The Corporate Affairs Commission (CAC) says it has secured support from the World Bank and other international finance institutions to digitise its legacy records, some of which date back to 1912.
This was disclosed by Hussaini Ishaq Magaji, SAN, Registrar-General and CEO of CAC, following his participation in the Africa Beneficial Ownership Transparency Network (AfBOTN) meeting held on October 9-10, 2024, in Seychelles.
“The event,” according to Magaji, “was the first-of-its-kind with focus on the challenges governments face when implementing beneficial ownership transparency reforms, and the way forward.”
The CAC CEO said the international support would also include capacity-building initiatives aimed at unmasking beneficial owners, with assistance coming from international donor agencies. This effort is part of the commission’s broader reform to enhance transparency in corporate governance, Magaji said.
At the AfBOTN meeting, the CAC chief delivered a presentation titled “Strategies for Driving Compliance” during a session moderated by Thom Townsend, Executive Director of Open Ownership. The event, hosted by the Government of Seychelles, focused on addressing challenges that governments face in implementing beneficial ownership transparency reforms.
Magaji highlighted that several international organisations, including the African Development Bank (ADB) and the International Monetary Fund (IMF), have expressed interest in partnering with CAC to support its reform initiatives.
The conference, supported by the UK Foreign, Commonwealth and Development Office and Open Ownership, emphasised the need for stronger reforms to prevent corrupt individuals from hiding illicitly-acquired funds.
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