The Nation Newspaper

Tag: CAC

  • ‘CAC should not be empowered to remove companies’ directors’

    Shareholders have flayed the call by the Corporate Affairs Commission (CAC) for the amendment of the Companies and Allied Matters Act (CAMA) 1990 with a view to confer on the Commission statutory powers to remove erring directors o companies.

    President, Ibadan Zone Shareholders Association (IBZA), Chief Sola Abodunrin, said empowering CAC to remove directors would undermine one of the fundamental rights of the shareholders, who are the owners of the companies.

    He said the board represents the interests of the shareholders and should be accountable ultimately to the shareholders, rather than to a government body.

    According to him, CAC can seek to improve corporate governance by ensuring compliance with disclosure requirements and providing the public with all information about a company.

    He said the CAMA has adequately empowered the Commission to deal with infractions by directors noting that CAC should step up its enforcement activities.

    The Registrar-General, Corporate Affairs Commission (CAC), Mr Bello Mahmud, recently indicated the intention of the Commission to seek amendment to CAMA with particular reference to statutory power to remove erring directors.

    According to him, the CAMA required substantial amendments to strengthen the regulatory and enforcement powers of the Commission.

    He noted that CAMA, which has been in operation for almost two decades, is craving for substantial amendments, especially in the areas of regulatory and enforcement powers, on-line registration of companies and penalties.

    “Of utmost importance, the Commission is seeking the power to remove erring directors and officers of companies in line with the practice in most registries globally. This should be granted and CAC should be assisted to have an instrument to enforce its regulatory powers and sanitize the business environment,” Mahmud was reported to have told a national assembly delegation on oversight visit to the Commission.

    According to him, it is becoming obvious that the corporate landscape is heavily hamstrung by several provisions in CAMA which impedes contemporary business practices in the light of national global reforms.

     

  • CAC leads other govt agencies

    CAC leads other govt agencies

    THE Revalidation Audit, International Organisation for Standardisation (ISO 9001:2008) conducted recently confirms that the Corporate Affairs Commission (CAC) has maintained a leading role among government agencies six years after it started the process.

    The Lead Auditor, Standard Organisation of Nigeria (SON), Mr Tersoo Orngudwem, who confirmed this after a revalidation audit at the Commission’s Corporate Head Office in Abuja, stated that CAC is a flagship ahead of other government agencies in the country.

     ”I am proud of CAC being our flagship, you are number one since 2007 and Revalidation Audit shows that CAC is still doing it right six years after. It could be recalled that the CAC embarked on ISO 9001:2000 in 2007 to attain a world class companies’ registry in line with its vision.

    “I want to commend the management and staff for the team spirit exhibited during the exercise.  I led the team that came to the commission in 2007, when it started the process of attaining ISO 9001:2000 when it was upgraded and at the revalidation audit and could convincingly attest that CAC is performing at a world class standard.

    “I join the Commission to do management review within 90 days and I would like to stress that theirs is to ensure continual improvement of quality service delivery and customer satisfaction for effectiveness and efficiency in internal processes,” he said.

  • CAC to stop ‘baby’ directors

    CAC to stop ‘baby’ directors

    The Corporate Affairs Commission (CAC) has said that it wouldno longer tolerate the use of infants as members of Board of Directors of companies. The commission also said it would ensure that unfit companies or fraudulent people are not registered.

    Its Chairman, Board of Director, Otunba Funso Lawal said the agency is aware that some companies are fond of placing an infant on the Board. He said such plan will not be accepted.

    It was at a stakeholders’ meeting in Lagos.

    Lawal said:“We plan to stop the usage of infant as part of Board of Directors of a company. We want ensure transparency and openness. In order word, anybody that want to register must submit two current passports and other documents.

    “We are also aware that some unscrupulous people want to register a company so as to be able to perpetrate their evil plan.

    The agency will no longer tolerate or accept such companies. There is an on-going plan to ensure that such company is detected and decline from getting registered,” he said.

    On the Small Scale Business, he said: “We have observed that 90 per cent of the business done in the informal sector can be found in both Kano and Lagos and have decided to approach a means of bring them into the formal sector.

