{"id":25456,"date":"2022-05-20T19:33:02","date_gmt":"2022-05-20T19:33:02","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=25456"},"modified":"2022-05-20T19:33:02","modified_gmt":"2022-05-20T19:33:02","slug":"cacs-reforms-impacts-positively-on-nations-economy-presidential-council","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/20\/cacs-reforms-impacts-positively-on-nations-economy-presidential-council\/","title":{"rendered":"CAC\u2019s reforms impacts positively on nation\u2019s economy \u2014 presidential council"},"content":{"rendered":"<header class=\"entry-header\" aria-label=\"Content\"><\/header>\n<div class=\"entry-content\">\n<p>&nbsp;<\/p>\n<p>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\u2019s economy.<\/p>\n<p>The PEBEC team, led by Toyin Bashir, gave the\u00a0commendation at a meeting with the \u201cCAC Reform champions\u2019\u2019\u00a0on\u00a0Friday in <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/06\/bandits-nrc-announces-restoration-of-track-access-between-abuja-and-kaduna\/\">Abuja<\/a>.<\/p>\n<p>The team commended CAC for initiatives like\u00a0the application of key updates on the Company Registration Portal (CRP) to improve user experience in business registration.<\/p>\n<p>It lauded\u00a0the commission\u2019s introduction of a new policy prescribing minimum shareholder details required by public companies for filing of Return on Allotments andAnnual Returns on the CRP.<\/p>\n<p>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.<\/p>\n<p>The PEBEC team\u00a0commended\u00a0the CAC\u2019s deployment of resolution mechanism to address payment challenges on the Remita <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/04\/22\/application-of-digital-farming-technologies-will-rapidly-advance-nigerias-agri-business-expert\/\">application<\/a>, where related complaints can be lodged and promptly addressed.<\/p>\n<p>The team also lauded the\u00a0clearing of backlog of applications for company profile updates for the period of May 2021 to December 2021\u00a0executed by the CAC<\/p>\n<p>According to\u00a0PEBEC, another landmark achievement by the CAC\u00a0is the introduction of the Insolvency Regulations 2022, to facilitate implementation of the insolvency reforms already entrenched in the Companies and Allied Matters Act 2020.<\/p>\n<p>They acknowledged\u00a0contributions 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\u00a0achieving the feat.<\/p>\n<p>Responding, the Registrar-General (RG) of the CAC, Alhaji Garba Abubakar, expressed delight at the performance of the commission.<\/p>\n<p>Abubakar\u00a0ascribed the commission\u2019s achievements\u00a0and performance to\u00a0the commitment and sacrifices made by\u00a0its\u00a0members of staff, particularly the reform <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/12\/notch-wheelchair-tennis-championship-simonwale-oyegbata-knocked-out-of-championship\/\">champions<\/a> during the period under review.<\/p>\n<p>The RG restated the commission\u2019s commitment toward ensuring that services\u00a0were in line with global best practices.<\/p>\n<p>Reports have it that\u00a0 the meeting was held to discuss the outcome of the recently concluded National Action Plan (NAP) 7.0 programme.<\/p>\n<p>NAP\u00a0is a flagship accelerator programme initiated by PEBEC, which is aimed at supporting Ministries, Departments and<a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/06\/anambra-traders-stage-protest-against-government-plan-to-install-caretaker-committee\/\"> Agencies of government<\/a> (MDAs) in facilitating implementation of targeted reforms within a 60 day timeline.<\/p>\n<p>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\u00a0 time to complete the reforms.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; 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\u2019s economy. The PEBEC team, led by Toyin Bashir, gave the\u00a0commendation at a meeting with the \u201cCAC Reform champions\u2019\u2019\u00a0on\u00a0Friday in Abuja. The team commended CAC for initiatives like\u00a0the application [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":25504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[11],"tags":[393,5025,5287],"class_list":["post-25456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro","tag-abuja","tag-commendation","tag-commitment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CAC\u2019s reforms impacts positively on nation\u2019s economy \u2014 presidential council &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/20\/cacs-reforms-impacts-positively-on-nations-economy-presidential-council\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CAC\u2019s reforms impacts positively on nation\u2019s economy \u2014 presidential council\" \/>\n<meta property=\"og:description\" content=\"&nbsp; 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\u2019s economy. 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