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CAC’s reforms impacts positively on nation’s economy — presidential council

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The Presidential Enabling Business Environment Council (PEBEC), has commended the reforms initiatives of the Corporate Affairs Commission (CAC) as it has impacted positively on the country’s economy.

The PEBEC team, led by Toyin Bashir, gave the commendation at a meeting with the “CAC Reform champions’’ on Friday in Abuja.

The team commended CAC for initiatives like the application of key updates on the Company Registration Portal (CRP) to improve user experience in business registration.

It lauded the commission’s introduction of a new policy prescribing minimum shareholder details required by public companies for filing of Return on Allotments andAnnual Returns on the CRP.

The team observed that the new policy prescribed that only shareholders with five per cent shareholding and above were required to file for such allotments.

The PEBEC team commended the CAC’s deployment of resolution mechanism to address payment challenges on the Remita application, where related complaints can be lodged and promptly addressed.

The team also lauded the clearing of backlog of applications for company profile updates for the period of May 2021 to December 2021 executed by the CAC

According to PEBEC, another landmark achievement by the CAC is the introduction of the Insolvency Regulations 2022, to facilitate implementation of the insolvency reforms already entrenched in the Companies and Allied Matters Act 2020.

They acknowledged contributions of the private sector stakeholder community such as the Section on Business Law of the Nigerian Bar Association, Business Rescue and Insolvency Practitioners, among others in achieving the feat.

Responding, the Registrar-General (RG) of the CAC, Alhaji Garba Abubakar, expressed delight at the performance of the commission.

Abubakar ascribed the commission’s achievements and performance to the commitment and sacrifices made by its members of staff, particularly the reform champions during the period under review.

The RG restated the commission’s commitment toward ensuring that services were in line with global best practices.

Reports have it that  the meeting was held to discuss the outcome of the recently concluded National Action Plan (NAP) 7.0 programme.

NAP is a flagship accelerator programme initiated by PEBEC, which is aimed at supporting Ministries, Departments and Agencies of government (MDAs) in facilitating implementation of targeted reforms within a 60 day timeline.

NAP 7.0 began on Feb. 7, and was further extended by 30 days which ended on May 6, owing to the critical need for additional  time to complete the reforms.

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