CAC Asks Customers to Revalidate Accounts before April 1

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Corporate Affairs Commission

The Registrar-General/Chief Executive, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, yesterday said all accredited customers must revalidate their accreditation with the commission before the end of March or have their respective accounts suspended.

He also said the commission had introduced an accreditation system for insolvency practitioners, adding that necessary guidelines were current being developed to cover the process of the new insolvency framework as enshrined in the amended Companies and Allied Matters Act (CAMA) 2020.

Speaking at an interactive session with journalists, he said though the revalidation programme is strictly for accredited customers, other registered entities are equally encouraged to update their accounts going forward.

Abubakar said: “This is necessary because we recognised the fact that some of our customers have died, some have changed their details, some have changed their locations without updating the database, some have even given their accounts for other people to manage it on their behalf.

“So to be sure of the integrity of the information we are going to be receiving from these accredited customers, all existing accounts must be revalidated before the end of March.”

He said: “And by April 1, any account not revalidated will cease to have effect until the customer comes forward to revalidate. And the process of revalidation has been simplified as everything is done electronically and they don’t have to visit our office.”

On the proposed framework for insolvency practice, he said the new regulation has given the commission the power to accredit the insolvency profession which hitherto lacked any accreditation authority or oversight.

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“We have introduced accreditation system for insolvency practitioners and the requirements for such accreditation are clearly enshrined in our regulations.

“So, for you to be accredited you must meet those requirements and that is the only thing that will qualify you to practice as an insolvency practitioner.”

He pointed out that, “Unlike before when anybody can operate – there was no authority vested with the accreditation or have oversight over the activities of insolvency practitioners – the new law has given us the power to accredit”.

However, Abubakar disclosed that as a result of prudence in the management of resources, the commission had for the first time paid about N2.7 billion as operating surplus to the federal government in 2020.

“We are committed to giving more money to the government because we recognise the global economic challenges and as a government organisation, we have an obligation to support government to be able to achieve all its developmental objectives,” he added.

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