introduction of Treasury Single Account, TSA, system by President Muhammadu Bihari has streamlined the activities of the Corporate Affairs Commission, CAC, and assisted it in the management of its finances, registrar-general of the commission, Alhaji Mahmud Bello has said.
Alhaji Bello, who made this disclosure in an interview with newsmen yesterday after his meeting with the House of Representatives Committee on Revenue Collection and Remitta, explained that the commission had directed its customers to pay all filing fees into CBN designated TSA for CAC since September 2015 in line with the federal government directive.
“CAC customers had since been directed to pay their filing fees into the TSA vide any commercial bank of their choice, and it has actually helped to assist our financial operations,” he said, adding that online payment through the Company Registration Portal, CRP, of the commission was suspended pending full integration of the TSA system.”
The registrar-general explained that the commission had been sustaining itself mainly from the percentage of its internally generated revenue accruable to it as guaranteed by the Act establishing CAC, explaining that since 2001, the commission had not received any fund as subvention from the federal government.
Explaining the growth and dynamism of CAC in the last few years, Alhaji Bello said when he took over the management of the commission it had only one office, and that as at today, all the states of the federation have got the CAC offices, making its business transaction easy as well as allowing easy access to customers.
He attributed the current financial success to the introduction of Treasury Single Account which he said had made all the branch offices to deposit all revenues collected into one account.
According to him, the opening of offices in the 36 states of the country has widened the scope of the commission and made it easy for companies to be registered within 24 hours, assuring that his commission is ready to contribute to the growth of the economy and strengthen the TSA operation in order to guard against under-hand activities of fraudsters in the system.

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