By  Henry Umoru
PRESIDENT Umaru Yar’Adua has said  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.

Yar Adua

Speaking in Abuja while commissioning the new Corporate Affairs Commission, CAC head office, President Yar’Adua noted that the Commission has come to exemplify these ideals which were critical to the actualisation of the seven-point agenda.

“I 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 Commission’s internally generated revenue. This is an evident demonstration of prudent management and productive judicious use of public revenue.
“I 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.”

Yar’Adua who spoke through the Minister of Commerce and Industry, Chief Achike Udenwa said, “the 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 CAC”.
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 –Class Companies Registry, said, “this 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.