The recent call for stronger collaboration on Nigeria’s Beneficial Ownership Register (BOR) at the two day Sensitization and Capacity Building Workshop organized by the Civil Society Legislative Advocacy Centre (CISLAC) in collaboration with Oxfam and its partners underscores an ongoing struggle between the country’s anti-corruption ambitions and its deeply entrenched culture of secrecy. While the rhetoric surrounding the initiative suggests progress, a closer examination reveals a familiar pattern: a grand policy announcement, followed by limited enforcement and eventual stagnation.

At its core, the BOR is designed to unmask the true owners of corporate entities, reducing the risk of anonymous shell companies being used for money laundering, illicit financial flows, and corruption. Yet, the same government that touts this initiative is notorious for shielding politically exposed persons (PEPs) and influential business elites. If history is any indication, the register is at risk of becoming another bureaucratic showpiece rather than a transformative tool for transparency.

The workshop highlighted several barriers to the effectiveness of the BOR, including a lack of political will, data fragmentation, and regulatory inconsistency. These are not new problems. Nigerian anti-corruption initiatives often struggle because they rely on self-reported data from entities that have every incentive to misrepresent ownership structures. Without a robust verification mechanism, the register risks becoming an unreliable database filled with manipulated disclosures.

Financial crime expert Lawrence Dube rightly pointed out that without stringent enforcement and cross-agency collaboration, criminals will continue exploiting loopholes. The question remains: Why has the government been slow to integrate ownership data across agencies like the EFCC, FIRS, and NFIU? The answer lies in the unwillingness of key power brokers—many of whom benefit from opaque corporate structures—to allow full transparency.

Nigeria prides itself on being the first African nation to adopt the Beneficial Ownership Data Standard (BODS), aligning itself with global best practices. However, the mere adoption of a standard does not equate to effective implementation. Other countries with similar frameworks, such as the UK, have faced challenges in ensuring compliance, and Nigeria’s regulatory landscape is even weaker.

International data exchange, as suggested at the workshop, is a laudable goal but remains a distant reality. If domestic agencies cannot effectively coordinate, how can Nigeria be expected to exchange accurate ownership data with foreign jurisdictions?

One of the most striking aspects of the discussion was the recognition that politically exposed persons remain a major obstacle to full ownership disclosure. The absence of a legal framework imposing strict penalties for non-compliance allows powerful individuals to continue operating behind a veil of secrecy. While experts recommend harsher penalties and real-time verification systems, these reforms require a level of political commitment that has historically been lacking.

Transparency advocates argue that civil society and investigative journalists must intensify their scrutiny. However, in a country where journalists exposing financial crimes are often harassed, threatened, or silenced, the reality is far more complex. Calls for public accountability ring hollow when those who demand it face intimidation.

The workshop’s recommendations—mandatory data cross-checking, international data sharing, and a unified enforcement system—are essential, but will they be implemented? The Nigerian government has a history of paying lip service to anti-corruption measures while resisting real reform. Unless political leaders are willing to confront vested interests head-on, the BOR will remain an ineffective tool in the fight against corporate corruption.

Ultimately, the success of beneficial ownership transparency in Nigeria hinges on enforcement, not just policy statements. Without concrete action, the register will serve as little more than a digital archive of half-truths, protecting the very individuals it was meant to expose.

The illusion of transparency in Nigeria’s beneficial ownership register

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