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Tag: CAC

  • Nigeria issues new rules for Facebook, Twitter, Instagram, others

    NITDA’s position was contained in a statement signed and released by spokesperson, Hadiza Umar, on Monday.

    Umar explained that the new code was designed to “define guidelines for interacting on the digital ecosystem.”

    The code demands that Internet platforms should “register with the Corporate Affairs Commission (CAC) and appoint a designated country representative to interface with Nigerian authorities.”

    It also stipulated that they comply with all regulatory demands and applicable tax obligations on its operations under Nigerian law.

    NITDA also added that Internet platforms need to “provide a comprehensive compliance mechanism to avoid publication of prohibited contents and unethical behaviour on their platform”.

    The agency noted that the new rules were “developed in collaboration with the Nigerian Communications Commission (NCC) and National Broadcasting Commission (NBC), as well as input from Interactive Computer Service Platforms such as Twitter, Facebook, WhatsApp, Instagram, Google, Tik Tok, among others.”

    Recall that  President Muhammadu Buhari  suspended Twitter from June 2021 to January 2022 after taking down his  post on Civil war  describing it as breach of the platform.

  • N1.2trillion Unclaimed Funds: 1st bank, JAMB, CAC, Stanbic Bank to refund N195.5bn to FG coffers

    N1.2trillion Unclaimed Funds: 1st bank, JAMB, CAC, Stanbic Bank to refund N195.5bn to FG coffers

    House of Representatives has ordered the Corporate Affairs Commission (CAC), the Joint Admission Matriculation Board (JAMB), Stanbic IBTC and First Bank to remit a total of N195.9 billion hanging funds to the government coffers.

    The chairman, House Ad-hoc Committee on the recovery of N1.2 trillion unclaimed funds of Ministry, Department and Agencies ( MDAs) in commercial banks, and the Central Bank of Nigeria (CBN), Unyime Idem, gave the directive at an investigative hearing organized by the panel, in Abuja.

    The panel, on Wednesday, had said it has so far uncovered over N300bn unclaimed fund lodged in different commercial banks in the country.

    Idem noted after reconciling the documents presented to it by the affected organizations, it discovered
    that the cumulative sum to be paid into the government account by the four organizations stood at N195.9 billion.

    According to him, we have taken five organizations, banks and Ministries, Departments and Agencies (MDAs) of government and we have directed them to ensure that some of those infractions, those amounts sitting in their coffers should be transferred to government even though we still have some pending reconciliation between the secretariat and those organizations.”

    He added that “we have the balances that need to be transferred to the federal government, starting with Corporate Affairs Commission( CAC), they have N25 billion unremitted allowances.

    “Then we have JAMB N64 billion unremitted allowance, then Stanbic IBTC bank, they have N3.2 billion, also intervention funds, about 84billion naira, though we are still going through reconciliation; but these amounts represents the outstanding that need to be transferred to the federal government.

    “Then lastly, First Bank of Nigeria, we have about N14.7billion that they need to remit to federal government.”

    The House spokesman, Benjamin Kalu, while briefing journalists, on the activities of the panel, said the committee will resume sitting on Tuesday.

    Kalu charged MDAs and banks invited by the panel to ensure they honour the invite, noting that the House has the power to ensure compliance to its summons.

  • FCCPC condemns exploitation of Nigerians by online loan lenders

    FCCPC condemns exploitation of Nigerians by online loan lenders

    The Federal Competition and Consumer Protection Commission (FCCPC) on Friday condemned the exploitation of Nigerians by unlicensed online money lenders in the country.

    The Executive Vice Chairman and Chief Executive Officer (CEO) of the commission, Mr Babtunde Irukera, spoke at an enforcement exercise on a money lender company in Lagos.

    He said that most of the lenders were not registered with the Corporate Affairs Commission (CAC).

    The FCCPC CEO led a team of operatives and men of the Nigeria Police Force to carry out the enforcement exercise.

    The commission considered the activities of the company where the enforcement was carried out as being against the rights of Nigerian consumers.

    The company, with a workforce of over 2,000 has several loan apps — Soko Loan, Fast Loan, Ocash, Cash Cash, among others.

    Irukera said that the commission got information about the online money lenders during the COVID-19 lockdown in 2020, which led to many of them coming into existence.

    “More so, because people were on lockdown due to the pandemic, people started needing small easy loans, which is understandable.

