Nigeria, on Thursday, recorded a landmark achievement in its Investment Climate Reforms Programme as the Corporate Affairs Commission, a parastatal under the Ministry of Trade and Investment, kicked off its start-to-finish 24-hour business incorporation service. The Minister of Trade and Investment, Mr. Olusegun Aganga, said the inauguration of the one-day start-to-finish business registration marked an important milestone in the efforts of President Goodluck Jonathan’s administration to reposition the Nigerian business environment.
He spoke during the commissioning of the Alausa, Lagos office of CAC and the inauguration of the Commission’s 24-hour start-to-finish incorporation service in Lagos. Aganga also directed the CAC to open a Complaints register for customers who are unable to register their businesses within 24hours. He said, “The Lagos offices (Yaba and Alausa) can now accept Incorporation documents and process the certificates from start to finish within 24 hours. The same thing goes for the Head Office. This is encouraging in line with global best practices and useful for investors who would want to commence business urgently.
“The target is to ensure that companies are registered within two hours and to institute a vibrant and transparent companies registry where services will be user-friendly. However, to show that we mean business and that we care about our customers, I direct that a complaints register be opened for anyone who is not able to get his company registered within 24 hours.” The Minister said the frustrations that had been spelt out by businesses in relation to the procedures at CAC, before the reorganization and repositioning of the Commission, were basically as a result of the non-computerization of its operations.
He said, “The process of incorporation and other services were manual, registration numbers were manually picked and certificates of incorporation were manually typed. It therefore took months to register a Company. “But the Management of the Commission, under the supervision of my ministry, has embarked on programmes/projects that have transformed the Commission into a modern Company registry. Some of these include the relocation of the Commission’s Head Office, review of its incorporation processes, computerization of its operations and improvement of its Human Resources.”
Aganga said the commissioning of the new office and the inauguration of the one-day start-to-finish registration of businesses underscored the commitment of the current administration to providing the enabling environment for trade and investment to thrive and improving the nation’s Doing Business ranking. “Studies have found that the creation of new businesses is a significant indicator of the level of economic growth and development of a country; in addition to the job creation and wealth generation that come with it,” he added.
The minister stressed that the Ministry of Trade and Investment had strengthened its One-Stop-Shop Investment Centre as part of efforts to improve the country’s business environment and enhance the ease of doing business in Nigeria.
He said, “We have also strengthened the One-Stop Investment Centre in the NIPC to pave the way for efficient coordination of investment facilitation between all relevant government agencies and achieve 48-hour response target for all enquiries. We are already seeing the positive impact.
“The Investor Care Committee; the Doing Business and Competitiveness Committee, inaugurated earlier on in the year to proactively address the day-to-day concerns of investors and businesses are now very active; while the establishment of a Competitiveness Council to improve Nigeria’s competitiveness has already been approved by Mr. President.”
He noted, “I am pleased to note that the Corporate Affairs Commission has significantly transformed its operations and services towards the attainment of a friendlier business environment. Though we are officially kicking off the Commission’s 24-hour service today, a number of people have attested to the fact that the 24-hour service delivery is already ongoing. This is an exemplary demonstration of public sector reform, service delivery and decentralization of operations.
“The Lagos offices (Yaba and Alausa) can now accept Incorporation documents and process the certificates from start to finish within 24 hours. The same thing goes for the Head Office. This is encouraging in line with global best practices and useful for investors who would want to commence business urgently. The target is however two hours in the nearest future.”
Speaking during the event, the Registrar-General, CAC, Alhaji Bello Mahmud, said that the agency had put strategies in place to safeguard all customers’ documents and information.
He said, “In order to ease post incorporation activities, safeguard the records and ensure the integrity of all information in the Commission, rapid document imaging has been embarked upon through the conversion of our manual records to suitable electronic fomats. “On completion, records of all companies, business names and Incorporated Trustees will be available electronically and manual searches will be abolished. Customers will be able to access these records from the comfort of their offices and homes and pay the search fees using electronic payment system.”
