Beneficial Ownership Declaration Form for Nigeria

Beneficial Ownership Declaration Form Template for Nigeria

A comprehensive legal document required under Nigerian corporate law, specifically the Companies and Allied Matters Act (CAMA) 2020, designed to capture and declare detailed information about the beneficial owners of registered entities in Nigeria. This form requires disclosure of individuals who ultimately own or control a minimum percentage of shares or voting rights, or who exercise significant control over the entity. It includes personal details of beneficial owners, nature of their ownership or control, and supporting documentation, helping Nigeria maintain transparency and combat financial crimes while meeting international standards for corporate governance.

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What is a Beneficial Ownership Declaration Form?

The Beneficial Ownership Declaration Form is a crucial compliance document mandated by Nigerian law, particularly under the Companies and Allied Matters Act (CAMA) 2020 and related regulations. This form must be submitted to the Corporate Affairs Commission (CAC) by all registered entities in Nigeria, with specific requirements for companies to disclose individuals who own or control 5% or more of shares or voting rights, or who exercise significant control through other means. The form serves multiple purposes: ensuring corporate transparency, supporting anti-money laundering efforts, facilitating tax compliance, and aligning with global standards for business ownership disclosure. It requires regular updates when ownership changes occur and must be maintained as part of the company's statutory records.

What sections should be included in a Beneficial Ownership Declaration Form?

1. Declaration Details: Information about the declaring entity, including registered name, registration number, and address

2. Entity Information: Details about the legal entity's business type, incorporation date, and registered office

3. Beneficial Owner Information: Details of each beneficial owner including full name, nationality, date of birth, residential address, and nature/extent of ownership or control

4. Nature of Control or Ownership: Specification of how beneficial ownership is held (direct shares, voting rights, right to appoint/remove directors, significant influence/control)

5. Ownership Structure: Description of the chain of ownership, including any intermediate entities

6. Declaration of Truth: Formal declaration that the information provided is true and accurate

7. Authorised Signatory Details: Information about the person authorized to sign the declaration on behalf of the entity

What sections are optional to include in a Beneficial Ownership Declaration Form?

1. Foreign Beneficial Ownership: Additional section required when beneficial owners are foreign nationals or entities

2. Trust Structure Details: Required when beneficial ownership involves trust arrangements

3. Government Interest Declaration: Required when any government entity holds beneficial interest

4. Listed Company Exemptions: Special declarations for listed companies with modified disclosure requirements

5. PEP Declaration: Required when any beneficial owner is a Politically Exposed Person

What schedules should be included in a Beneficial Ownership Declaration Form?

1. Schedule A - Identity Documentation: Copies of required identification documents for beneficial owners

2. Schedule B - Ownership Structure Chart: Visual representation of the ownership and control structure

3. Schedule C - Supporting Evidence: Additional documentation proving beneficial ownership (share certificates, trust deeds, etc.)

4. Appendix 1 - Definitions: Detailed definitions of terms used in the declaration form

5. Appendix 2 - Declaration Requirements Guide: Guidance notes on completing the form and regulatory requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Declaration Form

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Financial Services

Banking

Oil and Gas

Manufacturing

Technology

Real Estate

Construction

Telecommunications

Healthcare

Mining

Retail

Agriculture

Transportation

Professional Services

Education

Relevant Teams

Legal

Compliance

Corporate Governance

Risk Management

Finance

Corporate Affairs

Company Secretariat

Regulatory Affairs

Administrative Services

Executive Leadership

Relevant Roles

Company Secretary

Compliance Officer

Legal Counsel

Corporate Governance Officer

Risk Manager

Chief Financial Officer

Company Director

Managing Director

Chief Executive Officer

Corporate Affairs Manager

Legal Administrator

Board Secretary

Regulatory Compliance Manager

Due Diligence Officer

Corporate Services Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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