The Senate at its plenary session of Tuesday, 20 April 2021, passed for second reading the bill seeking to establish the Integrated Data Management Commission (SB. 102) and referred it to its Committee on Establishment and Public Service Matters for further legislative action.
Leading the debate, Sen. Yusuf Abubakar Yusuf (APC: Taraba) informed lawmakers that the Commission will undertake the enumeration of all corporate entities in Nigeria; conduct comprehensive review of all certificates, audited reports, annual returns filed, certificate of incorporation, tax clearance certificates etc.
According to Sen. Yusuf, the functions of the Commission will include:
- Establishing, maintaining and updating a database for the continuous collection, grading, and classification of corporate entities in Nigeria and provide a framework for effective harmonization of activities of relevant regulatory agencies relating to corporate commercial bodies.
- Provision of an integrated data card for every corporate commercial entity for an acceptable fee and expected to incorporate other vital information such as Certificate of Incorporation, Annual Return, Share Allotment, Particulars of Directors (Form Co2 and Co7), Memorandum and Article of Association, Audited Report/Statement of Affairs, Tax Clearance Certificate, PenCom Certificate, NSITF Certificate, etc.
- Ensuring accuracy and reliability of all information received from corporate entities through background checks before updating in database.
- Provision of a framework for data sharing with relevant agencies if government and other stakeholders for the purpose of facilitating national planning and economic development.
In his submission, he explained that the Commission shall be financed through its Internally Generated Revenue (IGR) and will not usurp the mandates of the other agencies such as the National Population Commission (NPC), Independent National Electoral Commission (INEC), National Identity Management Commission (NIMC), Nigerian Immigration Service (NIS) etc.
Sen. Yusuf further noted that the Bill, if passed, will focus specifically on the collation of essential data of commercial corporate entities and also enhance the ease of doing business in Nigeria.
