The Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Magaji, at the Anti-Corruption Day Celebration, stated that the Commission has handed over corrupt staff to the ICPC and reported 248 fake companies to the EFCC for investigation.
He stated that there is zero tolerance for corruption.
Magaji said the actions are part of internal reforms to strengthen transparency and accountability at the Commission.
He stressed that corruption undermines national development and investor confidence and must be tackled through coordinated action.
Magaji said the Corporate Affairs Commission is a key partner in the anti-corruption fight.
He noted that accurate corporate records are critical to tracing financial crimes and identifying the true owners of companies.
He called for stronger collaboration, real-time information sharing, and regulatory consistency among enforcement agencies.
Magaji also raised concerns over gaps in Nigeria’s beneficial ownership system.
He called for a single National Beneficial Ownership Register, with the CAC as the central repository, to close loopholes used for corporate abuse.
Chairman of the ICPC, Musa Aliyu, represented by the Director of Public Education, Demola Bakari, said that transparency remains central to reducing corruption, strengthening public trust, and attracting investment.
He noted that Nigeria’s corporate law reforms mandate beneficial ownership disclosure, saying that enforcement is key to achieving real impact.
The stakeholders called for sustained cooperation among anti-corruption agencies and stakeholders to strengthen corporate governance and protect the public interest.
