CAC Exposes 248 Fake Firms to EFCC, Slams Banks for Aiding Non-Compliant Operations

By Linda Ike

The Corporate Affairs Commission (CAC) has reported 248 fake companies to the Economic and Financial Crimes Commission (EFCC) for alleged fraudulent activities, while accusing some banks of enabling these entities through continued account services.

CAC Registrar-General, Ishaq Magaji made this revelation during his opening address at the commission’s 35th anniversary event in Abuja, themed “Transparency for Development: The Nigeria Experience.”

He stressed that non-compliant firms flagged as inactive for failing to disclose Persons with Significant Control (PSC) should not access banking privileges, calling it a critical gap in Nigeria’s compliance chain.

Magaji advocated for a unified national beneficial ownership register to close regulatory loopholes exploited by corrupt players across sectors.

He criticised the current fragmented system where industries like extractives maintain separate registries as a barrier to enforcement and national integrity.

While urging the National Assembly to enact the Persons with Significant Control rules into law, he warned that large firms listing other entities as owners creates concealment layers that erode accountability.In a push for internal accountability,

Magaji disclosed that three CAC staff were handed to the Independent Corrupt Practices Commission (ICPC) for tampering with records, underscoring a zero-tolerance stance.

The event also featured strong support from anti-corruption leaders, EFCC Chairman Olanipekun Olukoyede (represented) outlined a three-pronged prevention-investigation-prosecution strategy, emphasising prevention’s cost-effectiveness.

ICPC Chairman, Musa Aliyu , represented by Director Ademola Kareem called for unified institutional action, insisting transparency thrives when silos are dismantled.

The anniversary highlighted the need for private sector and citizen buy-in to institutionalise transparency as a core value.

A key panel session mapped strategies to fortify systemic integrity, with Magaji citing a recent UK court case on Nigerian-linked assets as a wake-up call.

“Nigeria cannot lag in global transparency standards,” he asserted, positioning prevention as the smartest path to safeguarding national gains.