CAC targets new companies registration within two hours


Corporate-Affairs-Commission-CAC-logoAlhaji Bello Mahmud, Registrar-General, Corporate Affairs Commission (CAC), said on Saturday in Abuja that the CAC’s goal was to be able to register companies within two hours, anywhere in Nigeria.

Thank you for reading this post, don't forget to subscribe!

Mahmud in a lecture: Nigeria’s New Business Environment and CAC’s Intervention,” said it had been able to reduce the period of registration of companies from five days to 24 hours.

The registrar-general, at the 3rd Annual Seminar for Trade and Investment Correspondents and Editors, said that its activities had helped to expose “the wonder banks“ in the country.

“Our collaboration with the EFCC, the Central Bank of Nigeria (CBN) and other financial agencies have exposed over 370 `wonder banks` out of 400 ones that were investigated.

“We are developing our electronic registration in phases and we are planning to be able to get companies registered within two hours before first quarter of 2014,“ he said.

Mahmud said that the CAC was investing hugely in electronic registration of companies and in making its operations fully ICT- compliant.

He told the News Agency of Nigeria (NAN) that the CAC had inaugurated a committee to review “contemporary law and practices“ both nationally and internationally.

“This change is necessary because in the contemporary world, globalisation is increasingly blurring business boundaries,“ Mahmud said.

“The committee’s findings will soon be made public. We want to bring our operations at the same standard with some of the best company registries.”

He noted that the CAC was the agency charged with the responsibility of registration and regulation of the formation, management and winding up of companies, business names and incorporated trustees.

“Until 2004, registration services were manually carried out in the CAC. Now, we are able to reduce the incidence of mistakes and duplication of names and numbers in registering companies,” Mahmud added. (NAN)

Discover more from Naija247news

Subscribe to get the latest posts to your email.

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

Share post:



More like this

Lagos State Governor Launches Eko Cares Initiative to Address Economic Challenges

Governor Babajide Sanwo-Olu of Lagos State initiated the Eko...

Nigerian Port Consultative Council Backs Single Window Project for Enhanced Trade

The Nigerian Port Consultative Council (NPCC) has thrown its...

Kaduna Assembly Panel Requests Finance Ministry Documents for El-Rufai Probe

The ad hoc committee of the Kaduna State House...

German police arrest 11 Nigerians over dating scam

German police said yesterday, they had arrested 11 suspected...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading