Connect with us

News

CAC Reports 248 Fake Companies to EFCC, Tackles Banks

Published

on

Kindly share this post

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.

CAC Reports 248 Fake Companies to EFCC, Tackles Banks

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.

 


Kindly share this post

Ebere Melum-Nwogbo is a trained and practicing journalist. She is passionate about ICT and business journalism. She has over a decade experience spanning money and capital market as well as information technology

News

WHO Says Ebola Outbreak Worse than Reported

Published

on

Kindly share this post

World Health Organisation (WHO) at the weekend declared the Ebola outbreak linked to the rare Bundibugyo virus strain a global public health emergency.

WHO Says Ebola Outbreak Worse than Reported

WHO said there is currently no approved vaccine or specific treatment for this strain of Ebola.

At home, Nigeria Centre for Disease Control and Prevention (NCDC) said there is “no confirmed case of Ebola Virus Disease in Nigeria” but had  tightened surveillance against the deadly virus.

The outbreak, linked to the rare Bundibugyo strain of Ebola, has already caused dozens of deaths in Congo and spread into Uganda, raising fears of wider transmission across the region.

In response, Nigeria Centre for Disease Control and Prevention said that the country remains on alert because of growing movement across African borders.

Jide Idris, director-general said the agency was “closely monitoring the situation” and working with the Port Health Services and other health agencies to strengthen preparedness nationwide.

He added that surveillance has been increased at entry points and within Nigeria’s health system.

According to the WHO, the outbreak has recorded more than 240 suspected cases and about 80 suspected deaths in Congo’s Ituri province, while imported cases have also been confirmed in Uganda’s capital, Kampala.

The WHO said the outbreak is “extraordinary” because of uncertainty around the true number of infections and the lack of approved medical countermeasures for the Bundibugyo strain.

Health authorities advised Nigerians to maintain proper hygiene, avoid contact with infected persons and report symptoms such as fever, weakness, vomiting and bleeding to the nearest health facility immediately.

Nigeria was declared Ebola-free in 2014 after successfully containing an outbreak brought into the country by an infected traveler from Liberia.

 

 


Kindly share this post
Continue Reading

News

Digital PayExpo 2026 to Convene Africa’s Most Influential Payments Leaders in Lagos

Published

on

Kindly share this post

Africa’s digital payments ecosystem will take center stage as Digital PayExpo 2026 returns to Lagos on June 17–18, 2026, at the Landmark Centre, Victoria Island, under the theme: “Seamless Digital: Fostering Pan-African Market Expansion in the AI Era.”

At a time when artificial intelligence, cross-border commerce, and financial inclusion are redefining Africa’s economic future, the event is set to convene over 3,000 senior executives, policymakers, fintech innovators, and global technology providers.

The speaker lineup reflects a powerful blend of regulatory leadership, private sector innovation, and pan-African expertise.

Among the headline speakers:

  • Dr. Rakiya Yusuf, Director, Payment Systems Supervision, Central Bank of Nigeria — a key architect in Nigeria’s payment system reforms.
  • Dr. Folasade Femi-Lawal, Country Manager & Area Business Head (West Africa), Mastercard — a leading voice in digital payments expansion across Africa.
  • Clara B. Arthur, Managing Director, GhIPSS (Ghana) — driving Ghana’s interoperable payment ecosystem.
  • Wacera Maina, Chief Operations Officer, Kenwitch Kenya — an expert in East Africa’s payment infrastructure evolution.
  • Akeem Lawal, CEO, Interswitch Group — a pioneer in Africa’s fintech growth story.
  • Ngover Ihyembe-Nwankwo, Executive Director, NIBSS — shaping Nigeria’s core payment infrastructure.

The conference will explore:

  • AI-powered financial services
  • Cross-border payment systems and interoperability
  • Cybersecurity and trust frameworks
  • SME financing and financial inclusion
  • Infrastructure for a unified African digital economy

With participation from banks, fintechs, telcos, regulators, and global payment networks, Digital PayExpo 2026 is positioned as a critical marketplace for ideas, partnerships, and investment flows. Register: https://digitalpayexpo.com/register
Sponsorship Enquiries: [email protected]


Kindly share this post
Continue Reading

News

Only 1 in 3 Families Fully Secure their Devices, Kaspersky Study Reveals

Published

on

Kindly share this post

On International Day of Families observed on May 15th, a global Kaspersky study* reveals that while 47% of respondents talk about online safety, only 33% secure all their family devices – highlighting the need for proactivity from Family Digital Managers.

As online threats develop and every generation joins the online space, cybersecurity habits have become an essential part of life for every family. Typically, in every family, one or two people become so-called Family Digital Managers, responsible for managing subscriptions, setting up new devices, or thinking about cyber protection. Kaspersky has conducted a survey to find out what measures modern families take to stay safe online.

According to Kaspersky’s data, a significant portion of respondents adopt an educational approach to cybersecurity within their families:

47% regularly coach elderly relatives and children on safe online practices

45% advise family members to adopt password manager solutions

42% encourage the use of multi-factor authentication (MFA)

An equal 42% actively review and adjust privacy settings on both family devices and critical online accounts

Although a growing awareness of the importance of proactive, family-focused digital protection can be observed, when it comes to the implementation of security solutions, the trend is slightly different. 10% of respondents take no measures at all to protect their loved ones online, rising to 21% among those aged 55+.

As for the parental control apps, 67% of families with children under 18 years use this tool to monitor and secure their kids’ online activity. Parental control, such as the Kaspersky Safe Kids solution, can help restrict children’s access to inappropriate content and also gently manage their online habits by limiting access to certain websites and apps, controlling their screen time, and even enhancing their physical security by tracking their geolocation.

The most worrying number is that only 33% of respondents – just 1 in 3 – install security solutions on all family members’ devices. Kaspersky experts highlight that the current threat landscape shows that mobile devices and tablets as well as PCs all require comprehensive cyber protection, as they are often targeted by cybercriminals.

According to the survey, only 30% of respondents set up new devices for their families. Setting up a new device is not often regarded as a step that contributes to cyber safety; however, some actions performed before the device is put into use can significantly enhance its security.

For instance, experts recommend installing a security solution first, to scan the device for hidden threats and make web browsing safe from the first queries. What’s more, reviewing privacy settings on a new device allows you not to share data that you would like to keep private with some applications and services.

The research also shows that the older generation (55+) is generally less included in family security habits. Around 1 in 5 (21%) of this age group globally do not take any measures to protect their family online and only a quarter (24%) install security solutions for family members. The most popular security measure among them turns out to be a password manager, as 40% of this age group recommend their family members to use it.

“We are now using a lot of gadgets and digital services, and with every new device and every additional hour spent online, the potential entry points for cybercriminals continue to grow, exposing us to a wider range of cyber threats. At the same time, not every generation adapts to these rapid changes with the same ease.

“That’s why having someone in the family take on the role of a ‘Family Digital Manager’ can be so valuable, especially when it comes to protecting kids and elder people from digital cyberthreats, give advice and help with the use of trusted security solutions,” comments Brandon Muller, Technical Expert at Kaspersky.

 


Kindly share this post
Continue Reading

Trending