Annual returns: CAC, NIBSS partner to drive compliance

The Corporate Affairs Commission (CAC) and the Nigeria Inter-Bank Settlement System (NIBSS) PLC are set to collaborate in a wide range of areas to enhance compliance with the requirements of the Companies and Allied Matters Act, CAMA, 2020.

This indication was given today during a courtesy call on the Registrar-General/CEO CAC, Hussaini Ishaq Magaji, SAN, by the Managing Director/CEO of the NIBSS, Premier Oiwoh, in his office.


The Registrar-General stressed the need for collaboration between the two bodies, especially on driving compliance as regards the payment of annual returns indicating active or inactive companies in line with the requirements of the CAMA, 2020.


Hussaini Magaji revealed that in a bid to enhance compliance, the Commission was working towards sending electronic notifications to companies ahead of their due dates for filing returns.


He therefore called for robust collaboration beyond the registration number of companies, RC Validation Service, as proposed by the NIBSS.


Speaking earlier, the Managing Director and CEO of the NIBSS, Premier Oiwoh, said they were in the commission to amongst others seek collaboration on the RC Number Validation service.


While highlighting NIBSS activities, Premier Oiwoh said they currently have a thousand connecting entities on their portal and have recently launched a credit card, Afrigo, connecting many banks and set to rival Visa and Mastercard across the African continent.


The NIBSS boss therefore enjoined the commission to leverage its expertise to improve its services as well as engender compliance for overall economic growth and development.


CAC News reports that the 30-year-old Nigeria Inter-Bank Settlement System Plc (NIBSS) is owned by all licensed banks, including the Central Bank of Nigeria (CBN).


NIBSS handles inter-bank payments in order to remove potential bottlenecks associated with inter-bank fund transfers and settlements.

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