Speaking at an interactive session with journalists, the Registrar-General/Chief Executive, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar said all accredited customers must revalidate their accounts with the commission before the end of March or have their respective accounts suspended.

Abubakar said though the revalidation programme is strictly for accredited customers, other registered entities are equally encouraged to update their accounts going forward. He maintained that the commission had introduced an accreditation system for insolvency practitioners, adding that necessary guidelines were currently being developed to cover the process of the new insolvency framework as enshrined in the amended Companies and Allied Matters Act (CAMA) 2020.

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In an effort to justify the need for the revalidation, Abubakar said it has become necessary because some of the customers have died, some have changed their details, some have changed their locations without updating the database, some have even given their accounts for other people to manage it on their behalf.

For these stated reasons, the commission need to be sure of the integrity of the information it would be receiving from the accredited customers. He therefore emphasized that any account not revalidated by April 1, will cease to have effect until the customer comes forward to revalidate.

Abubakar disclosed that as a result of prudence in the management of resources, the commission had for the first time paid about N2.7 billion as operating surplus to the federal government in 2020.

“We are committed to giving more money to the government because we recognise the global economic challenges and as a government organisation, we have an obligation to support government to be able to achieve all its developmental objectives,” he added.