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Senate backs establishment of Corporate Data Management Commission

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The Senate Tuesday threw its weight behind move for establishment of Integrated Corporate Commercial Data Management Commission (ICCDMC), for harmonization of certificates issued by Corporate Commercial Statutory Regulatory Bodies .
In doing this, the Upper Legislative Chamber, passed for second reading, a bill seeking for an Act of Parliament to that effect.

The Bill titled: “A bill for an Act to Establish Integrated Corporate Commercial Data Management Commission, was sponsored by Senator Yusuf Abubakar Yusuf (APC Taraba Central).

Senator Yusuf in his lead debate, explained that the proposed commission, will serve as a body responsible for comprehensive collation, harmonization of certificates issued by Corporate Commercial Statutory Regulatory Bodies.

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

He said: “This bill seeks to establish, maintain and update a data bank for continuous collection of data and grading or classification of corporate entities in Nigeria and to provide framework for effective harmonization of activities of relevant regulatory agencies relating to corporate commercial entities in Nigeria.

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“To 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”.

This he added, is geared towards making them to participate in the development of the country and for the purpose of utilizing the human, capital and material resources towards the overall socio- economic cultural and political development of Nigeria.

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

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

Virtually all the Senators who contributed to debate on the bill, supported its passage for second reading after which it was referred to the Senate Commitee on Establishment and Public Service for more legislative inputs.

The Committee was given four weeks by the Senate President, Ahmad Lawan , to report back to the Senate.

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