SENATE : Bill To Establish Corporate Data Mgt Commission Passes 2nd Reading

20 April 2021 by James Itodo….

The Senate has supported the move for establishment 11of Integrated Corporate Commercial Data Management Commission ( ICCDMC) , for harmonization of certificates issued by Corporate Commercial Statutory Regulatory Bodies .

To achieve this aim the red Chamber , passed for second reading , a bill seeking for an Act of Parliament to that effect.

The Bill entitled” A bill for an Act to Establish Integrated Corporate Commercial Data Management Commission , was sponsored by Senator Yusuf Abubakar Yusuf representing Taraba Central .

According to senator Yusufu in a lead debate , the proposed commission , would serve as a body responsible for comprehensive collation , harmonization of certificates issued by Corporate Commercial Statutory Regulatory Bodies .

He explained further that the bill seeks to establish and undertake enumeration of all corporate entities registered in Nigeria , under one data system and conduct comprehensive review of all certificates , audited reports , annual returns filed , certificate of incorporation , tax clearance certificate , pension commission certificate among others..

The lawmaker while trying to convince his colleagues to pass the bill also said that it would provide framework for effective corporate entities data sharing with relevant government agencies and other stakeholders for the purposes of facilitating National Planning and Economic Development in Nigeria

The Commission according to him , would be self – financing through its Internally Generated Revenue ( IGR) and would not be a burden to the country .

He added that the Commission would not in anyway , have overlapping functions with the Corporate Affairs Commission ( CAC)

The bill was referred to the Senate Commitee on Establishment and Public Service for further legislative action and report back in four weeks.

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