The Corporate Affairs Commission (CAC) has promised to impose sanctions on any of its officers found violating application guidelines and procedures.
The Commission, in a statement on Thursday, expressed concern over a series of complaints and reports suggesting that some applications are allegedly being fast-tracked by its officers at the expense of others.
“The Commission does not take these allegations lightly and is, therefore, investigating them with a view to taking decisive action against anyone found violating its established guidelines and standard operating procedures,” the CAC stated.
Update on Applications at CAC
According to the Commission, while complaints are receiving the due attention of the Registrar-General, customers and the public are encouraged to submit any incriminating evidence against any erring officer, regardless of their position, for appropriate disciplinary action.
- The CAC emphasized that it will leverage artificial intelligence to drive transparency in the registration process.
“We, however, wish to state that all applications are treated equally based on merit and a first-come, first-served basis, while some paid services are offered the same day upon request on the Companies Registration Portal (CRP).”
“In a bid to further enhance transparency, the Commission has made arrangements to deploy artificial intelligence (AI) to drive the entire registration process and eliminate human interference, in line with global best practices,” the CAC added.
The Commission reiterated its commitment to providing prompt and efficient service to customers.
More Insights
This development comes days after the Commission announced that it was handling no less than 15,000 applications daily, including on weekends, for its fintech regularization program.
- The Commission also issued a public notice on ease of doing business, addressing claims made in the media about its services, particularly regarding the availability of name searches.
- It noted that such reports were false and intended to discredit the organization’s image.
It stated, “The general public may recall that, in line with the provisions of Section 863(1) of the Companies and Allied Matters Act (CAMA) 2020, and the CBN guidelines for Agent Banking, 2013, the Commission commenced the regularization of all fintechs in the country.”
“In light of the set deadline for the regularization of fintechs, the Commission is handling no less than 15,000 applications per day (weekends inclusive), and its dedicated approving officers are working tirelessly to process applications based on their merits.”
- Eight months ago, the Commission also mentioned that it was exploring ways to use artificial intelligence (AI) to enable the registration of companies within minutes, which is in line with global best practices.
- The CEO of the Commission, Hussaini Ishaq Magaji, made this statement during a meeting with the Executive Vice Chairman/CEO of NASENI, Khalil Suleiman Halilu, in Abuja.
- Magaji said that to achieve this target, the CAC would rely on AI and NASENI’s high-powered computing (HPC) products.
According to a statement from the Commission, the Registrar-General noted that the operational capacity of the CAC registration portal has been rapidly improving since he assumed office in October 2023, highlighting the need for further technology-driven solutions from the right partners to support and sustain the system.
