Business/Finance

NIN now compulsory for business registration – CAC Registrar

The Registrar, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, says the National Identification Number (NIN) is the most important document required for the registration of new businesses.

 

Abubakar made this known on Tuesday in Abuja during the monthly reform seminar organised by the Bureau of Public Service Reform (BPSR).

 

The seminar had the theme: ‘Current Reforms, Innovations and Challenges of the Corporate Affairs Commission, and their impact on the Growth of Nigerian Economy’.

 

“If you don’t have a NIN, it means you can’t register your company, the essence is to verify the integrity of the data we are collecting,” he said.

 

He explained that they opted for NIN because its security can’t be compromised, unlike the National Identity card, international passport, drivers licence that could easily be cloned.

 

According to him, the commission has introduced several reforms that have reduced the period of company registration to 24 hours.

 

“As such, we register an average of 2,000 companies every week. But it’s not just enough to register, you have to file your returns,” he added.

 

The registrar said that the amended Companies and Allied Matters Act (CAMA) have eased the process of ownership of businesses in the country.

 

”As it stands, one man can register and own a company and if he is dead his children can take over for as long as the company is surviving and there are interests.

 

“In fact, before now, many people were forced to register their companies with a second party just to fulfil legal requirements, but with CAMA, all that is in the past.

 

”Also, the Act has introduced limited partnerships and limited liability partnerships which now provide additional options for entrepreneurs and law firms.

 

”Similarly, with the coming of the Act, the CAC registration portal was completely rebuilt to allow companies to transact on it from anywhere,” he added.

 

Abubakar also said that the CAC had begun a mailing system for customers to process their registration.

 

“That way we reduce physical contact with our staff, now from anywhere in the world, you can register your company; all you need is to create an account, whether individual or corporate.

 

“After all the processes, we will send your certificate to you,” he assured.

 

The registrar said CAC has been using its new online system and database to keep track of active or inactive companies.

 

”Those that have filed their returns up to date are classified as ‘Active’, and those that have not filed their returns up to date are classified as ‘Inactive’.

 

“Companies that hitherto did not file for 20 to 30 years, are coming forward to clear these backlogs.

 

“So those with inactive status, a lot of embassies reject doing business with them and government agencies also decline to engage most of these companies in procurement,” he said.

 

Abubakar announced the establishment of call centres to ease customer requests for effective service delivery.

 

Earlier, the BPSR Director-General, Mr Dasuki Arabi commended the CAC for digitilising it’s services in line with the e- government master plan.

 

He called on States and federal MDAs to adapt the new government reforms initiative and train staff to meet up with the demands.

 

”The CAC has succeeded in digitilising their processes which is in line with the Federal Government’s e -master plan; man to man process of documentation has been eliminated.

 

“So transparency and accountability is been entranced in CAC, ” he said.

 

Arabi called on Ministries, Departments and Agencies (MDAs) to key into the National Strategy on Public Service Reforms, digitilise their processes and train their staff to drive the transformation goal.

 

 

(National Accord)

 

 

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