CAC generates N36bn in 3 years

The Registrar General of the Corporate Affairs Commission (CAC), Garba Abubakar, has said the commission generated N36 billion revenue from 2017 to 2019.

Abubakar told Daily Trust on Monday, that N56bn was projected as revenues for the commission during the period but it realized N36bn.

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The CAC boss said the commission, which is fully self-funded, remits operating surplus to the federal government after settling the commission’s liabilities, including staff salaries, pension, obligations of service providers and other expenses.

He revealed that N485 million was estimated as the backlog of the commission’s operating surpluses from 2014 to 2017, out of which the commission paid N100m in 2019 and the balance of N285m in 2020.

Abubakar said the commission recorded loss in 2018 and as such would not be required by law to pay operating surplus while the financial report for 2019 was still in the works to determine the exact operating surplus for the year.

On how he has been steering the affairs of the CAC since he assumed office, the registrar general said he inherited N4bn liabilities, including N1.2bn Pay as You Earn (PAYE) liabilities and N1.6bn pension liabilities from 2017 to 2018.

He said both the PAYE and pension liabilities have been cleared with the exception of the 2019 pension liabilities which were not captured in the commission’s 2020 budget but would be provided for in the 2021 budget.