The role of CAC in Reviving Nigeria out of Recession & Avoiding Depression
September 1, 2020 5:57 pm
A Nation that intends to Expand out of Recession Needs a Rapidly Expanding Entrepreneurial Class.
This will Result in Rapid Formation of New Limited Companies as the best mode of SME.
Our CAC is therefore not Fit for Purpose a Disgrace to a Nation of 210m in 2020.
1. It is not possible to set up a Company within 24hrs
2. You cannot set up a Company with a Sole Director especially when the Owner is a Single Person and not a Partnership
3. You cannot Sign and Verify Identification ie BVN or other Bionetric Details Online Seamlessly.
4. Individuals and Owners cannot Complete and or Submit their Annual Returns and or Accounts Online themselves
5. CAC insists that Small & Medium Sized Businesses & Dormant Companies must Engage Services of a Chartered Accountant & Auditors for their Annual Accounts and Annual Returns
It is no wonder that Nigeria's Real Ease of Doing Business is Nothing to Write Home About.
Ease of Doing Business for Ordinary Nigerians is Tertible, The Hurdles are Stifling and actually Result in a Lack of Reporting or Accounting.
We don't have to Reinvent the Wheel Barrow One just has to Go on Companies Hse UK or similar Sites of many of our other Comparative Countries to Compare and be Saddened.
CAC's Ineffective Service Delivery Is depraving it of Billions of naira of Revenue from Fees
It's lack of Transparency and Accountability along with Poor Service Delivery is Denying Nigerians, Creditors and other Would be Investors of Real Time Information on our Corporate Entities.
When are we Going to take Corporate Governance, Regulation and Expansion Seriously
How many Companies and Businesses are Listed at CAC
What % Submit their Annual Returns and Accounts on time as per Law.
Is the Information on Company Registration, Company Info & Data as well as their Accounts Readily Available.
It's no Wonder Corruption and Strife are Rampant in Nigeria. The Allegations being Levelled against the Speaker of Lagos Hse of Assembly for Example relating to his Ownership of Numerous Companies and Bank Accounts could so easily be Unrivalled if the Information and Data as detailed above were Readily Available from CAC Website.
Same goes for Numerous Allegations regarding Atiku's Numerous Heralded Business Interests and Possible Tax Avoidance. All these can and Should be Verifiable by Ordinary Citizens as is the Case in Most other Countries as Standard the World Over.
All the Rash Allegations against the Bullion Van Master could also be Laid to Redt of Verified if we had a Functional CAC & FIRS. I'm afraid we have a long way to go in Nigeria.
So many of our Politicians Conceal their I'll Gotten Wealth in these Ghost Companies many Registered here in Nigeria let alone the ones they have Offshore
Why do we Insist on Doing thinks Badly Whilst Slapping Ourselves on Our Backs. It's called a Celebration of Mediocrity & Ineptitude.
Our CAC & Legislation Relating to its Regulations and Operations needs Urgent Overhauling if we Really want to Move Nigeria Forward.
There is a need for Investigation maybe the Servants Against Nigerians Masquerading as Civil Servants are Sabotaging the Commission to Conceal all the Misdeeds of our Corrupt Big Men, Politicians & Godfathers.