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ACCI Proposes Compulsory Company Membership At Incorporation

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The Abuja Chamber of Commerce and Industry Nigeria (ACCI) is seeking collaboration with the Corporate Affairs Commission (CAC) to ensure that all companies become members of a Chamber of Commerce at the point of incorporation.

The ACCI President, Dr. Al-Mujtaba Abubakar who stated this during a courtesy call on the Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar said the 1st stage of the campaign was to make it optional and subsequently mandatory when Nigeria legislates on that in line with global best practices.

Al-Mujataba stressed that such policy exists in Europe, Middle East and South Asia with host of advantages which include easier implementation of financial interventions for companies, inclusive consultation, post registration monitoring and partnering.

Other benefits he said would ensure expansion of tax base and enforcement of compliance, easy annual reports, tracing and tracking of companies involved in import or export businesses as well as easy verification of local partners by international investors.

Responding, the Registrar General of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar commended the ACCI’s proposal which he said has enormous potentials to improve the nation’s economic growth.

While acknowledging the strategic role played by Chambers of commerce towards the development of economies across the globe, the Registrar General revealed that in some jurisdictions, Chambers of Commerce operate like company registries.

Alhaji Garba Abubakar therefore pledged to study the ACCI’s proposal within the ambit of the law with a view to implementing it for Nigeria’s economic growth.

Highlight of the visit include the submission of the draft proposal by the ACCI and photograph session.

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