Aduragbemi Omiyale
By Aduragbemi Omiyale
The Corporate Affairs Commission (CAC) has been applauded by the Presidential Enabling Business Environment Secretariat (PEBEC) for implementing reforms aimed to improve the Nigerian economy.
This commendation was given during the review of the National Action Plan (NAP) 7.0 program, where it was noted that the agency has successfully implemented some far-reaching reforms.
NAP 7.0, which commenced on February 7, 2022, and concluded on May 6, 2022, is a flagship accelerator scheme initiated by PEBEC to support governmental ministries, departments and agencies in facilitating the implementation of targeted reforms.
At the evaluation of CAC’s part, the PEBEC team led by Ms Toyin Bashir said one of the implemented reforms was the application of key updates on the Company Registration Portal (CRP) designed to improve user experience in business registration.
She added that the introduction of a new policy prescribing minimum shareholder details required by public companies for filing of Return on Allotments and Annual Returns on the CRP to only shareholders with 5 per cent shareholding and above.
It was stated that CAC has deployed a resolution mechanism to address payment challenges on Remita where related complaints can now be lodged and promptly addressed via [email protected] or [email protected].
According to the report, the clearing of the backlog of applications for company profile updates for the period of May 2021 to December 2021 was also executed by the agency, while Insolvency Regulations 2022 was introduced to facilitate the implementation of the insolvency reforms already entrenched in the Companies and Allied Matters Act 2020.
PEBEC also acknowledged the contributions of the private sector stakeholder community such as the Section on Business Law of the Nigerian Bar Association, Business Rescue and Insolvency Practitioners Association of Nigeria and other stakeholders in achieving the feat.
In his remarks, the Registrar General/CEO of the CAC, Mr Garba Abubakar, noted with delight the performance of the commission which he credited to the huge commitment and sacrifices made by the CAC staff, particularly the reforms championed during the period under review and restated the organisation’s commitment towards ensuring services that are in line with global best practices.
