…CAC opens register for company’s real owners THE Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI, Dr. Orji Ogbonnaya Orji has disclosed that developing countries lose about $1 trillion annually to illicit financial flows due to secret ownership of companies. Dr. Orji who spoke on Thursday at a stakeholders’ forum on Beneficial Ownership, BO, implementation in Nigeria, said beneficial ownership disclosure has become very important “because of the serious dangers that secret ownership of companies pose to individual countries and the global community”. He pointed out that crimes such as “tax evasion and terrorism financing which are associated with or facilitated by secret ownership increases poverty in developing countries and threaten the national security of even powerful nations”. He explained that a recent report by former South Africa president, Thabo Mbeki estimated that African countries lose $50 billion annually due to illicit financial f...