Senate moves to set up Corporate Data Management Commission

Plans by Nigeria law makers to establish  Integrated Corporate Commercial Data Management Commission ( ICCDMC), for harmonisation of certificates issued by Corporate Commercial Statutory Regulatory Bodies got a boost as a bill to that effect scaled second reading. The bill which scaled second reading , was referred by the President of the Senate, Senator Ahmad Lawan refereed it  to the Senate Committee on Establishment and Public Service for more legislative inputs and report back in four weeks.

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). In his lead debate on the general principles of the Bill,  Senator Yusuf who  explained that the proposed  commission , will serve as a body responsible for comprehensive collation , harmonisation of certificates issued by Corporate Commercial Statutory Regulatory Bodies, also stressed 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 harmonisation of activities of relevant regulatory agencies relating to corporate commercial entities in Nigeria. 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”. He added that towards making them to participate in the development of the country and for the purpose of utilising 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, adding that the Commission will not in anyway , have overlapping functions with the Corporate Affairs Commission ( CAC) .