By
Grace Aduragbemi Ikudaisi
Abstract
The Persons with Significant Control Regulations, 2022 (“PSC Regulations”) aims to address concerns about the impervious nature of business ownership, where only the legal and not necessarily, the beneficial owners of an entity’s shares are recorded, or disclosed to the public. The PSC Regulations requires all corporate entities to give detailed, timely and accurate information of their ultimate owner and/or controller, to the Corporate Affairs Commission (CAC). It is aimed at promoting transparency and accountability in corporate governance, as well as supporting law enforcement agencies in investigating cases of money laundering and other financial crimes. Utilising the doctrinal research method, this paper examines the impact of the PSC Regulations on transparency and accountability in corporate governance, and on the fight against corruption and money laundering in Nigeria. The paper finds that the aims of the PSC Regulations will easily be attained if appropriate implementation mechanisms are put in place. The paper concludes by proffering some recommendations on how best to implement the PSC Regulations in Nigeria.