FG urged to tighten Ben­e­fi­cial Own­er­ship laws

Daily Trust - - BUSINESS - By Ab­bas Ji­moh & Eniola Ekun

The Fed­eral Govern­ment has been urged to fast-track the pro­cesses of re­view­ing the Cor­po­rate Af­fairs Com­mis­sion (CAC) Act to en­sure that the ben­e­fi­cial own­er­ship prin­ci­ple is op­er­a­tional and en­trenched to win the anti-cor­rup­tion war.

This is part of the res­o­lu­tions of a multi-stake­holder di­a­logue on ‘Sup­port­ing Ben­e­fi­cial Own­er­ship Trans­parency Cham­pi­ons’ in Nige­ria yes­ter­day in Abuja or­gan­ised by the Civil So­ci­ety Leg­isla­tive Ad­vo­cacy Cen­tre (CISLAC), Trans­parency In­ter­na­tional (TI) and the DFID.

Ben­e­fi­cial Own­er­ship (BO) means know­ing the ac­tual own­ers or spon­sors of com­pa­nies or or­gan­i­sa­tions dif­fer­ent from those claim­ing own­er­ship or listed as own­ers to pre­vent tax eva­sion, money laun­der­ing and other crim­i­nal ac­tiv­i­ties by such con­ceal­ment.

The com­pleted re­view of the CAC Act is cur­rently at the le­gal unit of the Min­istry of Jus­tice and would have to be ap­proved by the Fed­eral Ex­ec­u­tive Coun­cil (FEC) be­fore it would be trans­mit­ted to the Na­tional As­sem­bly for leg­isla­tive ac­tions.

The Ex­ec­u­tive Direc­tor of CISLAC, Auwal Musa Raf­san­jani, rep­re­sented by the Le­gal Direc­tor and Board mem­ber of the cen­tre, Bar­ris­ter Adesina Oke, stressed the im­por­tance of evolv­ing ef­fec­tive poli­cies that would en­trench BO con­cept in the in­ter­est of na­tional de­vel­op­ment.

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