Discussion with the Registrar-General, A.G. Abubakar at NBA/SBL One-Day Stakeholders’ Forum at VCP Hotel Victoria Island, Lagos.

* CAC Plans To Go Electronic As It Is Running Out Of Space To Store Physical Documents
* CAC To Publish New Checklist That Reflects The New 2020 CAMA Bill This Weekend On Its Website

The Registrar of Corporate Affairs Commission (CAC), A.G Abubakar, has said that the plan of the Commission is for customers to have an end to end operation without coming physically to the CAC office. The plan to go fully electronic is more urgent because the Commission is running out of space to store the physical copies of all these documents.

This was revealed at the just-concluded one-day stakeholders’ forum organised by NBA-SBL in collaboration with CAC.

Speaking at the forum he said that a software vendor was appointed in 2014 to develop an end to end solution, where companies can use end to end without having to come to CAC, on this platform, companies can do all their filings, changes, file their accounts, access their previously filed documents, conduct searches and even authenticate documents, unfortunately, they have not done this, as there is currently no integration between the upload portal, payment portal and the Company Registration Portal (CRP) and customers also don’t have access to the documents that the Commission has been archiving online. He said to remedy this, an engagement has begun to create a new solution that can achieve the end to end operation.

Despite all these modern and daring changes, Abubakar assured the stakeholders that the fees will not go up.

He further said that the authentication card will be introduced into the system which is part of the innovations for the commission.

“Every company will appoint an officer who will be its authenticating officer, thereby dispensing with the need for directors or secretaries to sign documents all the time.

“The Commission is already discussing with media houses to see how the Commission can be doing the Publications, it intends to resolve the mischief of people publishing in newspapers not in the geographical area of the institution, thereby preventing people from raising objections if needed.

Speaking on the new checklists the Registrar General of CAC, A.G Abubakar, disclosed that the Commission is aware that across the country, some of its staff request for documentation which are not required by CAMA or by the Company Regulations 2012 and that some of the regulations are even outdated.

“In order to remedy the above stated and in order to ensure the CAC checklist/guidelines reflect the New CAMA 2020 Bill, the Commission has reviewed its checklist. The said checklist will be made public on the Commission’s website this weekend; the public will be given two weeks to review and send opinion(s) to the Commission, after which the Commission will harmonise and present the new checklist to the Commission’s board for approval.

“The New checklist which will be the CAC bible for practitioners is expected to be ready by 1st of May.

“Lawyers are eagerly expecting the new checklist, as it is hoped that CAC’s process will become simpler and more unified,” he said.

The Chairman of CAC, Chief Ademola Seriki and the Chairman of the Nigerian Bar Association-Section on Business Law (NBA-SBL) Mr. Seni Adio SAN, affirmed that President Buhari will soon sign the Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2020 which was passed by the Senate this year on the 10th of March.

Seni Adio SAN
Emphasizing the point further, Mr. Seni Adio SAN stated that he was at the office of the Attorney General of the Federation on Wednesday and the AGF’s response was positive and he affirmed that the President thinks favourably of the Bill and it will be signed momentarily.

“The New CAMA Act if assented to by the President, will repeal the twenty-eight-year-old Companies and Allied Matters Act and it will introduce novel provisions geared at promoting ease of business,” Seni Adio SAN, said.