EFCC Chair applauds CAC’s Business registration ,says the initiative ‘ll boost fight against corruption

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukayode has said Corporate Affairs Commission’s efforts towards formalising unregistered businesses had potential to boost the fight against corruption and other financial crimes in the country.


The EFCC Chairman stated this today when he received the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, on a courtesy call to his office.

Ola Olukayode lamented that a lot of Nigerians fell victim to the activities of some International Money Transfer Operators IMTOs, in view of improper regulation.


He added that dealing with fraud-related issues within the crypto currency sector was a major challenge and noted that the recent engagement between the CAC, the Central Bank of Nigeria, and the Securities and Exchange Commission was worthy of applause.


The EFCC Chairman therefore said he was expecting a stricter operational framework for the sector in order to curb the incidences of fraud and related matters.


He therefore described the CAC as a critical stakeholder and partner whom the Commission values dearly and will continue to maintain stronger ties with.


In a bid to reinvigorate the existing friendly relationship between the two agencies as well as iron out grey areas, the EFCC Chairman said a task force would be established in that regard.


Speaking earlier, the Registrar-General/CEO of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, said he was at the EFCC to further cement the existing relationship with the agency.


He therefore described it as a veritable partner who the CAC responds to its request for certification on a daily basis, even amidst scarce resources.


Hussaini Magaji therefore used the forum to enjoin the EFCC to ensure optimal utilisation of the API granted to it by the CAC in order to minimise the use of papers.


The CAC boss further highlighted some of the challenges encountered during their daily dealings and called for review in order to achieve maximum success.


CAC News reports that the high point of the event was the appointment and decoration of the Registrar-General as the EFCC’s Special Ambassador performed by the Nigeria’s anti corruption czar.

Related posts