Home Business CAC generates N19bn, boost federation account with N2.7bn remittance in 2020

CAC generates N19bn, boost federation account with N2.7bn remittance in 2020

by Business News Report

Corporate Affairs Commission Registrar General Alhaji Garba Abubaka has said that the commission remitted N2.7 billion into the federation account as surplus from its operation in 2020. He said this in Abuja while briefing news men on the activities of the commission in the last one year. 

Alhaji Garba said that the Corporate Affairs Commission generated the sum of N19 billion as revenue for the 2020 fiscal year.

According to him, one of the major leakage discovered was receipt cloning, however, he said that some of the culprits apprehended for the act were handed over to the security agencies for prosecution. Abubakar highlighted that the commission has deployed an upgraded portal, which will make it possible for the customers to send their applications electronically. He said that the process of revalidation for certificates has been simplified. He also said that the commission has been making efforts to integrate the NIN into their portal. The CAC boss said that over the years, the Commission had been remitting its operating surplus to the coffers of government.

On the outstanding tax obligation of the commission, he said that the management of the CAC has negotiated with the tax authority and the sum of N700 million has been paid as tax liability. Abubakar also said that about 85 per cent of the N6 billion liability which he inherited had been paid, adding that the balance would be paid soon. In a bid to ensure the integrity of the records of the commission, he said that the CAC had directed a revalidation exercise for all its accredited customers. He said the revalidation exercise would last till March 31 this year, adding that anyone that fails to validate their records would not be able to transact business with the commission.

Abubakar said the revalidation had become compelling because some of these customers may have been died while others might have changed their addresses or location. He said, “Every accredited customer must revalidate his accreditation with the commission before the end of March. This is necessary because we have recognised the fact that some of customers have died, some have changed addresses, some have changed locations without updating the database, and some have transferred their accounts to other people to manage it on their behalf. 

“So to ensure the integrity of the information we are going to be receiving on behalf of our customers, all existing accounts must be validated before the end of March. By April 1, any account not revalidated would cease to have effect until the customer comes forward to revalidate.” On the industrial crisis in the commission, he said that the board of the commission had taken steps to address the grievances of the workers. For instance, he said that the embargo on promotion had been lifted last year, adding that two promotion exams for 2019 and 2020 were conducted for members of staff. He said the promotion exercise saw about 258 members of staff promoted in 2019 while 190 members of staff of the commission were promoted for 2020. The RG was appointed in January last year after the expiration of the tenure of the former Registrar General. 

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