    “However, over a period of time, people started complaining about the malpractice of the lenders. So, we started tracking it,” he said.

    According to him, at the end of 2021, after gathering a lot of information, the commission started working with some other key agencies to look into the operations of the loan companies.

    He said the key agencies which include EFCC, ICPC, National Human Rights Commission, CBN, NCC and FCCPC had an agreement that there would be a joint effort to look into the money lending businesses.

    Irukera said: “The key two things that were subjects of concern were what seems to be naming and shaming, violation of people’s privacy with respect to how these lenders recover the loans.

    “Secondly, the interest rate seems to be a violation of the ethics on how lending is done. So, those were the two things that we set out to look for.

    “We started an investigation trying to determine the location of these people and that has been a very difficult thing.

    “We did that for several months and so one of them has moved from one place to the other and we have been visiting this place for months.”

    Irukera said the commission found out that most of the companies operate from the same place and actually by the same person.

    He noted that such unlicensed online money lenders in Nigeria do not have addresses in the country.

    According to him, they are not registered in Nigeria with the CAC and do not have any license to do their businesses.

    Irukera said that what they essentially had was an App, and that led the commission to gather and engage people who had been their victims for more information.

    The FCCPC boss said as the commission got more information, it had enough to present to the court to convince it to issue a warrant, to pave way for an investigation that could lead to a search and seizure.

    “Sometime last month, a court issued a warrant, and between then and now, we were preparing a sting operation which is what you are seeing here today.

    “This is because we want to be sure we are hitting at the place we could get many of them,” he said.

    Irukera said that in addition to the sting operation carried out, the FCCPC had also issued multiple orders.

    He noted that vendors, App Stores and Google Stores where some of the apps were available would be shut down so that people would not be victims anymore.

    The FCCPC boss said the commission had made efforts to freeze some of the accounts being used by the managers of the online money lenders.

    “I must add that though not all money lenders are operating illegally, and that is why it has been taking time for us to track these people, it doesn’t mean that the people we are proceeding against today are the only ones.

    “No, we want to start with them. We also understand that they are between five to seven companies operating at the same location,” he said.

  • CBN releases operating guidelines for its R200 policy

    CBN releases operating guidelines for its R200 policy

    The Central Bank of Nigeria (CBN), has released guidelines for the operationalisation of its R200 policy.

    Recall that the apex bank recently initiated the R200 policy in an effort to reduce exposure to volatile sources of foreign exchange and to earn more stable and sustainable inflows.

    The policy is aimed at raising 200 billion dollars in Foreign Exchange (FX) earnings from non-oil proceeds over the next five years.

    Ozoemena Nnaji, Director of Trade and Exchange Department of the CBN, in a circular on Monday, said that a major anchor of the programme was the Non-Oil Export proceeds repatriation Rebate Scheme.

    Nnaji said that the rebate scheme was designed to incentivise exporters in the non-oil export sector to encourage repatriation and sale of export proceeds into the FX Market.

    She said that only exporters of finished and semi-finished goods were eligible for the incentive.

    “It is borne out of the need to develop new strategies aimed at earning more stable and sustainable inflows of FX, in order to insulate the Nigerian economy from shocks and FX shortages.

    “Exporters shall qualify for the rebates only where repatriated export proceeds are sold at the Investors’ and Exporters’ (I&E) Window.

    “Eligible transactions that qualify for incentives under the Scheme shall be Export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria,” she said.

    The director listed registration with Corporate Affairs Commission (CAC) and Nigeria Export Promotion Council (NEPC), and sale of repatriated export proceeds at the I & E window as part of the guidelines.

    She said that the guidelines would be subject to review from time to time as may be deemed necessary by the CBN.

  • Hushpuppi: No criminal case yet established against DCP Kyari – CAC

    Hushpuppi: No criminal case yet established against DCP Kyari – CAC

    Citizens Advocacy Centre (CAC), a civil society group, says no criminal case has been established against the suspended celebrated Deputy Commissioner of Police, Abba Kyari, after all investigations were concluded contrary.

    The Chairman of the group and a lawyer, Mr Joseph Donald, said this in a statement on Thursday, in Abuja.

    Donald dismissed a report that the Minister of Justice and Attorney General of the Federation, Mr Abubakar Malami, said that Nigeria was already holding talks with the U.S. to extradite Kyari.

