Mrs Azuka Azinge, the Acting Registrar-General, Cooperate Affairs Commission (CAC), says signing into law the commission’s enabling legislation will allow it realise its dream of being a world class companies’ registry.
Azinge said this on Thursday in Abuja at a conference organised by Commerce and Industry Correspondents Association of Nigeria (CICAN) in collaboration with the CAC.
CAC is the sole government agency responsible for registration and regulation of companies, business names and incorporated trustees in the country.
“I must mention that the signing into law of the commission’s enabling legislation will go a long way in helping the commission realise its dream of being a World Class Companies Registry,’’ Azinge said.
The National Assembly had passed and transmitted the commission’s Companies and Allied Matters (CAM) Bill 2019 to the President for assent.
The CAMA Bill 2019 if assented to would repeal the extant statute (The Companies and Allied Matters Act (CAMA), Cap C20, Laws of the Federation of Nigeria 2004).
She also said the commission was determined to ensure simplified business registration by streamlining its processes and procedures to encourage businesses to formalise.
Azinge said the commission had been working closely with the Presidential Enabling Business Environment Council (PEBEC) since its establishment in 2016.
She added that as part of efforts to achieve its vision of being a World Class Companies Registry, the commission had embarked on several reform initiatives aimed at making Nigeria the preferred investment destination.
The acting registrar said while some of the reforms had been concluded others were on-going.
She listed some of the reforms to include the introduction of help desk lines with email service, feedback mechanism, and removal of requirement for proficiency certificates as condition for business registration.
Others, Azinge said, were the full decentralisation of operations, 24 hours online registration of businesses, digitalisation of legacy records and introduction of functional external and internal communication robust website.
She added that with respect to small businesses which contributed significantly to national Gross Domestic Product (GDP), the commission successfully implemented the Business Incentive Strategy (BIS).
She added that under the BIS, cost of registration of business was reduced by 50 per cent to enable Micro Small and Medium Enterprises to formalise their businesses.
She said that a total of 244,428 business names were registered during the period.
She commended the leadership of CICAN for its efforts, dynamism and professionalism in reporting government programmes and policies to the public.
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