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New BOR ‘ll help fight terrorist financing, money laundering – CAC



The Corporate Affairs Commission (CAC) says new Beneficiary Ownership Registrar (BOR) will help the anti-corruption agencies in the fight against money laundering and terrorist financing in the country.

The CAC’s Registrar-General, Alhaji Garba Abubakar, made this disclosure at the Free Training Workshop on the use of BOR organised by the commission in Lagos on Tuesday.

The News Agency of Nigeria (NAN) reports that BOR is a portal to enable users to find the Person with Significant Control (PSC) of any entity when a search is initiated with either of the following parameters: entity’s name, entity’s number, PSC first name, and PSC surname.

Abubakar explained that the Companies and Allied Matters Act (CAMA) had been reviewed and reenacted in 2020, to provide a legal framework to support the BOR.

He noted that this was why it was sensitising individuals, corporate organisations and civil societies on the use of BOR, which would further help to support the Federal Government’s anti-corruption drive.

“This is just a training session on the use of the Beneficiary Ownership Register. The register was launched on May 23. This is a public register of Beneficiary Ownership Companies in Nigeria.

“The register was developed and designed in line with Nigeria’s commitment under the open government policy as well as the Extractive Transparency policy initiative to have a central register of Beneficiary Ownership of Companies.

“The register will help the government in the fight against corruption because you can easily tell who wants what in the Nigerian company.

“The register also tells you if the person is a politically exposed person.

“The register will also support the work of our anti-corruption agencies, the civil society and media organisations.

“You can easily query the database to know who wants what and the information is publicly available at no cost to the person that is searching for the information,” he said.

Abubakar said the minimum disclosure of information on its database was put at five per cent of the company’s shares.

The registrar-general added that in some countries, they were not obliged to disclose if a person owned shares less than 25 per cent.

He, however, noted that in Nigeria, various stakeholders had agreed that the disclosure should start from five per cent.

“This means if you have five per cent of shares of any company or control five per cent of the voting rights or you control five per cent of the way a company is being managed.

“Also if by virtue of your position either within or outside the company you control the appointment of a majority of the directors of that company, then you have to disclose it in the register,” he said.

According to him, the era of using complex structures to hide the actual identity of owners of the company is gone.
He said before the initiative, people were hiding their ownership using complex arrangements but under the new law, they must disclose the actual person that actually owned the company at the point of registration.

Abubakar said the era of the owner hiding under another person to control a company was gone because they were required by law to disclose who owns what.

He noted that the law required that a beneficiary must disclose to the company within 30 days, and the company had to file to the CAC within seven days.

According to him, failure to make this disclosure or delay in the submission of the information then you will pay a daily default penalty of N10,000 as the defaulting lasted.

Abubakar said if the beneficiary made a wrong or false disclosure knowing fully well that what he or she was submitting was wrong, then that was criminal and on conviction the person was liable to three years imprisonment.

Similarly, Chairman, Nigeria Bar Association, Session of Business Law (NBA-SBL) Dr Adeoye Adefulu, urged his members to adhere strictly to all the laws governing the policy.

Adefulu said they should take notes of sanctions that were related to not providing information on time and not providing the information at all or providing correct or wrongful information.

He said the NBA-SBL would also support members who advised companies across the country on this development of BOR.
Adefulu thanked the registrar-general for the 80 per cent success at the regulatory clinic organised by the CAC.
Participants at the event included lawyers, public analysts, journalists and Civil Society Orgsnisations.


Navy disowns list of successful candidate for Batch 35 recruitment



The Nigerian Navy (NN) has disowned the purported list of successful candidate for its Basic Training School (NNBTS) Batch 35 Recruitment, saying it is fake.

Commodore Adedotun Ayo-Vaughan, the Director of Naval Information, said this in a statement in Abuja.

Ayo-Vaughan said the exercise was conducted in three centres across the country, namely; Lagos, Rivers and Kaduna States.

He described the information, being circulated recently as fake, and handiwork of fraudulent miscreants who were trying to dupe some unsuspecting applicants.

He said the list of successful candidates had not been released and that no form of invitation for training, via text message had also been disseminated by the Nigerian Navy.

‘’The alarming rate of circulation of fake information by unscrupulous individuals, regarding enlistment or recruitment into Navy is quite worrisome.

‘’Efforts are on to track and arrest the miscreants.

“Members of the public especially prospecting applicants who participated in the said recruitment are strongly enjoined to always authenticate information from the NN official website,, and other official social media handles, as well as other credible mainstream media platforms.

“Similarly, miscreants and mischief makers are warned to desist from this unwholesome practice, otherwise they will face the full wrath of the law,” he said.

Ayo-Vaughan said the text message, had invited unsuspecting applicants to report for military training at NNBTS Onne, Rivers, following their purported selection.

He said the criminals further claimed in the text message that the exercise would commence on Oct. 6.

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Gov. Alia condemns kidnapping of commissioner, one other



Gov Alia Hyacinth Alia

Gov. Hyacinth Alia has strongly condemned the kidnaping of Mr. Matthew Abo, his Commissioner for Information, culture and Tourism, and former Chairman Ukum Local Government Area (LGA), Mr. Iorwashima Erukaa.

This is contained in a press statement on Monday, signed by his Chief Press Secretary (CPS), Sir Tersoo Kula, and made available to the News Agency of Nigeria (NAN) in Makurdi.

According to the statement, while Mr Abo was kidnapped by unknown gunmen in his Sankara home at about 8pm on Sunday, September 24, Mr. Erukaa was taken away by a yet-to-be identified gunmen on Saturday, September 23.

The Governor, who described the act as barbaric and unacceptable, has directed security agencies to immediately commence operations to ensure the safe release of the duo.

He called on the people of the State to remain calm, as his administration would do everything possible to make the State safe for all.

“The kidnappers have made contacts with the family of Mr Erukaa but are yet to contact Mr Abo’s family,” the statement stated

Several gunmen had stormed the the commissioner’s residence in Zaki-Biam, Ukum LGA and kidnapped him.

Eyewitnesses who spoke to NAN, said that the kidnappers who came on four motorcycles, ordered everyone in the house, including the his wife and children, to lie face down and took him away to an unknown destination.

The witnesses said the abductors compelled the commissioner at gun point to sit behind the rider of one of the motorcycles while a gunman sandwitched him.

Mr Abo was sworn in as a member of the Benue State Executive Council on August 29.

He hails from Ukum Local Government Area of Sankera axis, a major flashpoint of criminal activities with rampant killings and kidnappings for years now.

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