President Muhammadu Buhari has expressed the
commitment of his administration to create a
public registry of beneficial owners of companies
in Nigeria.

The President’s promise followed a PREMIUM
TIMES publication of the names of 106 Nigerians
and firms who own companies and assets in
offshore tax havens.
The revelation is part of the biggest data leak in
history now known as the PanamaPapers.
The leaked database contained the internal data
of Panamanian law firm, Mossack Fonseca, which
was obtained by German newspaper,
Süddeutsche Zeitunge, and shared by the
International Consortium of Investigative
Journalists (ICIJ) with PREMIUM TIMES and other
media organizations around the world.
The President’s commitment alongside other far-
reaching measures to combat corruption and
improve transparency was contained in the
country’s draft statement during the anti-
corruption summit in London on Thursday.
Mr. Buhari said to enhance transparency in assets
ownership, his administration would establish a
public central register of beneficial owners of
Suggesting that the process of creating the
register was already underway, Mr. Buhari said
the Money Laundering Prevention and Prohibition
Bill he sent to the national assembly in February
defined beneficial ownership in line with the
expectations of the Financial Action Task Force
Established in 1989, the FATF is an inter-
governmental body that sets standards and
promote effective implementation of legal,
regulatory and operational measures for
combating money laundering, terrorist financing
and other related threats to the integrity of the
international financial system.