By Okeoghene Akubuike
The Bureau of Public Procurement (BPP) and the Corporate Affairs Commission (CAC) have reaffirmed their commitment to promoting transparency and accountability in public procurement.
This is contained in a statement issued by Zira Nagga, Head, Press and Public Relations (BPP) on Monday in Abuja.
Nagga said the commitment was made during a courtesy visit paid by BPP’s Director-General, Dr Adebowale Adedokun, to CAC’s Registrar, Huseni Magaji, a Senior Advocate of Nigeria (SAN).
He said the duo discussed ways to enhance collaboration, with CAC regulating corporate entities and BPP ensuring transparency in public sector procurement.
Zira said the two agencies had been working together to promote electronic data exchange, eligibility criteria for public sector projects, and structured corporate governance.
He said BPP had made significant strides in digitalising public procurement processes, implementing affirmative procurement policies, and promoting local content.
Zira said the bureau had generated N1.1 trillion in cost savings through price benchmarking and won an arbitration case that saved Nigeria 6.2 million dollars.
He said that CAC had maintained a comprehensive register of business entities, ensuring transparency and regulatory compliance.
According to him, the commission encouraged BPP to verify company identities and beneficial ownership before awarding contracts.
Meanwhile, Adedokun said that the visit underscored BPP’s commitment to supporting CAC’s ongoing reforms and alignment with President Bola Tinubu’s mandate for regulatory bodies to drive the vision of a one trillion-dollar economy.
“Our engagement recognises the synergy between CAC and BPP in leveraging technology to streamline regulatory processes and foster economic growth.
“Both agencies are committed to promoting integrity, compliance, and excellence, ensuring that Nigerian businesses operate within robust legal and governance frameworks.
“This reflects a continued partnership aimed at modernising institutional operations, strengthening inter-agency collaboration, and supporting national economic development objectives through efficient, transparent and technology-driven practices.”
He said the “Beneficiary Ownership Scheme” focused on accurate identity of real owners of companies through data collection was an initiative that allowed the bureau to support and streamline the procurement processes overseen by the CAC.
“This provides clarity on ownership structures and promotes greater transparency in business operation and compliance,” he said.
Adedokun said that as part of the ongoing reforms, the BPP had emphasised holding professional bodies accountable to promote good governance.
In his response, Ishaq said BPP and CAC shared similar objectives and aimed to achieve common goals.
He said that the CAC had announced the continued maintenance of its comprehensive register, which contained the official identity information of every registered business entity in Nigeria.
“It is a centralised database that ensures transparency, facilitates regulatory compliance and supports business operations nationwide.”
Ishaq said that CAC remained committed to providing accurate and timely records, strengthening corporate governance, and enhancing public trust in the nation’s business environment.
He encouraged the BPP to verify the identity and owners of companies before approval and awarding of contracts. (NAN)(www.nannews.ng)
Edited by Kadiri Abdulrahman
