CAC Generated N19bn, Paid N2.7bn As Operating Surplus Into Govt’s Coffers

The Corporate Affairs Commission generated the sum of N19bn as revenue for the 2020 fiscal period.

The Registrar-General of the CAC, Garba Abubakar said this on Monday in Abuja while giving an update on the activities of the commission under his leadership.

Abubakar said the N19bn generated by the commission in the 2020 fiscal period represents an increase of N1bn when compared to the N18bn target set for the CAC by the Federal Government.

He said from the N19bn, the Commission paid the sum of N2.7bn into the Consolidated Revenue Fund Account of the Federal Government as operating surplus.

He said the remittance of the N2.7bn was in line with the Fiscal Responsibility Act 2007.

The FRA stipulates that any agency of government that generates revenue must remit 80 per cent of their operating surplus to the CRF Account.

The CAC boss explained that over the years, the Commission had been remitting its operating surplus to the coffers of government.

On the outstanding tax obligation of the commission, he said that the management of the CAC has negotiated with the tax authority and the sum of N700m has been paid as tax liability.

Abubakar also said that about 85 per cent of the N6bn liability which he inherited had been paid, adding that the balance would be paid soon.

In a bid to ensure the integrity of the records of the commission, he said that the CAC had directed a revalidation exercise for all its accredited customers.

He said the revalidation exercise would last till March 31 this year, adding that anyone that fails to validate their records would not be able to transact business with the commission.

Abubakar said the revalidation had become compelling because some of these customers may have been died while others might have changed their addresses or location.

He said, “Every accredited customer must revalidate his accreditation with the commission before the end of March. This is necessary because we have recognised the fact that some of customers have died, some have changed addresses, some have changed locations without updating the database, and some have transferred their accounts to other people to manage it on their behalf.

“So to ensure the integrity of the information we are going to be receiving on behalf of our customers, all existing accounts must be validated before the end of March.

“By April 1, any account not revalidated would cease to have effect until the customer comes forward to revalidate.”

On the industrial crisis in the commission, he said that the board of the commission had taken steps to address the grievances of the workers.

For instance, he said that the embargo on promotion had been lifted last year, adding that two promotion exams for 2019 and 2020 were conducted for members of staff.

He said the promotion exercise saw about 258 members of staff promoted in 2019 while 190 members of staff of the commission were promoted for 2020.