    On the 24 hour business registration, he said the policy has been a success , adding that the agency will ensure its sustainability.

    “For CAC, the 24 business registration is real. The issuance of names duplication has been reduced to the barest minimal. He said the agency had put strategies in place to safeguard all customers’ documents and information. He said: “In order to ease post incorporation activities, safeguard the records and ensure the integrity of all information in the commission, rapid document imaging has been embarked upon through the conversion of our manual records to suitable electronic formats.

    “On completion, records of all companies, business names and incorporated trustees will be available electronically and manual searches will be abolished. Customers will be able to access these records from the comfort of their offices and homes and pay the search fees, using electronic payment system.”

     

  • CAC committed to service delivery

    CAC committed to service delivery

    AS part of efforts to ensure effective service delivery, the Corporate Affairs Commission (CAC) has opened additional offices in some parts of the country, a move, it says, will enable friendlier environment for trade and investment to thrive.

    This revelation was made by the Registrar-General of the Commission, Bello Mahmud, in Abuja recently.

    “This is part of measures to ensure efficient service delivery to its customers and reform of the investment climate through the provision of an electronic system of registration that allows customers to transact with the Commission remotely, the CAC has introduced various reform initiatives,” he said.

    Expatiating, the CAC boss said: “The CAC has taken practical steps to decentralize its operations by making the state offices more functional and at par with the head office. The new system has taken off in two Lagos offices since November 1, 2012 with the official launching by the Honorable Minister of Trade and Investment. Necessary test running is being carried out in the remaining three offices of Kaduna, Enugu and Kano.”

  • Nigeria’s problem is temporary—Abiara

    The General Evangelist of the Christ Apostolic Church (CAC) Worldwide, Prophet Samuel Kayode Abiara, has assured that Nigeria will soon come out of the problem it is currently facing.

    He said this during an interaction with journalists in Lagos.

    He advised Nigerians not to see the current violence going on in the northern part of the country as the responsibility of the northerners.

    He assured that Nigeria would overcome these challenges if only people call upon God for solution. “God does not put us in darkness, when we see all these, we must pray because prayer works, we must pray very well.”

    Abiara said because of the situation in the country, “God laid it upon the authorities of Christ Apostolic Church to organise a powerful prayer for the country.” The event is part of the church’s contribution to peace and development of the country. The all night programme is expected to be attended by everybody, irrespective of position and status.

    Abiara said the survival of the country depends on everybody. He insisted that irrespective of the present situation, the country will come out better.

    He opposed a situation whereby churches will be made to pay tax. He described it as double taxation since members of the church have been taxed in their respective places of work. He said it would be unfair to tax what members give to the church.

    Contrary to the view being held that churches have money, Abiara insisted that it is the individuals that have money not the churches. “Government must not tax churches or mosque, if they do that God will not be happy, it is not good. The members have paid taxes, why should they be made to pay double tax? All the churches you are seeing don’t have money, it is individuals that have money.”

    He also advised that the south should not see what is happening in the north as the problem of the north rather the violence that engulfed the part of the north should be seen as the problem of all. That is why it is necessary for the south to pray. “What Nigeria needs now is prayer. The south must not sit down and relax.”

  • Three CAC pastors re-arraigned for forgery

    Three pastors of the Christ Apostolic Church (CAC) were yesterday re-arraigned for forgery at the Federal High Court, sitting in Ibadan, the Oyo State capital.

    The development followed the transfer of the judge handling the case, Justice Jonathan Shakharo, from Ibadan.

    The pastors-Elijah Olusheye, Johnson Olabisi and Gideon Okegwemeh- and a worker at the Corporate Affairs Commission, Abdul-Hakeem Mohammed, reappeared before before Justice A. O. Obaseki-Adejumo.

    They were accused of deceiving the government with forged documents to obtain a new Certificate of Registration for the church.

    The suspects pleaded not guilty to the charges.

    Justice Obaseki-Adejumo upheld the bail earlier granted the accused persons and adjourned hearing till November 12 and 18.

    Justice Shakharo had granted them bail in the sum of N100,000 each and one surety each in like sum.