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CAC Repositions, Establishes 3 Foreign Offices

The newly-inaugurated board of the Corporate Affairs Commission (CAC) has unveiled plans to reposition the operations of the organisation.

The Chairman of the board of CAC, Mr. Funsho Lawal, disclosed this in Abuja while addressing journalists shortly after the two-day board meeting.

The board was announced in December last year but inaugurated on February 21, 2013 by the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga. He said the corporation is currently undergoing a restructuring process that would enable it efficiently perform its operations.

This, he said, would be achieved through a process or management audit to reposition the organisation into a global brand. For instance, he said some of the areas that would be improved upon are computer system to enable clients carry out company search online and the setting up of offices in strategic areas.

He said: “One of the decisions that we have taken is actually to make sure that the 24 hour registration for business names is adhered to and I am happy to report to you that we now register within 24 hours. Some of the improvements that we have made since we came on board are on the revenue line. We have seen a tremendous improvement on our revenue.”

He said since the inauguration of the board, the commission had ensured it got value for money in all its operations, adding that arrangements have been made to open offices in three major cities. They are London in UK, Washington in USA and Beijing in China.
The chairman said the offices, when operational would help the country earned foreign exchange.

He said: “We have interacted with company registries in Singapore, London, and South Africa and what we have done is to pick some of their best practices and incorporate such practices into our own systems here to help us make sure CAC is turned into a global brand and a world class organisation.

“We are going to be having an e-payment online system to ensure that name searches are done online within 24 hours. We are also going to open offices in various locations because in the next two or three months, we will be having our presence in London, Washington and possibly Beijing in China.”

These, he noted, are new initiatives to enable the organisation streamline its processes and generate foreign exchange for the country.

Since the launch of 24 hour business registration in July 2012, 35,902 companies have registered their companies. It had also achieved a ten per cent increase in companies’ registration, 33 per cent in business names and 42 per cent in incorporated trustees.

THISDAY Newspaper for 19th August,2013.

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