The Chairman of the Independent Corrupt Practices and other related offences Commission (ICPC), Musa Aliyu, has said transparent governance remains the bedrock of Nigeria’s sustainable development, stressing that the country’s economic trajectory is closely tied to accountable public and corporate systems.
Aliyu spoke at an Anti-Corruption Day event held as part of activities marking the 35th anniversary of the Corporate Affairs Commission (CAC),
Delivering a keynote address titled: “Transparency and Development: The Nigerian Experience,” the ICPC boss, who was represented by the Director of Public Education, Mr. Demola Bakare, said transparency has evolved from being an externally induced reform agenda to a domestic necessity.
According to him, countries that institutionalise open access to information and enforce accountability frameworks are better positioned to achieve sustained growth and stability.
“Our historical experience shows that weak transparency in governance and corporate practices has been the fertile ground for corruption, tax evasion and illicit financial flows,” he said.
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He noted that such practices have weakened institutions and impeded national development, arguing that governance failures often arise from opaque systems rather than a lack of resources.
Aliyu identified the CAC as a strategic institution in the anti-corruption architecture, saying its regulatory oversight of corporate entities directly affects investor confidence and Nigeria’s global business standing.
He commended the commission’s ongoing reforms, particularly the digitisation of company registration processes and its leadership in beneficial ownership disclosure, describing them as significant milestones in promoting corporate transparency.
However, he cautioned that legislation alone cannot deliver the desired results without effective enforcement and institutional commitment.
“The true effectiveness of transparency legislation depends entirely on its implementation, enforcement and a supportive institutional culture,” he said.
He advocated deeper inter-agency collaboration, greater use of open data in policy formulation and active participation of citizens and the private sector in entrenching transparency norms.
Registrar-General/Chief Executive Officer of the CAC, Hussaini Ishaq Magaji, described the anti-corruption drive as a national responsibility that requires coordinated action.
Magaji said the CAC, as the custodian of corporate records and identity, plays a crucial role in supporting investigations and prosecutions of financial crimes.
“No agency can succeed in isolation. We must deepen information sharing and conduct joint investigations to ensure our collective efforts translate into measurable outcomes for Nigeria,” he said.
He reaffirmed the commission’s commitment to strengthening collaboration with anti-corruption agencies.
