Thursday, December 9

Tag: Corporate Affairs Commission

Survival Fund: FG disburses N57bn to 1 million Nigerians, businesses
News

Survival Fund: FG disburses N57bn to 1 million Nigerians, businesses

The Federal Government has disbursed N56,842,780,000 to 1,079,323 persons and businesses under the Survival Fund programme. The companies include those registered under the Corporate Affairs Commission (CAC). Maryam Katagum, Chairperson of the Survival Fund Steering Committee, gave the details at a news conference on Tuesday in Abuja. Katagum, the Minister of State, Industry Trade and Investment, also flagged off the Guaranteed Off-take Scheme, with 50,032 beneficiaries already shortlisted. The official said the scheme was the last track of the Micro Small and Medium Enterprises (MSMEs) Survival Fund. The target is 100,000 beneficiaries but as at the time the portal closed, only 65,976 applications were received. 50,032 entries across Nigeria scaled the pre-qualification tes...
Nigerian Stock Exchange Completes Conversion To Public Company
Business

Nigerian Stock Exchange Completes Conversion To Public Company

The Nigerian Stock Exchange (NSE) has received final approvals for its ongoing conversion from a mutual, member-owned company to a public limited liability company, paving the way for the public listing and trading of the shares of the Exchange in the nearest future. Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) and the regulatory body for corporate affairs, Corporate Affairs Commission (CAC) gave the final approvals for the conversion, otherwise known as demutualisation. With these approvals, the Exchange has now completed its demutualisation process. Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created. The Group will have three operating subsidiaries: Nigeri...
After The Botched Shege KaFasa: Northern Youths Set To Float Arewa Security Marshalls
Politics

After The Botched Shege KaFasa: Northern Youths Set To Float Arewa Security Marshalls

After failing to set up the botched northern security organisation, “Operation Shege Ka Fasa,” leaders of the Coalition of Northern Youths (CNG) have concluded plans to float another ouitfit known as “Arewa Security Marshalls”. They said the decision to establish the proposed outfit followed the rejection of the Northern Security Initiative code named “Shege Ka Fasa” by the Corporate Affairs Commission (CAC’s). Speaking with LEADERSHIP Friday yesterday, spokesperson of the coalition, Suleiman Abdulazeez, said since it was denied registration by the CAC, the CNG decided to file for another name, Arewa Security Marshalls, which is awaiting necessary action by CAC. The CNG, a major pressure group in the North, said when it resolved to establish the regional security outfit codena...
FG offers free business registration for 250,000 MSMEs
Politics

FG offers free business registration for 250,000 MSMEs

The Federal Government says it has offered free business registration for 250,000 Micro, Small and Medium Enterprises (MSMEs) nationwide under its recently launched Survival Fund Scheme. The Minister of State for Industry, Trade and Investment, Amb Mariam Katagum, disclosed this in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja. According to her, President Muhammadu Buhari’s administration through the Economic Sustainability Committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses. “We have got the Corporate Affairs Commission (CAC) to register 250,000 businesses free of charge. “In Nigeria, we have a lot of these MSMEs but they are just never formalised, and they stay like that and some fizzle out becaus...
FG Says Religious Bodies Must Submit Details Of Their Finances – CAMA
News

FG Says Religious Bodies Must Submit Details Of Their Finances – CAMA

The Corporate Affairs Commission (CAC) has said that there will be no going back on the new Company and Allied Matters Act (CAMA). CAC said the new act has come to stay in the country despite the public outcry that has greeted it. The Commission said it was only waiting for the legislature to gazette it for immediate implementation of the law. The CAMA bill was recently signed into law by President Muhammadu Buhari, and was included in his list of achievements for the last one year. The Christians Association of Nigeria (CAN), had recently described CAMA as satanic, demanding that the President halts the implementation of “the obnoxious and ungodly law until religious institutions are exempted from it.” The CAC Registrar-General, Alhaji Garba Abubakar, while speaking to Co...
CAC’s Online Registration Portal Crashes, The 7th Time In 3 Months
News

CAC’s Online Registration Portal Crashes, The 7th Time In 3 Months

The consistent crashing of the company registration portal of the Corporate Affairs Commission, CAC, is slowing down the implementation of the Federal Government’s Ease of Doing Business policy. Recall that in 2017, the then acting President, Vice President Yemi Osinbajo, had signed an Executive Order on Ease of Doing Business to foster transparency and improve the business environment in the country. The document directs all government MDAs to ensure easier access to information, processes and documentation, as well as promote efficiency in public service delivery. “The Registrar-General of the Corporate Affairs Commission (CAC) shall within 14 days of the issuance of this Order ensure that all registration processes at the CAC are fully automated through the CAC website from the...
Corporate Affairs Commission Implements Dress Code For Visitors
News

