Nigeria
Corporate Guide

Is there a requirement to declare beneficial ownership in Nigeria?

Section 120 of CAMA 2020 provides that a person with significant control over a company shall, within seven days of becoming such a person, indicate to the company in writing the particulars of such control. The company shall not later than one month from the receipt of such information or change therein, notify the Commission of that information. By virtue of section 868 of CAMA 2020, “a person with significant control” means any person who, amongst other things, directly or indirectly holds at least 5% of the shares in a company; or directly or indirectly holds at least 5% of the voting rights in a company.

In addition, the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry issued by the Central Bank of Nigeria through the circular dated 12 October 2021 requires banks and other financial institutions to ensure that the details of all signatories, directors and beneficial owners are linked to their respective non-individual (corporate) bank accounts. Accordingly, every company incorporated in Nigeria is required to disclose details of its beneficial owners to its banks.