•Business registration, searches at standstill
The Corporate Affairs Commission (CAC) is in the eye of the storm as it has not been able to perform its key function of registering companies for more than two weeks owing to system glitch, makeitglobal.biz can authoritatively report.
Investigation by this e-newspaper revealed that the CAC has also not been able to accommodate application for searches due to the same breakdown of its server for close to a month and still counting.
It was gathered that several applications filed by lawyers and others for incorporation of companies have not been attended to as a result of the system glitch, with attendant implications on investment opportunities in the country.
Some lawyers, who spoke to our Correspondent, said though the issue of system glitch had been a recurring decimal in the CAC, this is the first time in a long while that such would take too long to be addressed.
According to Oluwadamilare Hope, a legal practitioner, the breakdown of the CAC server had negatively affected the take-off of new businesses and other organizations as prescribed by law, with dire consequences on employment opportunities for the burgeoning youth population.
Asked whether he had been able to transact business with the CAC, the lawyer said: “Let me state categorically that I have not been able to transact business with the CAC. I can confirm that the CAC server has been down for weeks now.
“A lot of applications have pilled up. This is a major problem and it is unusually too long. A lot of businesses have suffered and they appear to be foot-dragging in arresting the situation.”
Another lawyer, Mr Sogo Akindele said the breakdown of the CAC server was being felt negatively on account of the fact that the agency had fully automized its operations.
“Everything has been moved to the server and everything is on hold. They have to do something urgent to address it, he said.
Also, a business man who does not want to be named, called on the Federal Government to fix the issue as fast as possible, owing to its implication for the economy.
“We have been inviting investors to invest in our economy and this sort of thing will lead to a major setback in that direction; it can discourage investors and we should rather be encouraging them,” he said.
Efforts by this newspaper to get reaction of the Public Affairs Unit of CAC to react proved abortive as the calls to their lines were unsuccessful.
The Corporate Affairs Commission was established by the Companies and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.
The establishment of the Corporate Affairs Commission as an autonomous body was as a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism which was then responsible for the registration and administration of the repealed Companies Act of 1968.