The Registrar-General, Corporate Affairs Commission, (CAC), Alhaji Garba Abubakar has said that the new reforms in the commission will provide additional option for investors in Nigeria.
Abubakar, who spoke at a one day customers’ /stakeholders’ forum in Port Harcourt, said the reforms will also ease business registrations and operations in the country.
He said the forum which serves as a feedback mechanism, provides the opportunity for accredited customers, stakeholders and members of the public to engage in one-on-one interaction with top management of the commission on service delivery.
He stressed that responses from customers will assist the commission to further improve on its registration and regulation services to companies and business owners in the country.
“The interactive forum is part of our feedback mechanism to hear from our customers on some of the changes we have introduced, dealing with electronic registration services as well as the new requirement introduced by the Companies and Allied Matters Act.
While acknowledging the difficulties faced by customers in getting their businesses registered online he said, “a lot of customers are happy but, typical of every new system, it may not be perfect at the beginning, the important thing is to identify the challenges and fix them as they arise, and that is exactly what we are doing.
“The reforms are so extensive because the Companies and Allied Matters Act, 2020 introduced a lot of changes in the legal framework for company registration and administration in Nigeria.
“The law has relaxed some of the strict requirements that hitherto obtained under the old law. Some of these reforms as introduced in line with various means of doing business with the federal government. The old requirements, that to register a company you must go through a lawyer, an accountant or chattered secretary have been relaxed, its now optional.
“Now, a small company doesn’t need to have a secretary or a seal, one man can register a company on like before where you need a minimum of two people. The law has also introduced two new legal entity types; we have new limited partnership and limited liability partnership, thus, providing additional option for investors, either to register a company or business name, a limited partnership or limited liability partnership.
“The law has been made, consistence with the best practice globally. Some of the requirements are more extensive now; consistence with our various anti money laundering agents so this in a nutshell is what the reforms are all about.
“On our part, to ensure efficient implementation of the new law, we have deployed a new technology that allows customers to register their companies electronically, unlike before where after submitting your application; you have to visit our office to collect your certificate. That is no longer necessary; you can get your certificate electronically with validation court. You can make all your fillings now electronically, and this has eased a lot of burden on customers, they deal with CAC at the comfort of their homes and offices”.
On his part, Head, Port Harcourt Nodal Office, Corporate Affairs Commission, Godwin Ononokpono said the commission is committed to prompt and efficient services to their customers hence the need to update stakeholders and the general public on its activities.
He used the medium to call on business owners that are yet to get their businesses registered to do so.
“I encourage all those doing businesses out there and members of the public to formalize their business by getting them registered”, he said.
