• Thursday, March 28, 2024
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Quoted firms now to upload share registers on CAC portal

CAC unveils e-system for financial statements filing

Following the completion of the reforms on Ease of Doing Business, under the National Action Plan 7.0 (NAP 7.0), public quoted companies will now upload their share registers on Corporate Affairs Commission’s (CAC) company registration portal (CRP).

Also, in compliance with the enforcement of Order 172, on the timeline, distribution companies (Discos) are to complete new connections for maximum demand users to the distribution grid. The reform will also accelerate Discos’ turn-around time for connecting maximum demand users.

The Presidential Enabling Business Environment Council (PEBEC), at the weekend, announced that it completed the NAP 7.0 reforms on May 6 following the 30-day extension of the previous completion date of April 6, 2022.

According to the council “NAP 7.0 has been concluded with an overall completion rate of 50 percent and marks the end of the 90-day accelerated reform cycle targeted at implementing reforms for improved efficiency and transparency of ministries, departments and agencies (MDAs).

The reforms touched on the publication of Insolvency Regulations pursuant to the Companies and Allied Matters Act (CAMA) 2020, providing the much-needed support for the operationalisation of the extensive insolvency provisions in CAMA 2020.

“Likewise, the Trademark Registry has resolved previously recurring errors in the manual generation of certificates/recorded documents”

Recall that PEBEC at its meeting held in January 2022, approved the commencement of NAP 7.0 to run from February 7, 2022, to April 7, 2022, with a target to deliver 57 reforms within the 60-day accelerator window.

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Some of the participating MDAs include the Corporate Affairs Commission (CAC), Trademarks Registry (federal ministry of industry, trade and investment), Citizens and Business Department (ministry of interior), Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigeria Agricultural Quarantine Service (NAQS), and National Agency for Food and Drug Administration and Control (NAFDAC).

The NAP 7.0 was designed to further reduce the challenges faced by micro, small and medium enterprises (MSMEs) across four areas, including; agro-export implementation action plan, automation reforms, regulatory reforms, and Executive Order 01/ReportGov.NG compliance reforms.

The reforms include the streamlining and simplification of ago-export regulatory practices with a view to boosting the competitiveness of Nigeria’s agro-exports while enhancing Nigeria’s foreign exchange earnings as stated in the Agro-Export Plan.

Jumoke Oduwole, the PEBEC secretary and special adviser to the president on Ease of Doing Business, while thanking the head of the civil service of the federation, Folasade Yemi-Esan, for her support for the implementation of the reforms, stated that “the PEBEC Secretariat will continue to work with MDAs to deliver the outstanding reforms for the benefit of micro, small and medium scale enterprises and the Nigerian economy after NAP 7.0 window closes.”

The PEBEC is chaired by Vice President Yemi Osinbajo, with the minister of industry, trade and investment as vice-chair and consists of 13 ministers.

Others include the secretary to the government of the federation, the head of service, and governor of the Central Bank of Nigeria (CBN).

The PEBEC is also privileged to enjoy among its expanded membership high-level representation from the national assembly, judiciary, state and local governments as well as the private sector.