PERSONS WITH SIGNIFICANT CONTROL: DISCLOSURE REQUIREMENTS UNDER THE COMPANIES AND ALLIED MATTERS ACT 2020 AND PERSONS WITH SIGNIFICANT CONTROL REGULATIONS, 2022
Introduction
In the realm of corporate governance and transparency, the concept of beneficial ownership and the disclosure of Persons with Significant Control (PSC) holds immense importance. On 25 May 2023, Nigeria in its commitment to combat corruption and promote accountability, established the Open Central Register of Beneficial Ownership (PSC Register) to unveil individuals with significant control over corporate entities. The disclosure of the PSCs by a Company is a subject which has gained the attention of the public where it was noticed that some persons hide behind the corporate veil of corporate entities to perpetuate financial crimes. This has necessitated the need for the corporate veil to be lifted so that persons who are beneficial owners of shares or voting rights in a company can be known to the general public as well as law enforcement agencies to promote compliance and help achieve the ultimate aim of greater corporate accountability.
This briefing-note examines the legal journey which the foregoing has taken in the Nigerian law.
For further discussion and assistance with filing any of your organization’s Compliance obligations to the Corporate Affairs Commission, as well as providing you with Board Evaluation and Nominee services, please contact us at contact@firstfiduciary.ng or any of the team member below:
Frances Nwakobi-Onuigbo
frances.nwakobi@firstfiduciary.ng
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elizabeth.adedayo@firstfiduciary.ng
+234 810 465 2726
