Business

CAC Remits N2.7bn To Federation Account

The Corporate Affairs Commission (CAC) says it has contributed over N2.7 billion revenue to the Federal Government’s account.

Registrar-General of the Commission, Garba Abubakar, made the disclosure in Abuja on Monday.

He stated that, “for the first time, we (CAC) paid operating surplus of over N2.7 billion to the Federal government.”

“In fact, if not for outstanding operating liabilities, the surplus would have been far more than N5 billion. We are hoping that this year will be different,” the CAC boss said.

“We may be able to give more money to the Federal Government, we are committed to giving more revenue to the Federal Government because we recognize the global economic challenges.

“And as a government organization, we have an obligation to support the government to achieve all its developmental objectives.”

Abubakar noted that the agency’s contribution was made possible due to policies that were instituted by the management.

“Our resources have been prudently managed, we had a projected revenue target in 2020, we closed the year with over N19 billion because of the policies that were instituted by the management,” he said.

“We cut waste and we blocked leakages. One of the leakages we discovered in the past was the cloning of some of the remittance receipt.”

The RG further explained that the upgrade of the Companies Registration Portal (CRP) had also made the perpetration of fraud difficult.

“With the new system, there is an application that shows you the total number of transactions that were approved,” Abubakar stated.

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