- African countries to replicate CAC Beneficial Ownership Register
- Embassies utilising CAC database for diplomatic activities
The Corporate Affairs Commission (CAC) has launched its service charter designed to create awareness for stakeholders on accessibility to services.
Presenting the service charter to the public, the Registrar General/CEO of the Corporate Affairs Commission, Alhaji Garba Abubakar, also said that the CAC stakeholders use it for complaints procedures and customer obligations.
Abubakar who stressed that the Commission had continuously engaged its customers with a view to improving service delivery urged the stakeholders to familiarise themselves with the contents of the charter.
He restated CAC’s commitment to providing prompt and efficient service in line with global best practices.
In a remark at the occasion, the National Coordinator/CEO of Servicom, Nnena Akajemeli, commended the milestone achievement recorded by the Commission and therefore charged other agencies to emulate a good example.
Represented by Ngozi Akinbodewa, the SERVICOM Scribe enjoined CAC Customers to utilize the opportunity provided by the charter.
She used the forum to commend the CAC for being among the top government agencies providing prompt and efficient service delivery to customers, even amidst some challenges.
African countries including Kenya and Malawi have used Nigeria as a model to build and implement their Beneficial Ownership Register (BOR)
This is happening barely two months after the Corporate Affairs Commission (CAC) made history by launching Africa’s first BOR.
Kenya, Malawi to replicate BOR
Meanwhile, Kenya and Malawi have prepared to visit the CAC to study its processes with a view to developing their own BOR.
The Registrar General/CEO of the CAC revealed this at a Training Workshop on the Use of Beneficial Ownership Information Disclosure in Abuja.
Abubakar explained that the technical training for internal and external users and stakeholders is one of the components of the BOR project aimed at bringing them up to date with the technicalities of the Register.
The Registrar General who spoke on the trajectory of the project, stressed that the BOR will be advantageous to probe agencies, the media, and civil society organizations, among others.
The CAC boss used the forum to enjoin Nigerian banks to review their Know Your Customer (KYC) systems to operate in line with global financial standards.
Diplomatic missions utilising CAC database
He noted with satisfaction that most Embassies were now utilising the CAC database to grant or reject visa applications on account of the active or inactive status of the applicants on the database.
He, therefore, revealed that the Commission was compiling lists of Inactive companies with a view to striking them off Nigeria’s Register of Companies.
Abubakar, however, enjoined companies to update their records with the Commission to avoid being struck off soon, which would have attendant consequences.
Other speakers at the event included Temitope Olubunmi Erinomo from the Special Control Unit against Money Laundering (SCUML), who delivered a paper titled: Registration requirements and AML/CFT obligations under the Money Laundering Prevention and Prohibition Act.
Hauwa Abubakar Faruq of the Nigerian Financial Intelligence Unit (NFIU) presented a paper on Compliance Obligations under FATF Recommendations and the AML/CFT framework, while Safiya Ahmed Yabo of the Securities and Exchange Commission (SEC) made a presentation on “Capital Market Operations and the requirements for compliance under the AML/CFT Framework.”
Also speaking at the event was Ikechukwu Nweje of the World Bank, who said that they were proud to associate with the progress made by the CAC, which they consider a veritable partner.
The World Bank representative commended the Commission for engendering interagency collaboration towards implementing the BOR, which enjoyed funding from the global financial institution.
While restating the World Bank’s commitment to working with relevant agencies to create jobs for Nigerian youths, Ikechukwu charged other well-meaning institutions, individuals, and groups to also support the fight against poverty and unemployment in society.
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