REAL ESTATE DEVELOPERS ASSOCIATION OF NIGERIA

Activity Report

Name: Lucy Sebastine

Project: Training for Competent Authorities on the Use of Beneficial Ownership
Information
Week:
Date: 16th – 18th /4/2024
Location: Treasure Suites & Conferences, FCT

Section I: Participants: Over thirty participants were in attendance drawn from ACAs and
LEAs to include the under-listed quarters:

1. ROLAC
2. NFIU
3. NBA
4. SCUML
5. CAC
6. FIRS
7. NPF
8. NEPZA
9. BPP
10. EFCC
11. DSS
12. REDAN

Section II: Specific Objectives of the Activity:

 Enhance the capacity of REDAN staff to understand and adhere to Compliance

Obligations concerning the utilization of Beneficial Ownership Information
according to FATF Standards.
 Collaborate with various stakeholders to gain insights and develop effective strategies
for sourcing precise, comprehensive, and current Beneficial Ownership information.
 Facilitate dialogue and collaboration among relevant stakeholders to promote the
adoption of a standardized protocol for accessing assets and Beneficial Ownership
information of natural persons across the country.

Section III: Brief Narrative:

The Nigerian Financial Intelligence Unit (NFIU) in collaboration with the Rule of Law and
Anti-Corruption (RoLAC) PHASE II, in a bid to foster the adoption of a nationally
standardized protocol for accessing assets and beneficial ownership information by Law
Enforcement Agencies and other competent authorities organized a three days workshop
bringing together key actors to facilitate dialogue and collaboration among relevant
stakeholders within the country.
The workshop commenced on the 16th to 18th of April 2024 and had in attendance
representatives from various Law Enforcement Agencies, Regulatory Bodies, the Nigerian
Bar Association (NBA), Designated Non-Financial Businesses and Professions, and Four
REDAN Staff (Membership Management, Business Development & IT/Communication
Departments) in attendance. The workshop featured a series of presentations on
understanding and adhering to Compliance Obligations bordering on the collection and
utilization of Beneficial Ownership Information in line with the Financial Action Task Force
(FATF) Standards.

Highlights and take-home from the workshop were clarifications on the:

 The definition of beneficial ownership as provided by CAMA Sec. 868 As a natural
person who has at least 5% interest in shares or voting rights and directly or indirectly
has control over the decisions of a company distinct from legal persons.
 Obligation on registered companies to maintain a beneficial ownership register of
members
 Obligation to ensure that BO information collected is accurate, adequate, up-to-date,
and electronically accessible
 Obligation to disclose BO information when legally requested
In conclusion, the three-day workshop rounded up with participants engaged in group
exercises to access and ascertain participants fully understood the concept of “Use of
Beneficial Ownership Information”.