In a recent statement, the Registrar-General of Nigeria's Corporate Affairs Commission (CAC), Hussaini Magaji, accused several banks and financial institutions of undermining the country's anti-corruption efforts. He claimed that these banks are enabling the operation of inactive and non-compliant companies, which poses a significant risk to Nigeria’s economic integrity. This issue was raised during an Anti-Corruption Day event in Abuja, where key representatives from various anti-corruption and law enforcement agencies were present to discuss the implications of such practices.

Magaji highlighted the ongoing struggles faced by the CAC in combating corruption, citing that 248 fake company registrations were reported to the Economic and Financial Crimes Commission for further investigation. Additionally, he disclosed that three personnel from the CAC were referred to the Independent Corrupt Practices and Other Related Offences Commission due to allegations of internal misconduct. These disclosures were part of the Commission's larger initiative to mark its 35th anniversary, emphasizing the critical link between transparency and national development.

The accusations against banks come at a time when Nigeria is aiming to strengthen its financial systems and combat corruption more effectively. By allowing non-compliant companies to transact without oversight, banks may inadvertently facilitate economic crimes. Magaji’s warning reinforces the necessity for stringent compliance and regulatory mechanisms to ensure a clean and transparent business environment, which is vital for fostering development and restoring public trust in the financial system.