Making CAC Haven of Investors For a Better Economy, by Abubakar Yusuf

The new leadership of Corporate Affairs Commission (CAC) under Alhaji Garba Abubakar has turned the commission into a centre of excellence and beehive of activities in the last two years, particularly from January 2020 with it’s series of ongoing innovations, initiatives and reforms.

This was evidenced from the roll calls of stakeholders to the commission ranging from corporate bodies , organisations, professional bodies, non governmental organizations both local and international bodies as well as countries with a view not limited to under studying it’s activities, but commendations, applause and appraisal that had stabilized the hub of investors and investments into Nigeria before , during and post COVID.

The recent surge of representatives of countries, organizations and bodies to the commission had become a departure from the previous norm, but with the glaring determination of the current leadership to bring to par it’s activities in line with international best global practices with newly digitized operational template.

The Award of Excellence conferred on the leadership of the commission in January, 2022 for exemplary leadership by a recognized tabloid “News Direct” not only spured it to do more ,but became an in road and exodus of more local and international bodies into the country, through identification with the successes recorded by the commission, two years at the saddle of the current dispensation.

The ongoing reforms, comparative analysis of actors and drivers of the Nigerian economy, among many other giant strides of government agencies, stands out the Corporate Affairs Commission as one of the outstanding government agency, that had laid a solid foundation for a thriving economy post COVID.

These among many other new policies that included but not limited to digitization of it’s it’s processes that had reduced to the barest minimum human interference, fraud, and other fraud related activities in the commission.

The introduction of Company and Allied Matters CAMA 2020 in it’s new operations with strict compliance, electronic signature, with issuance of certificate with QR code made it’s functions a cynosure of foreign attention and had attracted multiple investments and investors, along with the new insolvency regulations.

Further to these, the introduction of sole or one man ownership, amalgamation of incorporated trustees with similar line of business and objectives, along with persons with significant controls among many other milestones and inventions put in place to ensure ease of doing businesses, became the attraction of both local and international communities.

With the new innovations and inventions that had encouraged investments and investors along with protecting their investments with the new policies, it became seamless bringing on board business conglomerates aftermath of the global pandemic of COVID-19 and it’s effects.

The commission’s enabling environment that paved way for the influx of Foreign Direct Investment FDI with modest rules attracted the international communities which included the World Bank, UK Dept of Treasury, and Canadian high commission in Nigeria among many others.

According to the World Bank in a message through the Bureau of Public Service Reforms BPSR congratulated the commission for standing out as “centre of excellence” and validated star performer among government agencies.

The compliance on quaterly basis as well as NIS ISO 9001-2015 certification by Standard Organization of Nigeria SON and it’s submission to ‘”Self Assessment Tool” SAT was a point of departure and emboldened by the World Bank, Ibrahim Arabi of BPSR stated.

Also the UK Dept of Treasury led by Allison Kelly it’s representative lauded the commission for seamless policy that will combat incessant terrorism financing across the country.

The Canadian High Commission applause the ease of doing businesses occasioned by the ongoing reforms in the commission and restored the confidence of the international communities.

According to Delphina Ocquaye, the Canadian counselor expressed satisfaction that the new policy in CAC will fast track the treatment of visa application from Nigeria, encouraged partnerships, legal discussions through confirmation of civil documents.

He expressed happiness on the digitized platform, huge interest from the country through investments, business interest, permanent residency, scholarships and others at the introduction of the new policies.

It gave concessions to Nigerians with the high intellect and was ranked second (2) among nations enjoying permanent residency in Canada.

In Nigeria, the Abuja Chamber of Commerce and Industry ACCI sought for collaboration and membership of the body at the point of registration/incorporation of business entities,though optional at the initial stage, but subsequently be made mandatory as applicable in developed countries during it’s visit.

The body stated by this new policies , it had ensured ease of intervention in financial transactions, inclusive consultation and post registration monitoring and partnering.

It will also enable the body ensured tax base companies, compliance to it’s provisions, along with tracing and tracking of annual reports. The Chairman, Al-Mujtaba Abubakar maintained.

On it’s part, The Abuja Enterprise Agency AEA expressed satisfaction with the policies and programs of the new commission, as it was encouraged by the free 250,000 business registration post COVID across 36 states and the FCT.

Shehu Abdulsamad, said it adopted the 50% waiver to enable them replicate it’s program through registration of 2000 free business conglomerates ,and described the agency as the best and most visited as it stand out among fourteen (14) agencies present at one stop shop located within Abuja.

The Lagos Business School commended the commission for promoting discipline, sanity and hard work during a courtesy call.

The Executive Director, Education stated that the ongoing reforms had ensured building of effective, efficient directors in the public service.

Also the new Nigerian Data Protection Bureau, Chief Executive Officer, Dr Vincent Olatunji during a visit stressed the need to take data security at top priority for economic growth, stating that CAC as a Data reservoir, described the agency’s website as ‘top notch’ hence the need to ensured it’s protection.

The CSO’s and NGO’s were also not left out in the quest to identify with the success story recorded in the last two years by the commission among many others.

The Registrar General promised to continue to support the CSO’s and NGO’s in it’s quest for self regulation.

ABUBAKAR YUSUF [email protected].