The Registrar General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, says the use of the common seal is no longer mandatory.
In a statement on Thursday in Abuja, by the CAC’s Head of Media, Mahe Rasheed, Alhaji Garba Abubakar, represented by the Director Compliance Abdulhakeem Mohammed stated this after declaring a one-day Customer Stakeholder Forum open.
He listed a number of reform initiatives undertaken, pursuant to CAMA, 2020.
Alhaji Garba Abubakar explained that the notable features of the new law include waiver of appointment of company secretary pursuant to Section 330 of the new law.
According to him, while the electronic signature has been introduced into law, a man can register a private company, adding that the merger of incorporated trustees for similar purposes is now possible under Section 849.
The Registrar General also said the minimum share capital for private companies was increased to N100,000 and two million for public liability companies respectively under section 27 sub-section 2 of the act.
Abubakar said that small businesses and sole proprietorships can now hold statutory and annual general meetings abroad.
‘The provisions of Sections 705 and 707 that introduced the registration of the accredited insolvency practitioner, liquidator, receivers, or receivers stated that such professionals could only practice after obtaining proper accreditation from the CAC’
‘key reforms contained in the new law also established that there is now a ban on combining the office of the president and chief executive in one and the same person for public companies’ the Registrar General added.
Alhaji Garba Abubakar who noted that the commission, in collaboration with its software vendor, was going to great lengths to adjust its processes in accordance with global best practices also reiterated determination to continue initiating and implementing lasting institutional reforms tailored not only to the demands of ease of doing business but to establish a record that ranks as one of the top 10 in the world.
He said the commission had resolved to ensure the full digitization of its operations to provide more efficient and effective services in 2022.
In separate goodwill messages, Dr. Balogun Abdulrasheed, President of the Institute of Chartered Accountants of Nigeria (ICAN), and the Acting Managing Director of the Abuja Business Agency, Mr. Shehu Abdulkadir, represented, applauded the initiatives, and urged the commission to keep up.
Speaking in the same vein, representatives of the Nigerian Bar Association (NBA), Mr. Folarinwa Aluko, Mr. Tony Idoko, and Mr. Clement Owowo, applauded the CAC for the commitment and highlighted the need for more frequent commitments.
They reaffirmed commitment to partnering with the commission and described a client’s ability to register and download the CAC registration certificate anywhere in the world as world-class.
Stakeholders, however, implored the commission to review its post-onboarding processes, as well as improve its customer engagement mechanism to be real-time.
Other speakers, who also applauded the commission’s reform initiatives and charged it to keep the pace, included the representative of the president of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
The CAC’s Head of Media, Mahe Rasheed reports that in addition to the Abuja Forum, the Commission has in spite of the challenges of the Covid-19 Pandemic, this year held Customers’/Stakeholders forum in Kano, Portharcourt, Lagos (Ikeja and Ikoyi), and Enugu where it has Nodal offices.
Auwalu Muhammed