Nigeria (NG)

Jurisdiction Overview

IDQuestionAnswer
471 *BO Record: Does the registration of domestic companies comprise beneficial owner's identity information? No. Companies available without recorded beneficial ownership information.
 Data Date:

Notes

 
The registration of domestic companies does not comprise beneficial owner's identity information. The Companies and Allied Matters Act Chapter C20 Laws of the Federation of Nigeria 2004 (CAMA) enacted in 1990 does not require the registration or disclosure of beneficial ownership with a public authority. According to Mondaq "On 22 January 2019, the House of Representatives of the Federal Republic of Nigeria passed the Bill for an Act to Repeal the Companies and Allied Matters Act 1990 and enact the Companies and Allied Matters Act 2018" (mondaq.com). This includes a requirement for disclosure of some beneficial ownership information. However, as of November 2019, the president had not assented it (Ndajiwo 24.10.2019; petroleum-economist.com).
 
Wole Obayomi, Partner at KPMG in Nigeria wrote, "The key amendments in the draft bill presented by the Committee to the Senate are highlighted below. Please note that the highlights below may vary once the harmonized version of the Bill is finalized by the National Assembly for the President’s assent [...] 6. Disclosure of significant control and beneficial ownership; 6.1 Disclosure of beneficial ownership for private companies - As contained in the Bill, all companies will now be required to disclose in their annual returns and register of members, the details of all persons with significant control of over 5 percent. This includes beneficial owners. 6.2 Disclosure of substantial shareholders and filing requirement for public companies - Likewise, public companies are to notify and disclose substantial shareholders to the CAC" (home.kpmg). These amendments are targeted to increase transparency and combat asset shielding and are particularly significant, since they may mandate the disclosure of beneficial interests in a company where such are held through nominal holders or in trust.

Sources

https://home.kpmg/ng/en/home/insights/2018/11/Key-highlights-of-the-Companies-and-Allied-Matters-Act-Bill-2018.html
 
http://www.mondaq.com/Nigeria/x/783104/Directors+Officers/The+Bill+For+Amendment+Of+The+Companies+And+Allied+Matters+Act+1990+A+Panoramic+View+Of+The+Amended+Provisions
 
Communication with Mustapha Ndajiwo, Africa Centre for Tax and Governance, 24.10.2019
 
https://www.petroleum-economist.com/articles/politics-economics/africa/2019/nigeria-waits-for-promises-to-be-fulfilled