    He said the final letter from AGF was very clear on the fact that all investigations conducted had cleared DCP Kyari of all criminal and corruption allegations.

    According to him, the letter from the AGF clearly stated that no dime was given to Kyari by Hushpuppi or anybody under prosecution in USA as celebrated during the media trial in 2021 as no evidence provided against an officer of high standing like Kyari.

    “It, therefore, leaves much to be desired to hear that Nigeria is in discussion with the U.S. government over Kyari’s extradition.

    “What the Honourable Minister said was, if there was any criminal case found in the investigations, it might warrant commencing a process of extradition.

    “He was clear on it and the minister also knows that the process of extradition is cumbersome and difficult and not a straight jacket.

    “Because there’s a court of law, which usually adjudicates to determine if there is a criminal case committed and there are more than enough criminal evidence warranting extraditions or trial of the case here in Nigeria.

    “In this case, the first investigation, resulted in nothing but cleared Kyari’s name,” he said.

    Donald further said that another investigation had also cleared Kyari on all criminal/corruption grounds, saying it was clear from all investigations that two key areas of infractions on police duties were mentioned against Kyari.

    He disclosed that one was on the use of social media to defend himself without IGP permission and two, commencing the process of investigating a reported case without due process of getting approved petition from the IGP.

    According to him, these infractions were deemed disciplinary offenses relating to internal police matters and not corruption or criminal offences.

    “The group stands shoulder to shoulder with Kyari and no Nigerian must be bullied or wrongly accused of committing a crime by world powers and be allowed to be extradited.

    “We shall provide legal support for Kyari if needed.

    “Kyari definitely stepped on toes while discharging his duties and these influential people feel this is the right time to pay him back, all for defending and serving his fatherland.

    “Unfortunately, the same Nigerians engaging in hysteria about Kyari are the same people crying over increase in spate of kidnapping and abduction, criminality and bandit attacks across the country,” he said.

    The group leader called on President Muhammadu Buhari to use his good office and return Kyari to his office to arrest increasing rate of insecurity in the country.

  • Use of common seal by companies no longer mandatory – CAC boss

    Use of common seal by companies no longer mandatory – CAC boss

    The Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the use of common seal by companies is no longer mandatory.

    Abubakar said this in statement issued on Thursday in Abuja, signed by Mr Rasheed Mahe, CAC’s Media Head, after declaring open a one-day Customers’ Stakeholders Forum.

    Abubakar was represented by Mr Abdulhakeem Mohammed, Director Compliance.

    He enumerated a series of reform initiatives embarked upon by the commission, pursuant to CAMA, 2020.

    Abubakar said that notable features of the new law included the dispensation of the appointment of company secretary by private companies in pursuant of Section 330 of the new law.

    According to him, while electronic signature has been introduced by the new law, one man is allowed to register a private company, adding that incorporated trustees amalgamation with similar objectives is now possible under Section 849.

    The Registrar-General also said that the minimum share capital for private companies was increased to N100,000 and two million for public liability companies.

    He said it was upgraded to two million respectively under Section 27 sub-section 2 of the act.

    Abubakar said that small companies and one-man company were now permitted to hold statutory and annual general meetings abroad.

    He said the provisions of Sections 705 and 707 which introduced the registration of accredited insolvency practitioner, liquidator, receiver

    or receiver-manager stated that such professionals could only practice upon obtaining due accreditation from the CAC.

    Abubakar said key reforms contained in the new law also stated that there was now prohibition of the combination of the office of the chairman and chief executive officer in one and the same person for public companies.

    He said the commission, in collaboration with its software provider, was making strenuous efforts to fine-tune its processes in line with global best practices.

    Abubakar reiterated its resolve to continue to initiate and implement enduring institutional reforms tailored not only for the demands of ease of doing business, but to establish a registry that would rank as one of the best 10 in the world.

    He said the commission had resolved to ensure complete digitisation of its operations to further provide efficient and effective services in 2022.

    In their separate goodwill messages, Dr. Balogun Abdulrasheed, Chairman, Institute of Chartered Accountants of Nigeria (ICAN) and the Acting Managing Director, Abuja Enterprise Agency, Mr Shehu Abdulkadir, represented by Aisha Yusuf, applauded the initiatives and urged the commission to sustain the tempo.

    Speaking in the same vein, representatives of the Nigerian Bar Association (NBA), Mr Folarinwa Aluko, Mr Tony Idoko and Mr Clement Owowo, applauded the CAC for the engagement and stressed the need for more frequent engagements.

