Companies in Nigeria to file annual returns forms

Peter Bahago, Abuja

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The Nigerian Government says it has developed an Annual Returns Forms that requires companies to file Annual Returns in order to provide information on Beneficial Ownership of Companies in the country.

A Beneficial Owner is a person who enjoys the benefits of ownership even though title to some form of property is in another name.

Nigeria’s Attorney General and Minister of Justice, Abubakar Malami disclosed this at the Open Government Partnership, OGP Stakeholders Validation Retreat on the Implementation of the 2nd   National Action Plan, NAP in Abuja, Nigeria

Speaking at the event, the Minister also said that the Corporate Affairs Commission, CAC and the Nigeria Extractive Industry Transparency Initiative, NEITI have concluded consultations with stakeholders on the implementation of Beneficial Ownership Register.

’’the National Assembly, in May 2018 repealed and re-enacted the Companies and Allied Matters Act to include Beneficial Ownership Reporting by Companies awaiting the President assent’’ he said.

The National Coordinator of the Open Government Partnership in Nigeria, Benjamin Okolo stated that OGP was about peer-reviewing, learning and enlightening  government functionaries on the need to ensure the elimination of secrecy in the act of governance.

 ’’the federal government, by joining the world body in 2017 is prepared to increase citizens’ participation in government decisions’’

Mr. Okolo also, commended the Kaduna State Government in Northwest Nigeria for being the only state in the country that is a member of the international body of the OGP.

Open Government Partnership, OGP is aimed at promoting transparency, accountability and citizen participation in governance.

Ime Njoku