Management - NEWS AGENCY OF NIGERIA

Philip Daniel Yatai
Jan, Tue, 2025

CAC strengthens compliance, enforcement mandates for efficient management of entities

125 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) has unveiled plans to strengthen its compliance and enforcement mandates, with a focus on formalising businesses and enhancing post-incorporation compliance.

The Registrar-General of CAC, Hussaini Magaji, said this during the in-house enforcement and compliance training for state offices on Monday in Abuja,

Magaji said that the training, with the theme “Re-engineering the Commission for Compliance and Enforcement Mandates” would ensure efficient management of corporate entities.

He called for a paradigm shift in the commission’s operations, emphasising the importance of compliance and enforcement functions beyond the routine registration of businesses.

“One of the key priorities I identified upon assuming duty in 2023, was the need to bring the commission’s regulatory and management functions to the forefront.

“This led to the inclusion of compliance enforcement as a key component of my four-point agenda,” he said.

The registrar-general said that advancements in Artificial Intelligence (AI) could handle routine operational tasks like business registration, freeing resources for more complex compliance and enforcement activities.

He reiterated the success of the PoS Formalisation Project, which had registered about 100,000 Point-of-Sale operators under the requirements of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.

According to him, the project aims to formalise at least 250,000 operators in the sector as part of broader efforts to regulate the estimated 40 million micro, small, and medium enterprises (MSMEs) in Nigeria.

“Formalisation is the first step for legitimate business operations and access to government interventions.

”It also mitigates the risks associated with unregistered businesses, such as money laundering and terrorism financing,” Magaji said.

He revealed plans to implement sanctions for operators who fail to comply with formalisation requirements and clarified that multiple registrations across fintech platforms were unnecessary, as one registration sufficed

Beyond pre-incorporation activities, the registrar-general stressed the need to prioritise post-incorporation compliance, which he described as a sustainable revenue stream for modern registries.

He also unveiled plans to address issues like shell companies, opaque ownership structures, and proper disclosure of persons with significant control, in line with global standards and the Persons with Significant Control Regulations.

“This training will position our staff to undertake compliance enforcement and inspection duties with confidence.

”It also marks the start of our drive towards a hyper post-incorporation compliance mode.

“The training includes technical sessions on statutory books, records, returns, and filings for registered entities, with input from resource persons from law enforcement agencies to share practical experiences, “he said.

He urged participants to engage actively and embrace the reforms as part of efforts to align the commission’s operations with global best practices.

Representing the National Drug Law Enforcement Agency, its Deputy Commander on Narcotics, Harami Wakirwa, said that the initiative demonstrated CAC’s commitment to promoting compliance, integrity and accountability.

“This is a good step in the right direction. I wish you all a productive and engaging experience.

”Let us work together to foster a culture of compliance and make a positive impact in our industries and countries,” he said.

Also, DCP Usman Ahmed, Deputy Director, Nigeria Police Force National Cybercrime Center (NPF-NCCC), acknowledged the crucial role compliance and enforcement played in safeguarding and fostering a secure regime for business operations.

“The challenges we face today, especially in cyber-attacks, demand that we continually adapt and improve our strategies and practices.

“This training is not just an opportunity to acquire knowledge, but should allow us to improve cybersecurity, inter-agency collaboration, and share the responsibility to restore confidence in public institutions.

“We must embrace this opportunity to re-engineer our operations and reinforce our ability to excel in cyber security. Together, we can make a significant impact,” he said. (NAN)

Edited by Dorcas Jonah/Kadiri Abdulrahman

Tosin Kolade
Dec, Tue, 2024

Environment

NIHSA strengthens water management framework

383 total views today

By Tosin Kolade

The Nigerian Hydrological Services Agency (NIHSA) has reaffirmed its commitment to improving water resource management through strategic policies and programmes.

The agency’s Director-General, Umar Mohammed, made this commitment at a workshop on Monday in Abuja.

The workshop was to validate the draft regional Strategic Action Plan (SAP) for the Niger Basin and the Iullemeden-Taoudeni/Tanezrouft Aquifer Systems (NB-ITTAS).

Mohammed stated the workshop’s importance in educating stakeholders about improving the management, governance, conservation, and protection of water resources.

“Strengthening water resource management frameworks and institutions in the region will significantly enhance the livelihoods of citizens, ” he said.

The NIHSA D-G emphasised the need to boost water resource availability by improving groundwater recharge systems and enhancing existing groundwater extraction facilities.

He also stressed the importance of raising awareness among local stakeholders and building their capacity for the sustainable management and protection of water resources.

“It is essential to ensure that local stakeholders are informed about these issues and equipped to improve water resource management and protection.

“Water resources must be managed efficiently and adaptively by implementing economically viable agricultural practices resilient to climate change,” Muhammed said.

He further said that NIHSA’s capacity was being strengthened for effective quantitative and qualitative monitoring of the region’s water resources.

Prof. Tiegaan Amada, Regional Consultant for the NB-ITTAS Strategic Action Plan, said that the workshop aimed to identify and address gaps in existing water resource policies.

He said that the initiative integrated the management of surface water, groundwater, and related ecosystems to improve water security for the population.

“By analysing policy gaps, this initiative creates an opportunity to introduce strategies that promote the joint management of surface and groundwater resources and associated ecosystems,” Amada said.

The Director of Hydrogeophysics at NIHSA, Mr Stephen Jabo, announced plans to establish an institutional body to manage the shared water resources of the participating countries.

Jabo highlighted the importance of regional collaboration, especially in the Sahelian regions where water scarcity is a critical issue.

“A mechanism will be established to govern and manage shared water resources, encompassing both surface and groundwater systems.

“For Sahelian regions facing acute water scarcity, it is vital for the countries involved to collaborate effectively to manage these limited resources,” he said.

He identified six participating countries; Nigeria, Mali, Niger, Burkina Faso, Benin, and Mauritania, that are expected to foster regional cooperation for the NB-ITTAS Aquifer System.

Jabo said that each country was dedicated to building a strong knowledge base for shared water resources.

He said that they were also establishing governance frameworks to ensure equitable and sustainable management for current and future generations.

“This workshop aims to facilitate collective commitment among these nations to equitable sharing and sustainable management of joint water resources, benefiting both current and future generations,” he said ”. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahma