News
CAC Reports 248 Fake Companies to EFCC, Tackles Banks

Hussaini Magaji (SAN), registrar-general of the Corporate Affairs Commission, (CAC) has accused some banks and financial institutions of undermining Nigeria’s anti-corruption and compliance framework by allowing inactive and non-compliant companies to continue operating and transacting freely.

Magaji also disclosed that the commission reported 248 fake company registrations to the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution, while three CAC staff members were handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged internal misconduct.
The CAC boss made these disclosures on Tuesday in Abuja during an Anti-Corruption Day presentation and panel discussion held as part of activities marking the commission’s 35th anniversary. He spoke on the topic, “Transparency for Development: The Nigeria Experience.”
Speaking before representatives of key anti-corruption and law-enforcement agencies, Magaji warned that Nigeria’s corporate regulatory system would remain vulnerable unless all institutions enforced compliance uniformly.
“Let me state clearly: at CAC today, no company without full disclosure of its Persons with Significant Control is recognised as compliant. Companies that fail to disclose their PSC are flagged as inactive, and such status renders them unfit for credible transactions,” he said.
However, he expressed concern that this regulatory sanction was being routinely ignored by some financial institutions.
“However, we face a serious challenge. While CAC may flag such companies as inactive, some financial institutions, particularly banks, continue to allow these inactive companies to operate, open accounts, and transact freely. This is a major weakness in our national compliance chain. We must join hands to stop it,” Magaji added.
According to him, Nigeria’s regulatory ecosystem must speak with one voice, stressing that non-compliant companies should not enjoy the privileges of legality. “If a company is non-compliant, it must not enjoy the privileges of legality. Our collective success depends on enforcing this principle across the board,” he said.
To deepen compliance, Magaji said the Commission had taken decisive steps to clean up its internal processes and demonstrate zero tolerance for corruption.
“In the year under review, I had cause to surrender three members of staff to the ICPC for alleged misconduct involving suspicious and unauthorised tampering with company records. This was done to eliminate the chances of compromise and strengthen integrity within our processes,” he said.
He further revealed that 248 fake company registrations were discovered to have been illegally inserted into the CAC system and subsequently reported to the EFCC.
“Within the same period, I submitted to the EFCC a list of 248 fake company registrations illegally inserted into our system through unlawful means, for investigation and prosecution,” Magaji disclosed.
According to him, the entities operated without traceable corporate identities and failed to contribute to national revenue through taxation. An additional 15 such entities were also submitted for further investigation.
“Notably, despite these actions, no legitimate legal challenge has been brought against CAC regarding the removal and reporting of these illegal registrations,” he said.
The CAC Registrar-General also renewed calls for the establishment of a single, harmonised national register for beneficial ownership information, warning that Nigeria’s current fragmented system created loopholes that could be exploited for corruption, money laundering, and illicit financial flows.
He noted that while Nigeria had made progress in beneficial ownership transparency, multiple sector-specific registers operated outside the central CAC database.
“At the moment, we operate a fragmented system where certain sectors maintain separate beneficial ownership registers, such as the Extractive Industry and NEPZA, outside the central national register managed by CAC. This situation creates duplication, inconsistencies, and regulatory loopholes. It weakens our national integrity framework and complicates law-enforcement efforts,” he said.
Magaji stressed that CAC was legally and structurally positioned to serve as the central repository for beneficial ownership data in the country.
“There is therefore an urgent need for a single, harmonised national register for beneficial ownership in Nigeria. CAC is positioned by law and structure to serve as the central repository for beneficial ownership information. We need your support, your voice, your advocacy, and your institutional backing to push for this reform in the national interest,” he pleaded with stakeholders.
According to him, a single register would improve verification, enhance transparency, and strengthen Nigeria’s compliance with global anti-money laundering and counter-terrorism financing standards.
Magaji further described beneficial ownership disclosure as a growing global imperative, citing recent international developments, including court decisions in the United Kingdom involving property ownership linked to Nigerians.
“Beneficial ownership disclosure has become one of the most topical and critical issues in global governance today. The world is moving rapidly towards transparency, and Nigeria cannot afford to lag behind,” he said.
He called for the elevation of the Persons with Significant Control Rules into an Act of the National Assembly to provide a stronger legal foundation for enforcement.
“We must now push strongly for the passage of the Persons with Significant Control Rules into an Act of the National Assembly. We need a stronger, more comprehensive legal framework that will checkmate sophisticated abuses of the corporate vehicle,” he added.
The CAC boss also raised concern over the practice by some large corporations of declaring other companies, rather than individuals, as beneficial owners. “This defeats the purpose of beneficial ownership transparency. It creates layers of concealment and undermines accountability,” he warned.
Magaji concluded by urging sustained collaboration among Nigeria’s anti-corruption and law-enforcement agencies, describing the fight against corruption as a collective national responsibility. “The fight against corruption is not the responsibility of one agency. It is a national duty requiring coordination, trust, and shared resolve,” he said.
He called on agencies including the EFCC, ICPC, Nigeria Financial Intelligence Unit, and the National Drug Law Enforcement Agency to deepen information sharing, joint investigations, and real-time verification with the CAC.
“Our collaboration must not be episodic. It must be sustained, structured, and institutionalised so that our collective efforts translate into measurable outcomes for Nigeria,” he added.
News
Francis Okafor Stuns China, Emerges Second-Place Winner @ Tencent OpenClaw Hackathon

In a striking moment of global recognition for African talent in artificial intelligence, Shenzhen-based Nigerian technologist, Francis Okafor has emerged as the second-place winner at the 2026 Tencent OpenClaw Hackathon, a fiercely contested competition hosted by Chinese tech giant Tencent.

The achievement places the Nigerian engineer among the top innovators in one of the world’s most competitive technology hubs, Shenzhen, often described as China’s Silicon Valley.
Okafor’s journey to the podium was anything but scripted. Walking into Tencent’s facility on the day of the contest, he found a room already buzzing with elite programmers deep in preparation.
“Laptops open. Heads down. Some people setting up their system before the challenges even dropped,” he recalled, contrasting the scene with his own uncertainty at that moment. “And then there is me — a Nigerian looking around like, okay Francis, what exactly are you doing here?”
Rather than confidence, his first reaction was raw nerves. “I won’t lie, I had goose bumps. Not the inspirational kind,” he admitted, describing a quiet internal debate about whether he had wandered into territory far beyond his league. Yet that hesitation quickly gave way to experimentation, a hallmark of the hackathon spirit.
Earlier that same week, Tencent had rolled out OpenClaw integration into WeChat (known domestically as Weixin), exposing its massive user base to AI agent capabilities.
Okafor, a senior technology lead, artificial intelligence advocate, and global community organiser, had already been stress-testing the system and decided, on the spot, to build his entry around it. “I had been pushing it hard all week just to see what it could do… so when the challenges dropped I thought, you know what, let me use this thing as my weapon.”
That decision proved decisive. Competing against some of the most accomplished engineers in China’s hyper-competitive tech ecosystem, Okafor’s solution stood out for both ingenuity and execution. “It went far enough apparently,” he said with understated pride after securing second place.
Remarkably, he had entered without a grand plan. “I didn’t go in with a strategy. I went in for the thrill of it… Honestly I thought I would learn a few things and go home with a good story.” Instead, he left with a trophy, and a narrative that has resonated far beyond the competition hall.
Beyond personal triumph, Okafor emphasized the broader technological significance of the moment. Tencent released the WeChat OpenClaw plugin on the very morning of the event, effectively putting advanced AI agent tools into the hands of an estimated 1.4 billion users.
In his view, this signals a profound shift in how artificial intelligence will reach the public. The company, he observed, is “not just making AI accessible to developers… they are bridging it to everyone,” while using hackathons to identify innovators capable of pushing the technology forward, regardless of origin.
Okafor was acutely aware of his uniqueness in the room. “I was definitely the only African there and for sure stood out,” he noted. Yet what mattered was not nationality but capability. “Nobody cared about where I was from. They cared about what I built.”
His message to aspiring technologists, particularly those from underrepresented regions, is both simple and powerful: show up. “Enter things you think you have no business entering,” he urged. “The worst case is you learn something. The best case is you shock yourself.”
In an industry often defined by geography, capital, and institutional advantage, Okafor’s victory offers a compelling counter-narrative. Talent, preparation, and courage can still disrupt expectations, even in rooms that seem designed for someone else.
As he concluded in a line that has since captured widespread attention: Black excellence, he said, “doesn’t need a geography.”
News
CBN Pledges Deeper Synergy with EFCC in Enugu Operations

Economic and Financial Crimes Commission (EFCC) has urged the Central Bank of Nigeria (CBN) to deepen collaboration and provide faster operational support in Enugu State.

