Nigeria, May 18 -- Nigeria's hard-won progress on financial transparency is facing a fresh threat as thousands of inactive companies on the platform of the Corporate Affairs Commission (CAC) continue to operate bank accounts without restrictions, potentially undermining reforms that helped the country exit the global anti-money laundering grey list.

Findings by PREMIUM TIMES show that despite regulatory red flags, many of these entities remain fully active within the financial system, raising concerns about weak enforcement, regulatory disconnect, and the possibility that shell companies are being used for corruption, terrorism financing, procurement fraud, and illicit financial flows.

Official CAC data obtained by PREMIUM TIMES as of 1...