Analytical Assessment of the Law on Beneficial Ownership Disclosure and Corporate Transparency in Nigeria

Beneficial ownership transparency is a critical anti-corruption and anti-money laundering measure that requires disclosure of the natural persons who ultimately own or control corporate entities, preventing the use of shell companies to conceal illicit wealth. Nigeria's Companies and Allied Matters Act 2020 introduced beneficial ownership provisions, and the Corporate Affairs Commission has developed a beneficial ownership register, yet analytical assessment of the legal adequacy of these reforms remains limited. This study analytically examines the legal framework for beneficial ownership disclosure and corporate transparency in Nigeria under the CAMA 2020, evaluating the scope of disclosure obligations, enforcement mechanisms, register accessibility, and alignment with FATF Recommendation 24 on corporate transparency. A doctrinal methodology is applied, reviewing CAMA 2020 beneficial ownership provisions, CAC Beneficial Ownership Regulations, FATF Nigeria Mutual Evaluation Report 2021, the Extractive Industries Transparency Initiative Nigeria reports from 2019 to 2022, and comparative analysis from the United Kingdom's Persons of Significant Control Register. The study evaluates verification mechanisms, exemptions, and penalty provisions. Available corporate transparency literature from Nigeria identifies the absence of verification procedures for beneficial ownership declarations and limited public access to the CAC register as the most analytically significant transparency gaps. The Corporate Transparency Principle and the FATF Recommendation 24 Standards provide the normative reference. Findings recommend legislative amendment of CAMA on beneficial ownership verification and public register accessibility. Keywords: beneficial ownership, corporate transparency, CAMA 2020, money laundering, Nigeria.