The Corporate Affairs Commission (CAC) has accused some banks and financial institutions of undermining Nigeria’s anti-corruption and regulatory compliance framework.
Registrar-General of the CAC, Hussaini Magaji, stated this in Abuja, during an Anti-Corruption Day presentation and panel discussion held as part of activities marking the Commission’s 35th anniversary, explained that the banks do this by allowing inactive and non-compliant companies to continue operating and conducting financial transactions
According to him, the Commission had uncovered 248 fictitious company registrations that were illegally inserted into the CAC database and subsequently forwarded to the Economic and Financial Crimes Commission (EFCC) for investigation and possible prosecution.
He also revealed that three members of staff of the Commission had been handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged professional misconduct.
Magaji warned that Nigeria’s corporate regulatory environment would remain vulnerable to abuse if compliance rules were not enforced uniformly across institutions.
