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.

Born between 2010 and 2025, Gen Alpha aren’t just growing up with technology – they’re actively living it. These digital natives are already wielding smartphones, tablets, and AI-powered tools with the confidence of seasoned users, navigating everything from gaming and social media to online learning platforms with remarkable ease.

But the question that concerns parents and security experts is whether we are giving our children too powerful technology, too soon. On Safer Internet Day, Kaspersky security experts are sharing practical tips to help parents turn AI from a potential threat into a trusted ally for the younger generation.

The first line of defence is building AI awareness

Children have already discovered that ChatGPT, DeepSeek and other neural networks can answer questions faster than you can find the right answer in Google, and Alexa can play music without pressing a single button.

So, the only solution is to become children’s AI support. Begin by explaining that these digital assistants aren’t friends, pets, or even real people. They’re sophisticated tools that can be helpful, but also potentially misleading, biased, or simply wrong. Then teach them to cross-check information with multiple sources, just like they’d verify facts in a school project.

When discussing AI with children, emphasise that they should never fully trust AI answers, especially for sensitive topics like health, mental wellbeing, or safety concerns. Always encourage them to verify information and never share personal details or documents with AI systems.

Enabling safety filters 

Most AI platforms and smart devices come with built-in safety features that are often overlooked or misunderstood. Spend some time checking the privacy settings and content filters and, if possible, tailor them to match your family’s values and your child’s maturity level. This is a basic protection against inappropriate content, privacy breaches, and potentially harmful interactions.

However, not all services and platforms provide an opportunity to set up content filters and fully control children’s online activity. To create a safer digital environment for your children consider using parental control tools like Kaspersky Safe Kids. It allows parents to not only hide inappropriate content and prevent specific apps and websites from being opened but also helps balance children’s time spent online with screen time management. 

Checking the AI-powered apps authenticity 

In a world where AI apps are popping up faster than you can say “chatbot,” verifying app authenticity is essential. Only download apps from official stores and inform your children about the importance of not installing anything from unfamiliar sources. Look up the company behind the app and check whether they have a website and legitimate business presence.  Teach your kids to limit their app’s permissions and do not give access to data unless it’s necessary for the apps to work. 

Staying involved and informed 

A basic understanding of the range of problems your child is willing to entrust to AI is already significant. By asking simple questions like “What did you ask AI today? Did it give you the right answer?” you’ll be teaching your children to openly discuss with you the use of AI and problems they might face. When they mention using ChatGPT for homework, ask them to show you what they’ve learned. When they talk about their favourite voice assistant, ask about the topics they like to discuss and funny particularities they noted.

“When you actively participate in your child’s AI journey, you transform from a concerned parent into a trusted guide. They’ll seek your input because they know you’re interested in their digital experiences, not just trying to control them. But while allowing children some AI freedom, you must always remain vigilant about their online safety and healthy growth,” comments Andrey Sidenko, Cyber Literacy Projects Lead at Kaspersky. 

By Oluwole Alao

Kashifu Inuwa CCIE, the Director General of the National Information Technology Development Agency (NITDA), has pledged the Agency’s full support for the Corporate Affairs Commission’s (CAC) artificial intelligence–driven transformation as the Commission marked its 35th anniversary in Abuja.

Delivering a goodwill message at the celebration, which was held at the Ladi Kwali hall of the Abuja Continental Hotel, Inuwa commended CAC for its uncommon consistency and resilience, noting that while many organisations rise and fall after initial success, CAC has continued on a steady growth trajectory.

“We know organisations go up and come down, but some will keep thriving, thriving, and thriving, and today, this is what we are witnessing for CAC,” he said.

Reflecting on his early engagement with the Commission, the NITDA boss recalled that the Registrar General made organisational transformation a priority from the very start of his leadership, particularly in embracing digital innovation.

According to Inuwa, the current era demands more than basic digitisation, stressing that meaningful transformation can only be achieved through the integration of artificial intelligence into core operations.

“We are in the AI era, and the only way to transform today is to embrace and integrate AI into your operations. This is exactly what the Registrar General is doing,” he stated.

He assured CAC of NITDA’s commitment to working closely with the Commission to embed AI across its numerous processes, explaining that the technology would infuse intelligence into workflows, simplify company registration and business management, and strengthen cybersecurity.

“We will make sure you integrate AI into CAC processes. With AI, it will infuse intelligence in everything you do and make things easy for Nigerians to register companies and manage businesses,” Inuwa averred.

The NITDA DG added that deploying advanced AI tools would help CAC staff stay ahead of fraudsters and curb hacking and fraudulent alterations of company records, while also safeguarding the system through responsible deployment.

“At NITDA, we will make sure you deploy ethical and responsible AI in your operations, with the right guardrails in place,” he assured.

He further described CAC’s digital reforms as bold and impactful, noting that the Commission has reduced company registration timelines from several months to as little as 24 hours. He added that further integration of AI would enhance name search and reservation, automate filings, improve corporate governance, and significantly reduce fraud.

He also highlighted NITDA’s ongoing role in reviewing CAC’s digital and AI transformation roadmaps, providing guidelines, standards, training support, and safeguards to ensure sustainable, people-centred, and secure digital services.

The NITDA DG congratulated CAC management, staff, and members of the National Assembly for their support, expressing confidence that the partnership would further strengthen Nigeria’s digital business environment in the years ahead.