    They restated their commitment to partnering with the commission and described as world class, the ability of a customer to register and download CAC registration certificate anywhere in the world.

    The stakeholders, however, implored the commission to review its post incorporation processes, as well as enhance its customer engagement mechanism to become real time.

    Other speakers, who similarly applauded the commission’s reform initiatives and charged it to sustain the tempo, included the representative of the Chairman of the Institute of Chartered Secretaries & Administrators of Nigeria (ICSAN).

    In addition to the Abuja Forum, the commission has held Customers’/Stakeholders forum in Kano, Port Harcourt, Lagos (Ikeja and Ikoyi) and Enugu where it has Nodal offices.

  • CAMA law: Court dismisse CAN’s suit against CAC, Minister of Trade

    CAMA law: Court dismisse CAN’s suit against CAC, Minister of Trade

    A Federal High Court, Abuja has dismissed a suit filed by the Christian Association of Nigeria (CAN) against the Corporate Affairs Commission (CAC) and the Minister of Industry, Trade and Investment.

    Justice Inyang Ekwo, in a judgment, dismissed the suit over the failure of the plaintiff to comply with the law in the name used in filing the originating summons.

    “Therefore, this application lacks merit and ought to be dismissed and I hereby make an order dismissing same,” he declared.

    While the Incorporated Trustees of Christian Association of Nigeria (CAN) is the plaintiff in the suit, the CAC and the Minister of Industry, Trade and Investment are 1st and 2nd defendants respectively.

    The plaintiff, in an originating summons marked: FHC/ABJ/CS/244/2021, had prayed the court to determine “whether Section 839, subsections (1), (7) (a) and (10) of the Companies and Allied Matters Act (CAMA), 2020, is inconsistent with Sections 4(8), 6(6)(b) and 40 of the 1999 Constitution of the Federal Republic of Nigeria (CFRN) (as amended) which guarantees the plaintiff’s right to freedom of association and the right to seek redress in court.

    “Whether the provision of Section 854 of the CAMA is inconsistent with Section 39 of the CFRN which guarantees the right to freedom of expression,” among others.

    Part of the reliefs sought by the plaintiff include “a declaration that Section 839(1), (7) (a) and (10) of the CAMA are inconsistent with Section 40 of the CFRN and thus unconstitutional, null and void.

    “A declaration that Section 839(1), (7) (a) and (10) of the CAMA are inconsistent with Section 4(8) of the CFRN and thus unconstitutional, null and void.

    “A declaration that Section 839(1) and (7) (a) of the CAMA are inconsistent with Section 36(1) of the CFRN and thus unconstitutional, null and void.

    “A declaration that Section 839(1) and (7) (a) of the CAMA has a direct effect on the judicial power of the court under Section 6(6) (b) of the CFRN, and Is therefore void.

    “An order striking down Sections 839(1), (7) (a) & (10), 842(1) and (2), 843, 851 and 854 of the CAMA for being unconstitutional.

    “A declaration that Section 17(2) (a) & (d) of the CAMA demand an impossible and impracticable action; thus, void.

    “An Order striking down Section 17 (2) (a) & (d) of the CAMA for being impracticable and unknown to Law.”

    However, in the course of the proceedings, CAN brought an application, praying for an order to amend the originating summons and accompanying processes by replacing the word, “INCORPORATED” with “REGISTERED” in the name of the plaintiff in the suit such that it would read, “The Registered Trustees of the Christian Association of Nigeria.”

    The application was filed on the grounds that the name expressed in its certificate of incorporation is the “Registered Trustees of the Christian Association of Nigeria” and not “Incorporated Trustees of Christian Association of Nigeria.”

    It stated further that in the originating summons, the plaintiff’s name was inadvertently expressed as “Incorporated Trustees of the Christian Association of Nigeria.”

    “This error in the plaintiff’s name was as a result of the inadvertence of counsel.

    “The error in the plaintiff’s name is what we seek by this application to rectify,” it added.

    The plaintiff argued that it was an oversight on the part of the counsel who prepared the draft of the processes.

    In its counter affidavit, the CAC had opposed the plaintiff’s suit, challenging the propriety of the constitution of the parties and competence of the plaintiff.

    It argued that “The Incorporated Trustees of the Christian Association of Nigeria;” as a non-juristic person, was unknown to law to institute and maintain the action.

