking, Chief Operations Officer of Nigerian Economic Summit Group(NESG)), Dr. Tayo Aduloju, said the approval of the Nigeria’s membership of the Beneficial Ownership Leadership Group was a critical anti-corruption mechanism, as it would allow Nigeria to join the league of other nations that can collaborate in the fight against corruption.
He said monies stolen from Nigeria could be tracked easily, adding that it will be a deterrent to illicit flows of money from group of countries and partners working on the global adoption and implementation of the Beneficial Ownership Register.
He commended the President for the achievement, adding that Nigeria would now lead discussions on open registers in terms of delivering a world class register.