A financial expert, Mr. Femi Adebayo, has decried the country”s database management system, describing it as highly faulty and lacking credibility.
Adebayo, a chartered accountant and fellow of the Chartered Institute of Bankers of Nigeria, gave his assessment in the wake of the recent delisting of 38,000 firms by the Corporate Affairs Commission.
According to him, having taken such an action against the firms, the CAC should have taken it upon itself to inform the public on the reasons for delisting them, how long they had been registered before they got delisted and the point at which it was discovered that the companies had not been filing their annual returns to the commission.
He said, “It’s just like somebody who gave birth to a child that is supposed to be nurtured and the parents failed to nurture that child and the child is misbehaving.”