    “The plaintiff is not an entity registered under the Companies and Allied Matters Act and not one otherwise recognised as being vested with statutory rights of incorporation and bereft of the requisite locus standi, legal capacity or competence to sue and maintain this action eo nomine against the 1st defendant.

    “The certificate of incorporation, Exh. P1, is a certificate of Christian Association of Nigeria and not the plaintiff.

    “The plaintiff being the party invoking the jurisdiction of this Honourable Court is not a juristic person and incompetent to do so.

    “The amendment which the plaintiff seeks is not one to cure a mere misnomer but an amendment to give life to the originating processes by substituting a non-juristic person with a juristic person.

    “The originating process of the plaintiff is incurably defective and cannot be cured by an amendment.

    “This court cannot by an order, breathe life on an otherwise lifeless and/or non-existent entity.”

    The CAC insisted that granting the application would change the character of the case and would be prejudicial to it.

    Delivering judgment, Justice Ekwo said he had taken a look at the certificate of incorporation of the plaintiff attached to the origination summons as Exh. P1 and found that the name on the certificate is ‘The Registered Trustees of Christian Association of Nigeria.”

    “Further peruse shows that the certificate was issued under the regime of the Land (Perpetual Succession) Act, Cap. 98 of the 1958 LFN on 19th December, 1986.

    “This means that the plaintiff was registered before CAMA first came into effect in 1990.

    “With this evidence, it means the plaintiff can only sue and be sued in the name on the certificate issued to it on 19th December, 1986,” he said.

    He cited a previous case to back his stand.

    “There must be consequential order in the circumstance of this case.

    “The originating processes in the name of ‘The Registered Trustees of Christian Association of Nigeria’ cannot stand.

    “Similarly, it is my opinion that this ruling has therefore also resolved the issue in the preliminary objection of the 1st defendant too.

    “I find that the plaintiff did not comply with the law in the name used in filing its originating summons.

    “Therefore, this application lacks merit and ought to be dismissed and I hereby make an order dismissing same,” he ruled.

    The judge added that the ruling affected the foundation of the case going by the defect in the name by which the plaintiff commenced the matter.

    “I therefore make an order striking out the entire case. This is the order of this court,” Ekwo held.

  • PIA: CAC completes incorporation of NNPC Limited

    PIA: CAC completes incorporation of NNPC Limited

    The Corporate Affairs Commission has completed the Incorporation of Nigerian National Petroleum Company Limited in accordance with the provisions of the Petroleum Industry Act (PIA), 2021.

    The PIA was signed into law by President Muhammadu Buhari on Aug. 16.

    Specifically, Section 53(1) of the Petroleum Industry Act 2021, requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of the enactment of the PIA in consultation with the Minister of Finance on the nominal shares of the Company.

    The Registrar-General of the Corporate Affairs Commission, Alhaji Garba Abubakar confirmed the incorporation in Abuja while speaking at the Quarterly meeting of Heads of Agencies in the Federal Ministry of Industry Trade and Investment.

    He further stated that the registration was completed same day after fulfilling all requirements set for the incorporation of the NNPC LIMITED.

    The RG while updating the gathering on the digitisation of the Trademark and Patent Registry

    Said that the digitisation was being pursued by the CAC in a bid to ensure synergy and eliminate other possible conflicts.

    He said that the project was awaiting clearance from NITDA which was studying the statement of requirements submitted to it.

    Speaking also on the free Federal Government sponsored 250,000 Business names registration; the Registrar General noted that despite suffering a delay from one of the selected Aggregators, the Commission has less than 3,000 applications to wind up the project.

    He,however, gave a commitment to ensure completion by first week of October, 2021.

    Speaking earlier, the Minister of Industry Trade and Investment, Otunba Niyi Adebayo said the event holds quarterly to asses among others the journey so far, challenges and way forward for the agencies under the ministries purview.

    Adebayo charged the agencies to ensure more commitment and dedication to service for the overall growth of the economy.

    The Minister of State for Industry, Trade and Investment, Amb. Maryam Katagum gave an update on the implementation of the Covid-19 Survival Fund which she described as a tough and challenging experience.

    Katagum, however, added that the programme was a huge success and would wound up soon.

    The meeting was attended by no few than 18 Heads of Agencies and Directors in the Ministry of Industry, Trade and Investment.

