Abuja: The Federal Government has inaugurated the Corporate Affairs Commission (CAC) Governing Board and Intellectual Property Steering Committee to enhance transparency, improve investors’ confidence, and stimulate economic growth. The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, inaugurated the board on Wednesday in Abuja.
According to News Agency of Nigeria, Oduwole described CAC as the legal framework of Nigeria’s economy, playing a vital role in business registration, governance, and economic stability. She noted that the appointment of the board members reflected careful consideration by President Bola Tinubu, given the importance of the commission to national development. She expressed optimism that the new board would strengthen Nigeria’s business ecosystem and enhance the country’s global reputation.
Oduwole emphasized that CAC plays a critical role in registering businesses, managing records, and ensuring compliance nationwide. She urged the board to drive reforms that would promote transparency, attract investment, and support infrastructure and job creation. The minister also charged the board to prioritize digital innovation, improve financial growth, and simplify processes for Micro, Small, and Medium Enterprises.
She highlighted the need for integrity, stakeholders’ collaboration, and measurable results during the tenure. Oduwole revealed that CAC processes had been largely automated, assuring Nigerians of continued improvements, strong oversight, and sustained efforts to strengthen the commission. She commended the board members, management of the ministry, and other relevant stakeholders for their roles in strengthening Nigeria’s business environment and supporting institutional development.
Responding, Sen. Ibrahim Ida, Chairman of the governing board, stated that the committee’s priority would be to identify challenges in technology, timelines, and trust, and fix weaknesses while strengthening existing systems for improved service delivery. According to him, the board will play a strategic role, not operational, and provide direction to ensure management delivers efficient and effective services.
Ida expressed a commitment to boost investment inflows and thanked the president and the minister for the trust reposed in the committee, while pledging to deliver under the Renewed Hope Agenda. He conveyed gratitude towards the minister and the entire ministry, emphasizing that they are inheriting a strong institution. He assured Nigerians and global stakeholders of their commitment to making business registration faster, cheaper, and more transparent.
The Permanent Secretary of the ministry, Dr. Chris Isokpunwu, urged the board to strengthen synergy in border management and prioritize modernizing registration processes to support industrialization and trade. He assured that the ministry would provide policy guidance, emphasizing digital transformation, regulatory compliance, and strong corporate governance as key to ensuring that the commission delivered effectively for Nigerians and the business community.