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

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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.

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Unknown Gunmen Abduct Channelstv Reporter In Port-harcourt

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Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.

Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.

The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.

 

Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.

Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.

His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.

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Lassa Fever Kills 150 In Nigeria — NCDC

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According to the Nigeria Centre for Disease Control and Prevention (NCDC), 150 people died from Lassa virus in 125 local government areas throughout 27 states in the federation between January and March 2024.

The NCDC reported that the deaths were recorded with a case fatality rate (CFR) of 18.6% overall from week one to week thirteen, 2024. This is higher than the CFR for the same time in 2023 (17.5%).

In its Lassa Fever Situation Report Epi Week 13, which was released on March 25–31, 2024, the agency revealed that 806 of the 5,295 suspected cases that were recorded were confirmed. Eyes Of Lagos reports,

According to the report, in week 13, the number of new confirmed cases decreased from 25 in Epi week 12, 2024 to 15. These cases were reported in Ondo, Bauchi, Plateau and Edo states.

 

In total for 2024, 27 states have recorded at least one confirmed case across 125 LGAs, even as 62 percent of all confirmed Lassa fever cases were reported from Ondo, Edo, and Bauchi states, while 38 percent of cases were reported from 24 states with confirmed Lassa fever cases.

Of the 62 percent confirmed cases, the NCDC said Ondo reported 24 percent, Edo 22 percent, and Bauchi 16 percent. The predominant age group affected is 31-40 years (Range: 1 to 98 years, Median Age: 32years), with a male-to-female ratio for confirmed cases of 1:1.

From the report, the number of suspected cases (5,295) increased compared to that reported for the same period in 2023 (4,338).

The agency confirmed that the National Lassa fever multi-partner, multi-sectoral Incident Management System has been activated to coordinate response at all levels at the Emergency Operations Centre, EOC.

No new healthcare worker was affected in the reporting week 13, the report noted.

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