Documents allege N29m payment from CAC routed through third-party accounts
Fresh documents circulating among civil society groups have raised questions over a N29.06 million payment made by the Corporate Affairs Commission (CAC) to a private consultancy firm. Records included payment
Fresh documents circulating among civil society groups have raised questions over a N29.06 million payment made by the Corporate Affairs Commission (CAC) to a private consultancy firm.
Records included payment vouchers, bank transaction details and electronic correspondence, which showed that N29,060,189.89 was allegedly paid to Black Root Media Network Limited on August 7, 2024, under Voucher Serial Number 2193.
The payment was described as consultancy fees and sourced from the commission’s public funds.
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Bank documents indicated that shortly after receiving the funds, the company transferred several tranches of N5 million to third-party accounts.
Among the beneficiaries listed are Star of Stars Integrated Services and Sparkle of Sparklers Enterprise.
Financial crime specialists said the rapid transfer of large sums in structured tranches could constitute a compliance red flag, particularly when public funds are involved. Such patterns are commonly scrutinised under anti-money laundering frameworks and may trigger internal bank monitoring systems.
A former commercial bank compliance officer, who requested anonymity, said: “When round-figure transfers move out in quick succession from a freshly credited public-sector payment, it typically attracts enhanced review.”
Corporate registry checks referenced in the documents alleged that some beneficiary entities might have links to individuals connected to a senior public official.
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However, no official finding has established beneficial ownership or wrongdoing. Legal analysts note that if any related-party benefit was proven, it could raise issues under the Economic and Financial Crimes Commission (EFCC) compliance frameworks, the Independent Corrupt Practices Commission (ICPC) Act, the Code of Conduct for Public Officers and the Money Laundering (Prevention and Prohibition) Act.
Electronic messages reviewed alongside the transaction records appeared to reference instructions concerning the routing of funds to at least one of the accounts. Forensic accounting experts said alignment between digital communications and transaction timelines could assist investigators in determining knowledge, intent and control over financial flows, if formally examined.
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The transaction had earlier been referenced in a staff petition alleging procurement irregularities and financial mismanagement within the commission. Those allegations remain unproven.
Civil society organisations have called on oversight and for anti-corruption bodies to conduct an independent forensic review of the payment, consultant engagements and related-party structures.
The CAC plays a central role in company registration, regulatory compliance and corporate disclosures in the country. Governance advocates warned that unresolved allegations within such a key regulatory institution could affect public confidence and investor perception.
As of press time, there has been no public response from the commission regarding the specific allegations contained in the documents.
