By Emmanuel Elebeke
Former Attorney-General and Commissioner for Justice in Lagos State, Supo Sashore, has sought for an overhaul of the current process of registering limited liability companies in Nigeria by the Corporate Affairs Commission (CAC).
Sashore., who stated this while speaking at the 35th Annual Conference Dinner of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) in Lagos, faulted the process posited that the steps required for the registration copanies in the country “are too cumbersome and bureaucratic” for intending applicants to bear.
According to him, the number of steps taken to register a limited liability company with the CAC should be reduced in order to make it faster for registering a Limited Liability Company in the country.
“Eighty-two steps are required by the Corporate Affairs Commission to form a Limited Liability Company. This is too cumbersome, too bureaucratic. It will be tedious to get foreign exchange if we take 82 steps to register a limited liability company in Nigeria. This should be addressed,” Sashore said.
Earlier in his address, the President /Chairman of Council of the Institute, Mr. Teslim Olatunde Busari, said the Dinner/Awards night was an opportunity to celebrate professionalism and integrity “which are the hallmarks of all true Chartered Secretaries and Administrators.
“It is also a rare opportunity to update our knowledge with typical deliveries by enlightened speakers. It affords us the opportunity to reflect on the sessions of these two days and how they affected our psyche and our position towards the promotion of excellent corporate Governance”, Busari said.
According to him, the Institute is a member of the Corporate Secretaries International Association (CSIA), a Geneva-registered global organization dedicated to developing and growing the study and practice of secretaryship to improve professional standard, the quality of governance practice and organizational performance”.
He said as part of ICSAN efforts to promote the values and ideals of Corporate Governance, the communiqué at the end of the conference will be sent to the various arms of Government and other relevant stakeholders for consideration and implementation.