EU, CAC collaborate to develop online application for financial accounts system

Antonio G Ginting

The European Union under its Agents For Citizen-Driven Transformation (ACT) programme has collaborated with the Corporate Affairs Commission’s (CAC) to develop a template for financial accounts online filing solution.

The EU-ACT hosted a workshop on Tuesday to review and finalise the standard financial accounts reporting templates for the CAC Financial Accounts Online Filing System.

If adopted, the online application will make it easy for non-governmental organisations and businesses to file their financial accounts.

It will also make it easy for MDAs to analyse data submitted and produce relevant intelligence reporting for different stakeholders.

“Centrifuge Information Technology Limited is the firm that is developing the solution,” the hosts of the event said.

According to them, the workshop aims to provide a forum for industry representatives (Accounting, Finance, Tax, CSOs) and relevant government MDAs to exchange experiences, best practices and make inputs to the draft standard financial accounts reporting templates for different categories of CSOs and businesses in Nigeria.

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As technology becomes an integrated part of financial systems, the sophistication of features will only get more and more pronounced, participants said at the event.

The EU-ACT programme said it is supporting the CAC to develop and install a financial accounts online filing system for its customers under its “strategic collaboration” with the commission on strengthening civil society regulatory environment.

Speaking at the sideline of the workshop, component manager of the EU-ACT programme, Idem Udoekong, said the overall aim was to strengthen the capacity of CSOs, networks and coalitions to improve their institutional mechanism and programmatic competence in selected states across Nigeria.

It is also to facilitate and strengthen the CSO coordination platform for constructive engagement on the need to improve civil society regulatory environment in Nigeria, he said.

In his submission, Mohammed Abdullahi, a representative of the CAC, noted that online application will “enable civil societies and registered entities to file their financial statements with the corporate affairs alongside their annual return.”

He said the CAC looks forward to having synergy with other government agencies to create one financial statement across all government parastatals.

“That will improve transparency, get accurate data and checkmate illicit financial transactions of registered entities,” he added.

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