By Abubakar Yusuf.
The Corporate Affairs Commission CAC has ended the NAP 7.0 with great wins having successfully implemented some far-reaching reforms that impacted positively the Nigerian economy.
The Presidential Enabling Business Environment Secretariat (PEBEC Secretariat) gave this indication during a meeting with the CAC Reform champions to discuss the outcomes of the recently concluded National Action Plan (NAP) 7.0 program.
According to Rasheed Mahe, Head of Media of the organization says The PEBEC team led by Toyin Bashir revealed that the reforms implemented by the CAC include the Application of key updates on the Company Registration Portal (CRP) to improve user experience in business registration.
She added that the introduction of the new policy prescribing minimum shareholder details required by public companies for filing of Return on Allotments and Annual Returns on the CRP, to only shareholders with 5% shareholding and above also scored the CAC high on the scorecard.
According to PEBEC, the Commission also ensured the Deployment of a resolution mechanism to address payment challenges on Remita where Related complaints can now be lodged and promptly addressed via support@remita.net or support@stampduty.gov.ng.
The Clearing of the backlog of applications for company profile updates for the period of May 2021 to December 2021 was also executed by the CAC, the report said.
Another landmark achievement by the CAC, PEBEC said was the Introduction of the Insolvency Regulations 2022 to facilitate the implementation of the insolvency reforms already entrenched in the Companies and Allied Matters Act 2020.
The contributions of the private sector stakeholder community such as the Section on Business Law of the Nigerian Bar Association, Business Rescue and Insolvency Practitioners Association of Nigeria, and other stakeholders in achieving the feat were also acknowledged by the report.
Responding The Registrar General/CEO of the CAC, Alhaji Garba Abubakar noted with delight the performance of the Commission which he credited to the huge commitment and sacrifices made by the CAC staff particularly the reform Champions during the period under review.
Alhaji Garba Abubakar, therefore, restated the Commission’s commitment to ensuring services that are in line with global best practices.
CAC News reports that NAP is a flagship accelerator program initiated by PEBEC which is aimed at supporting governmental ministries, departments, and agencies in facilitating the implementation of targeted reforms within a 60-day timeline.
NAP 7.0 kickstarted on February 7, 2022, and was further extended by 30 days to end on May 6, 2022, owing to the critical need for additional time to complete the reforms.
