CAC to introduce electronic stamping of document to ease coy registration

The Registrar General of Corporate Affairs Commission, Alhaji Bello Muhmud, says the commission will soon introduce electronic stamping of document to ease company registration.

Muhmud said this at the media roundtable held on Tuesday in Abuja.

Muhmud was represented by his Special Adviser, Mr Garba Abubakar.

He said that the commission was collaborating with FIRS to introduce electronic stamping (e-stamping) of documents on the Company Registration Portal (CRP).

“We are working with FIRS to introduce e-stamping; within the next weeks customers will have to stamp their documents electronically.

“The e-stamping will dispense with physical submission of documents which causes delay and facilitates one-stop on-line shop for company registration.

“The design and time-line for implementation has already been agreed with the FIRS and the e-stamping portal is expected to be deployed soon.

“It is expected that by the time the integration is completed, company registration in Nigeria can be carried out within a maximum of three hours,’’Muhmud said.

On the consolidation of registration form, he said that it would be put to use as soon as the commission got approval from the ministry.

Muhmud said that this registration form was self explanatory adding that guidance by a lawyer would not be needed in filling the form.

On key reforms in the commission, Muhmud said that the Companies and Allied Matters Act (CAMA) had been in operation since 1990 without any substantial amendment.

He said that the commission had carried out an in house review of CAMA to bring it in line with global best practices in company regulation and administration.

According to him, some of the key features of the review will include the right of one person to form a private limited liability company.

There will also be provision for business rescue and recovery preceding to give temporary moratorium to financially distressed companies to adopt recovery measures under close regulatory supervision and the suspension of right to creditors to intervene during the period.

He said there would be review of fines and penalties in line with current economic realities.

Muhmud said that the draft amendment had been circulated to key stakeholders such as the NBA, ICAN, ANAN and ICSAN.

He said that the draft bill had also been uploaded on the commission’s website, inviting for comments from members of the public.

Muhmud said that the draft bill had been submitted to the Minister of Industry, Trade and Investment for his consideration and further necessary action.

According to him, the review would strengthen the regulatory and enforcement capacities of the commission to effectively discharge its function and promote global best practices.

He said that all the innovations and reforms initiatives of the commission were aimed at achieving global competitiveness and enhancing ease of doing business in Nigeria.