Zonal Director of the EFCC Enugu Zonal Directorate, Commander Daniel Isei, made the call during a courtesy visit to the CBN Branch Controller in Enugu, Mr Otutubuike Justice Agbaeze, on Tuesday.
The engagement forms part of ongoing efforts to boost inter-agency ties, enhance financial sector accountability, and fortify anti-money laundering initiatives nationwide.
Isei described the CBN as “our most critical partner in the fight against economic and financial crimes,” highlighting years of joint operations and the bank’s role in securing recovered assets.
“The CBN naturally stands out as one of our most critical partners… it serves as a secure repository for valuables recovered by the EFCC and it has greatly enhanced our operations,” he stated.
While commending past cooperation, Isei appealed for quicker responses to the EFCC’s frequent investigative requests from its Enugu office.
“We understand that these requests may be demanding, but timely responses are crucial, as time is of the essence in financial investigations. We therefore seek your continued indulgence in ensuring that our letters receive expeditious attention,” he added.
In response, Agbaeze reaffirmed CBN’s dedication to the partnership, pledging expert support and improved synergy “in the interest of financial system stability and national development.”
News
Firm Shares Tips for Updating Your Digital Habits for an AI-driven World

As smart devices with artificial intelligence (AI) tools, and always-on services become part of everyday life, the cybersecurity habits many people formed a few years ago may no longer be enough.

From AI-powered scams to social media trends that encourage users to upload personal details, the way people interact online is changing quickly. Ensuring that you stay secure now requires small, deliberate actions in your daily digital behaviour. Experts from Kaspersky, a global cybersecurity and digital privacy company, share the below advice to stay safe online.
- Be cautious with verification requests. Many scams now mimic legitimate verification processes, asking users to confirm accounts, update payment details, or approve login attempts. Because people are used to frequent security prompts, it is easy to respond automatically. Pause before sharing verification codes or personal information and independently verify requests through official websites or by contacting service providers directly.
- Cultivate healthy AI usage habits. AI agents, chatbots and multimedia-generating apps can be convenient and entertaining, but uploading high-resolution photos or personal information carries privacy implications. Facial images can function as biometric identifiers, and once shared with an online service, be it AI or a social network, control over how that data is stored or reused may be limited. Before using AI tools, review privacy policies, minimise the personal information they provide, and avoid uploading sensitive documents or confidential content.
- Do your homework on AI. For parents, the rise of AI assistants introduces another dimension. While AI tools can help in making education interactive and gamified, children may turn to AI tools for homework support or entertainment without fully understanding how their data is used or how to evaluate responses critically.
Open conversations about responsible AI use, privacy awareness, and the importance of not oversharing personal information can help children build safe digital habits from an early age.
- Audit your online subscriptions. Reducing digital exposure is another simple but often overlooked step. Over time, unused subscriptions, dormant accounts, and forgotten apps accumulate personal data and payment details. Regularly reviewing subscriptions, deleting unused accounts, and checking which apps have access to personal information can significantly reduce risks of this data being leaked.
- Secure your devices and home. Device longevity and smart home security also play an important role. Older devices that no longer receive security updates may contain unpatched vulnerabilities.
Ensure that smartphones, laptops, routers, and smart home devices are running the latest firmware and are protected with strong passwords and multi-factor authentication. Changing default passwords on connected devices and securing home Wi-Fi networks are essential steps in protecting both personal data and physical spaces.
As technology and AI becomes more integrated into daily life, security is less about dramatic measures and more about consistent, informed habits.
“Technology evolves quickly, and our online behaviour should keep pace,” says Brandon Muller, Technical Expert for the Middle East and Africa region at Kaspersky. “Take time to review privacy settings, app permissions, and connected third-party services, removing anything that is no longer needed. By being more deliberate about what we share, how we verify requests, and how we manage our devices, we can significantly reduce exposure to modern cyber risks while enjoying all the benefits of new technologies.”
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