7 Functions of Corporate Affairs Commission (CAC) in line with its mandate actualization strategies are provided in this article.
The Corporate Affairs Commission is an agency of the Federal Government of Nigeria saddled with the task of regulating and managing companies in Nigeria.
The Agency was introduced in 1990 with the passing of the Companies and Allied Matters Act.
The leadership of the Corporate Affairs Commission
The corporate affairs commission is headed by a Chairman who is very closely assisted by the Registrar General/ CEO.
Functions of the Corporate Affairs Commission
In line with the mandate of the Corporate Affairs Commission, some of the functions of the commission include:
1. It regulates and supervises the formation, incorporation, management, and winding up of companies
This is done in a bid to ensure adherence and compliance with codes of practice by companies.
Read Also: Functions of the Central Bank of Nigeria
2. It performs the role of establishing and maintaining companies databases and offices in all the states across Nigeria suitably and adequately equipped to discharge its functions
This is done to ensure the smooth running of the companies while creating a synergy between them.
3. Consumers and stakeholders Protection
In cases where the interest of the general public and stakeholders is demanded, the corporate affairs commission arranges for and conducts an investigation into the issues so as to ensure a smooth ride between the companies and customers.
4. It acts in meaningful ways to give full effect to the provisions of the Act
The corporate affairs commission was mandated to see to the full actualization of the companies and allied matters Act, so it goes a long way towards ensuring the implementation of the contents of the act.
5. The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of other supportive services.
6. It helps promote competition among industries
With proper licensing and registration, the corporate affairs commission helps to promote competition among leading industries.
The competition among the industries paves the way for an improvement in services and products present in the market while reducing the rate of inferior and sub-standard products.
7. Licensing and authorizing the operations of companies and other businesses
The Corporate affairs division plays the role of issuing licenses that authorizes the operations of companies in Nigeria. The license serves as a very important tool for gaining customers’ confidence and trust and this has been made possible by the corporate affairs commission.
The corporate affairs commission has helped restructure the way companies and other businesses have operated in the country since its establishment.
We have now witnessed a robust development of the sector courtesy of the efforts of the corporate affairs commission.