Senate considers establishment of Corporate Data Management Commission


Tunde Opalana, Abuja

The  Senate Tuesday backed the proposed establishment of Integrated Corporate Commercial Data Management Commission ( ICCDMC), for harmonization of certificates issued by corporate commercial statutory regulatory bodies.

A bill to that effect passed second reading at Senate plenary on Tuesday.
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).

Yusuf said the proposed commission, will 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 the enumeration of all boosting corporate entities registered in Nigeria, under one data system and conduct a comprehensive review of all certificates, audited report, annual returns filed, certificate of incorporation, tax clearance certificate, pension commission certificate, etc.

” 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 a framework for effective harmonization of activities of relevant regulatory agencies relating to corporate commercial entities in Nigeria .”

To provide a 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”, he said.

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

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

All  Senators that contributed to the debate on the bill unanimously supported its passage for second reading, after which it was referred to the Senate Committee 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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Ogbonna Ugorji

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