Nigeria · Nigeria
Companies and Allied Matters Act (CAMA) 2020: Beneficial Ownership Provisions
Primary LegislationIn Force
- Issuing authority
- Corporate Affairs Commission (CAC)
- Effective date
- Signed into law 7 August 2020; beneficial ownership register operational
- Scope
- Corporate Affairs Commission (CAC)
Key requirements
Big update to Nigerian company law. For the first time, all companies must disclose their beneficial owners (the actual humans behind the company, not just the registered directors on paper). The Corporate Affairs Commission (CAC) maintains a public register. Why this matters for AML: criminals often hide behind shell companies and nominee directors to launder money. Making beneficial ownership transparent makes that much harder. Aligns Nigeria with FATF Recommendation 24 on legal persons and supports Nigeria's grey list exit work. Banks and other regulated firms can (and should) cross-reference customer information against the CAC beneficial ownership register.