Business

We Register Over 300 Thousand Companies Annually — CAC Boss

Written by Pyramid FM Kano

The corporate Affairs Commission CAC says it is registering over three houndred thousand (300) Companies annually with a view to promote data sharing and improve businesses in the country.

The registerer General of the commission Alhaji Garba Abubakar stated this at a One Day Customers and Stakeholders Enlightenment/Sensitization Training on Beneficial Ownership information disclosure and Annual Return Electronic Filing System held in Kano.

He said the training is aimed at enlighten customer and Stakeholders on beneficial ownership and disclosure requirements in Nigeria as well as the Newly deployed financial reporting system.

The registerer said Kano were carefully selected to host the program because of its vibrant and a very active customers conducting businesses as well as interacting with the commission for their financial reportage on annual basis.

“CAC has been very transformative, we’ve holding this sessions every year in Kano, we launched our new registration software from January, 2021, we have continue to improve on that, what we are demonstrating today is two new key features, the financial reporting software was help customer to send their information in an extensive way”, said registerer General.

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According to him “the system was supported by European Union act (EU ACT), it will enable companies to send their information in an extensive reporting language, they don’t need to scanner, all the need is key-in the figures, the system will store it, and when ever they need to see the information, all they need to do is query the Database and it will display their information for their attention “.

Garba Abubakar said all the financial institution namely Research students, research organizations, government organizations, other agencies responsible for financial reporting and financial reporting council can be able to access the data and the information as well.

He said the era of companies continue sending multiple financial statements to different agencies and government establishments will end as the Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS) and other institution will also have access to the information provided by the companies.

On the allegations made by some companies that CAC turn them to be inactive, the registerer General said any institution that do the needful will not be turned to be inactive.

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According to him all companies must active their annual retuned and audited account every year so that the commission view them as active business entity and operational.

In remarks, the head of the commission in Kano Musa Kabir Jemakeu said a number of companies failed to enjoy financial support as a result of failure to register with the commission.

Musa Jemakeu then urged companies and business organization to register with the commission as it has reduced registration fee and a number of process was simplify as well as digitize so as to be user friendly.

He said the commission in Kano will continue to sensitize the general public on the importance of registration and new registration software so as to achieve the set objectives.

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