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CAC Launches Beneficial Ownership Register

The Corporate Affairs Commission has unveiled a platform for the Beneficial Ownership Register in an effort to strengthen the anti-corruption initiatives of the Buhari government.

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This was made known on Friday night, when the CAC Registrar General, Alhaji Garba Abubakar, unveiled the platform in Abuja.

According to him, doing so will make it simple to look up information on those in positions of significant power.

The CAC Registrar said, “The portal is an automated platform where PSC records compiled by CAC are saved and made available for use by the general public as well as the government, according to Oasis Management Company, the company that developed the BOR.”

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He claims that the World Bank-mandated global standard for beneficiary ownership data standards offers a search function and information on individuals with significant control.

“BOR also provides an Enterprise Service Bus gateway for data exchange in accordance with BODS in the required format. The BOR Portal will enable users to find the Person with Significant Control 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,” he explained.

Abubakar pointed out that the platform’s introduction was consistent with President Muhammadu Buhari’s pledge to combat corruption and uphold transparency.

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