The Corporate Affairs Commission (CAC) and the Bureau of Public Procurement (BPP) have resolved to deepen collaboration to support the Federal Government’s drive toward building a trillion-dollar economy.
The decision was reached on Thursday during a courtesy visit by the Director-General of BPP, Adebowale A. Adedokun, to the Registrar-General and Chief Executive Officer of CAC, Hussaini Ishaq Magaji, in Abuja.
Speaking during the meeting, Magaji highlighted several reform initiatives undertaken by the Commission, noting that they align with the Renewed Hope agenda of Bola Ahmed Tinubu, particularly the focus on digitisation and innovation to enhance governance and economic growth.
According to him, the Commission has leveraged these reforms to deploy artificial intelligence in its operations, significantly improving service delivery and promoting ease of doing business in Nigeria.
Magaji also urged the BPP to utilise the Commission’s globally recognised Beneficial Ownership Register to strengthen transparency and accountability in public procurement processes.
He further called for collaboration between the two agencies in the area of capacity development to enhance institutional efficiency.
Earlier in his remarks, Adedokun recalled the longstanding relationship between the two agencies, noting that their partnership dates back to 2008.
He commended the CAC for the reforms it has introduced in recent years and emphasised that both agencies have a strategic role to play in supporting the government’s economic transformation agenda.
Speaking on beneficial ownership transparency, the BPP Director-General stressed the need to strengthen oversight mechanisms to eliminate practices such as the use of multiple or related entities by the same bidders in procurement processes.
Adedokun also highlighted ongoing reforms within the BPP aimed at strengthening accountability and compliance with corporate governance principles.
He noted the importance of enforcing regulations to ensure that professional bodies adhere to established codes of corporate governance, particularly in situations where executives overstay their tenure in office.
The BPP chief further disclosed that the agency saved the Federal Government about N1.1 trillion over the past 12 months through the implementation of a robust price intelligence mechanism designed to ensure value for money in public procurement.