    NAN reports that on Aug. 18, Buhari approved a steering committee, headed by the Minister of State, Petroleum Resources, Timipre Sylva to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.

    Other members are Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.

    The committee has 12 months duration for the assignment, and periodic updates will be given to Buhari.The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

    The Senate had passed the Bill on July 15, while the House of Representatives did the same on July 16, thus ending a long wait since the early 2000s, and notching another high for the Buhari administration.

  • CAC breaks silence on alleged plan to reduce workforce

    CAC breaks silence on alleged plan to reduce workforce

    The Corporate Affairs Commission (CAC) says it has no intention of reducing the commission’s workforce.

    The Registrar General of CAC, Alhaji Garba Abubakar disclosed this on Wednesday in Abuja.

    According to him, members of staff of the commission have remained relevant and functional.

    ”Before now, lawyers were saddled with the responsibility of approving new registration and post registration activities of the commission, but non lawyers are now being trained for the job.”

    Abubakar explained that the injection of non lawyers in the approval of registration process was to ensure that those who hitherto conducted their jobs manually did not lose their jobs.

    ”The second one has to do with the process and time it took to approve a registration, having more people working has reduced the time circle.

    “If before now, we had 50 people approving the process in 48 hours and another 50 is added making it 100, it will help reduce the time to 24 hours.

    “Everyone that is a staff of CAC has an idea of what it takes to register and the objectives or requirements for registration.

    “Before the new system, staffers were scanning documents, entering data among others for lawyers to approve,” he said.

    The CAC boss added that the staff had been trained to become proficient in their duties to fast track the registration process.

  • Reps give CAC 48hrs ultimatum to submit detailed expenditure from 2016-2020 or forfeit 2022 budget allocation

    Reps give CAC 48hrs ultimatum to submit detailed expenditure from 2016-2020 or forfeit 2022 budget allocation

    … insist the organization needs to be overhauled

    By Emman Ovuakporie

    The House of Representatives has given the Corporate Affairs Commission, CAC, 48hours to submit a detailed expenditure from 2016-2020 for scrutiny or forfeit 2022 budgetary allocations.

    TheNewsGuru.com, (TNG) reports House Committee on Finance threatens that until the commission submitt its detailed expenditure from 2016 to 2020 for scrutiny on Thursday, it will give it zero allocation in 2022 budget.

    Chairman of the House committee on Finance, James Faleke gave the warning on Tuesday at the ongoing 2022 to 2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) interactive session when CAC Registrar General, Abubakar Garba appeared before the committee.

    The Faleke led Committee frowned at the Commission for being unable to remit funds to the federal government since 2016.

    According to the 2021 budget performance documents presented to the Committee, the Commission spent N52.350 million out of N72.200 million approved for staff uniforms between January and May 2021; spent N4.834 billion out of N10.713 billion on salary and allowances; N236.691 million out of N238.587 million on national health insurance scheme (NHIS); N4.744 million out of N10.454 million on entertainment/hospitality; N17.215 million out of N25 million on Audit fees; N42.574 million out of N110 million on legal feeds/expenses; N41.194 million out of N150 million on advert/publicity.

    He added that CAC’s budgetary performance in 2021 had already put it in deficit due to its spending which he said was unhealthy for the organisation and overall financial status of the country.

    According to him, I have worked in private outfits before coming to the House of Reps, and they will always regulate their expenses and not spend beyond what they generate

    ” In your case, you borrow money upfront even before the money comes, therefore, you will have to submit your 2016 -2020 financial report before you are granted an audience for 2022 budget

    “You expended what you do not generate, this agency needs a total overhaul to turn it back to what is supposed to be

    “Today all the registration is done online, yet you are still carrying unbearable overhead, things need to change”

    The committee expressed worries that for three years the Commission has not made any recruitment of staff but has continued to increase the salary of its registrar.

    Stating the reason for their inability to remit to the government, Mr Abubakar Garba said over the years the Commission have been operating in a difficult environment to pay pension.

    According to him, we’re not even having enough fund to pay staff. So we’re unable to remit to the federal government.

    “The Commission had N2.024 billion in liability which it has to offset, said the CAC Registrar General.

    While giving its ruling that detailed expenditure be provided to the committee, chairman of the House committee on Finance warned that agencies like National Emergency Management Agency (NEMA) that failed to appear and defend their revenue will be adequately dealt with according to the law.