CAC Launches Beneficial Ownership Register (BOR) Platform For More Transparency

CAC Launches Beneficial Ownership Register (BOR) Platform For More Transparency

The Corporate Affairs Commission (CAC) announced the launch of a Beneficial Ownership Register (BOR) platform, which they said would be beneficial in strengthening the Buhari administration’s fight against corruption.

This was announced on Friday evening after the CAC Registrar General Alhaji Garba Abubakar unveiled the platform in Abuja.

He explained that the platform will make it easy to search for information on persons with significant control (PSC).

About the platform: BOR developer, Oasis Management Company, described the portal as an automated platform where records of PSC collated by CAC are stored and accessible both to the general public and for government use.

Oasis added that it offers a search function and information on persons with significant control (PSC) in accordance with the international standard of beneficiary ownership data standards (BODS) under the guidance of the World Bank.

“BOR also provides an Enterprise Service Bus (ESB) gateway for data exchange in accordance with BODS in the required format. The BOR Portal will enable users to find the Person with Significant Control (PSC) of any entity when a search is initiated with either of the following parameters: entity’s name, entity’s number, PSC first name, and PSC surname,” they added.

Expected benefits: According to the CAC Registrar General Alhaji Garba Abubakar, the unveiling of the platform was in line with President Muhammadu Buhari’s commitment to fighting corruption and ensuring transparency.

“The BOR will provide a simple, precise, and user-friendly environment for the search and provision of information on persons with significant control (PSC), added that it is accessible in real-time via http://bor.cac.gov.ng,” he added.

Future launches: Speaking further, Abubakar said the CAC would also launch a customer relationship management system (CRM) in line with global best practices. The CRM is expected to upscale the Commission’s customer service by allowing customers to lodge and resolve complaints in record time.

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