Abuja: The Bureau of Public Procurement (BPP) and the Corporate Affairs Commission (CAC) have reaffirmed their commitment to promoting transparency and accountability in public procurement. This commitment was highlighted in a statement issued by Zira Nagga, Head of Press and Public Relations at BPP.
According to News Agency of Nigeria, the commitment was made during a courtesy visit by BPP’s Director-General, Dr. Adebowale Adedokun, to CAC’s Registrar, Huseni Magaji. The meeting focused on enhancing collaboration, with CAC regulating corporate entities and BPP ensuring transparency in public sector procurement. The two agencies have been working together to promote electronic data exchange, establish eligibility criteria for public sector projects, and implement structured corporate governance.
Zira Nagga stated that BPP has made significant progress in digitalising public procurement processes, implementing affirmative procurement policies, and promoting local content. The bureau has reportedly generated N1.1 trillion in cost savings through price benchmarking and successfully won an arbitration case that saved Nigeria 6.2 million dollars. Meanwhile, CAC has maintained a comprehensive register of business entities to ensure transparency and regulatory compliance, encouraging BPP to verify company identities and beneficial ownership before awarding contracts.
Dr. Adebowale Adedokun emphasized BPP’s commitment to supporting CAC’s ongoing reforms and aligning with President Bola Tinubu’s mandate for regulatory bodies to drive the vision of a one trillion-dollar economy. He highlighted the synergy between CAC and BPP in leveraging technology to streamline regulatory processes and foster economic growth. Both agencies are dedicated to promoting integrity, compliance, and excellence, ensuring that Nigerian businesses operate within robust legal and governance frameworks.
The ‘Beneficiary Ownership Scheme,’ focused on identifying real owners of companies through data collection, has been introduced to support and streamline the procurement processes overseen by CAC. Adedokun noted that this initiative provides clarity on ownership structures and promotes greater transparency in business operations and compliance.
In response, Ishaq reaffirmed that BPP and CAC share similar objectives and aim to achieve common goals. He announced that CAC continues to maintain its comprehensive register, which contains official identity information of every registered business entity in Nigeria. This centralised database ensures transparency, facilitates regulatory compliance, and supports business operations nationwide. Ishaq also noted that CAC remains committed to providing accurate and timely records, strengthening corporate governance, and enhancing public trust in the nation’s business environment.