We’ve Contributed N2.7 Billion Revenue To FG — CAC

The Corporate Affairs Commission (CAC) has disclosed that it has
contributed over N2.7 billion revenue to the Federal
Government.

Speaking on Monday in Abuja, the Registrar-General of the
Commission, Alhaji Garba Abubakar 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 these outstanding operating liabilities,
the surplus would have been far more than N5 billion. We are hoping
that this year will be different.

“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,” he noted.

Abubakar explained 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.

“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 with the upgrade of the Companies
Registration Portal (CRP), it was difficult for such fraud to
continue.

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

He also said that the agency has discharge over 85% of the
outstanding pension arrears owed works in the past.

“We have paid the outstanding pension arrears from 2017 to 2019,
we did not pay from March 2019 to December due to financial
challenges,” adding that the balance will be paid in due
course.

The Corporate Affairs Commission (CAC) has disclosed that it has
contributed over N2.7 billion revenue to the Federal
Government.

Speaking on Monday in Abuja, the Registrar-General of the
Commission, Alhaji Garba Abubakar 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 these outstanding operating liabilities,
the surplus would have been far more than N5 billion. We are hoping
that this year will be different.

“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,” he noted.

Abubakar explained 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.

“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 with the upgrade of the Companies
Registration Portal (CRP), it was difficult for such fraud to
continue.

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

He also said that the agency has discharge over 85% of the
outstanding pension arrears owed works in the past.

“We have paid the outstanding pension arrears from 2017 to 2019,
we did not pay from March 2019 to December due to financial
challenges,” adding that the balance will be paid in due
course.