Introduction of BOR was new initiative to tackle corruption –CAC

By Lukman Olabiyi

Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, yesterday, disclosed that the main intention of introducing the Beneficial Ownership Register (BOR) was to tackle corruption and promote transparency.

Abubakar, who spoke at a training workshop on the use of BOR, said the platform would be beneficial in strengthening the government’s fight against corruption and ensuring transparency in the system. He explained that the platform launched in May this year was to make it easy to source information on persons with significant control (PSC).

“The portal as an automated platform is where records of PSC collated by CAC are stored and accessible, both to the general public and for government use. This platform 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.

“It 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.

The CAC boss further said the platform will provide a simple, precise, and user-friendly environment for the search and provision of information on persons with significant control (PSC). He added that the CAC has  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,” he said.