ByÂ Henry Umoru
PRESIDENT Umaru Yarâ€™Adua has saidÂ that if Nigeria as a nation must not compromise its quest for economic development, there was the urgent need for us to imbibe a culture of transparency, probity and accountability.
Speaking in Abuja while commissioning the new Corporate Affairs Commission, CAC head office, President Yarâ€™Adua noted that the Commission has come to exemplify these ideals which were critical to the actualisation of the seven-point agenda.
â€œI congratulate the Board and Management of the CAC on the attainment of this worthy achievement, especially considering that the entire project was funded through the Commissionâ€™s internally generated revenue. This is an evident demonstration of prudent management and productive judicious use of public revenue.
â€œI am informed that the great strides which the Commission has made in the past few years have earned it accolades from within government and from the private sector.â€
Yarâ€™Adua who spoke through the Minister of Commerce and Industry, Chief Achike Udenwa said, â€œthe creation of an investment-friendly atmosphere and the attraction of critically needed foreign direct investment are greatly dependent on the efficient delivery on the mandate of the CACâ€.
Earlier in his remarks, the Chairman, board of CAC, Barrister Jimoh Ibrahim who urged the Commission to work towards a 45 minutes registration of companies like in the United States , said his board would pursue efficient reform through technology.
In his address of welcome, Registrar-General of the Commission, Ahmed Almustapha who explained that the new structure which has a total office space of 16,805.22 square meters with a basement and seven floors, said it has a filing room housing over 800,000 Companies files, over 1 million Business Names files and about 30,000 Incorporated Trustees i.e.Non-Governmental Organisations.
The Registrar-General who reiterated that the ultimate goal of the CAC was to be a world â€“Class Companies Registry, said, â€œthis would mean that same day incorporation would be reduced to 2 hours which is the standard of the New York Company Registry while the 5 days period for other registrations will be reduced to 2 days.