TheCable

The Corporate Affairs Commission (CAC) says it is prioritising the reduction of the registration circle for new firms to three hours.

Garba Abubakar, register general and chief executive officer of CAC, said this at a recent dinner in honour of Ademola Seriki, chairman of CAC governing board.

The new development follows the deployment of an end-to-end registration module by the commission which is expected to be concluded before the end of 2021.

To achieve the target, Abubakar said CAC was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary.

In his remarks, Seriki said despite the devastating effects of the COVID-19 pandemic, CAC initiated series of reform initiatives.

He said some of the initiatives include: the mandatory requirement for obtaining letter of good standing from CAC for procurement purposes; and an optional notification alert system

He explained that with the latter, companies bidding for government contracts must obtain letter of good standing from CAC in a bid to further strengthen the fight against corruption; while the former initiative provides that companies can elect to be notified whenever changes were made in their structure at the commission.

Seriki further said all the new innovations are in their final stages and also lauded Abubakar for his immense support and cooperation.

In October 2020, CAC said company registration will be concluded in 48 hours while business names will be concluded same day, and also ensured a 5-day completion for other post-incorporation services not available electronically.