Corporate Affairs Commission Implements Dress Code For Visitors

The Corporate Affairs Commission (CAC) has explained why it has set a dress code for customers on its premises. The dress code, which is to take effect from Monday, February 10, stipulates that all customers at the commission’s premises to transact business must be corporately and decently dressed from Monday to Thursday of every week. The spokesperson of the commission, Laraba Sharibu, said the directive was to caution lawyers on how to dress while coming to the commission for business. “What we discovered is that when lawyers come to transact business in the commission, some of them dress shabbily, in the sense that they wear torn jeans, mini, bumshorts, they don’t dress properly. “When you dress properly, it is either you are in full traditional wear or you are wearing m...
Nigeria Named One Of World Bank’s Top-20 Improvers In Doing Business For 2020
News

Nigeria Named One Of World Bank’s Top-20 Improvers In Doing Business For 2020

The World Bank Doing Business (DB) team has just announced Nigeria as one of the top-20 improvers in doing business out of 190 countries. This announcement comes ahead of the 24th October release of the 2020 World Bank Doing Business rankings. The World Bank Doing Business Report is an objective assessment of prevailing business environments based on a number of ease of doing business indicators. In Nigeria, the report assesses doing business conditions in the two largest commercial cities of Lagos and Kano. The World Bank’s announcement acknowledges reforms spearheaded by the PEBEC in the areas of “operationalising a new electronic platform that integrates the tax authority and the Corporate Affairs Commission (CAC)”. It also acknowledges reforms carried out in some of the World B...
My Billionaire Client Is A Fraudster, Threat To National Security, Lawyer Tells Court
Crime

My Billionaire Client Is A Fraudster, Threat To National Security, Lawyer Tells Court

Justice Christopher Balogun of the State High Court at the Tafawa Balewa Square, TBS, Onikan, Lagos, on Wednesday, remanded Abubakar Peters, Chairman, Nadabo Energy Limited, in prison for plotting to evade trial and abscond from the country. Mr Peters is standing trial on a 27-count charge bordering on obtaining by false pretence, forgery and use of forged documents to the tune of N978 million (N978, 401, 732, 09) brought against him by the Economic and Financial Crimes Commission, EFCC. The defendant allegedly defrauded the federal government of the said sum of money by supplying 6, 505,140. 04 litres of Petroleum Motor Spirit, PMS, instead of 19,488, 992 litres, being the quantity he was contracted to supply. The defendant also allegedly forged the documents that were used t...
NFIU Targets Chinese, India Companies Engaging In Illegal Mining
News

NFIU Targets Chinese, India Companies Engaging In Illegal Mining

Nigerian Financial Intelligence Unit (NFIU) has vowed to go after Chinese and India companies engaging in illegal mining in the country. The anti-graft agency also said it has decided to go after foreign non-governmental organisations involved in the proliferation of weapons by ensuring that they are also deregistered. NFIU Director, Mr. Modibbo Hamman-Tukur, disclosed this yesterday in Abuja during the 2019 Sub-regional conference on illicit financial flow and assets recovery with the theme: "Increasing Citizens' Participation in Curbing the Illicit Flow and Repatriation of Stolen Funds within and from West Africa," organised by the Human Environmental Development Agenda (HEDA). He pointed out that that most of the India and Chinese companies have continued to disguise as constru...
CAC Extends 50% Cut For Biz Registration Fee By 3 Days
News

CAC Extends 50% Cut For Biz Registration Fee By 3 Days

The Corporate Affairs Commission (CAC) has extended by three days the 50 per cent reduction in the registration fee for Business Names with effect from 13th August, 2019. A statement signed by the Commission’s Head of Public Affairs, Moses Adaguusu, revealed that the fee cut would now end on Friday, 16th August, 2019. “The three day extension is to enable Micro, Small and Medium Enterprises (MSMEs) that could not register their businesses during the promo because of the Sallah holidays to do so,” the statement stated. CAC said registration of their businesses will enable them own corporate accounts with Banks, have access to loans, grants and other government interventions. “Members of the public are enjoined to take advantage of the three Day extension to register their Business...
CAC Registers 3,098,193 Companies In 28 Years
News

CAC Registers 3,098,193 Companies In 28 Years

The Corporate Affairs Commission (CAC) on Tuesday revealed that it had registered 3,098,193 companies and firms in Part A, B and C categories from its inception in 1990 to March 21. The Acting Registrar General of CAC, Mrs Azinge Azuka disclosed this at the commission customers forum in Abuja. Azuka said that in the last three years, the statistics on registration of firms and companies under Parts Limited Liability Company (A), Business Name (B) and Incorporated Trustee (C) was 618,309. She explained that in 2016, the council got the sum of 175,098 from the LLC (A), 193,194 from Business name (B) in 2017 and 252,035 from Incorporated Trustee (C) in 2018. Azuka said the number of Annual Returns filed under the Parts A,B and C in the last three years was 190,078. According to her...
Azuka Azinge: CAC Targeting Two-Hour Company Registration By December
News

Azuka Azinge: CAC Targeting Two-Hour Company Registration By December

The Corporate Affairs Commission (CAC) says it hopes to reduce the time spent to register a company to two hours from 24 hours by December 2018. Azuka Azinge, the acting registrar-general, CAC, made this known during a visit of the senate committee on trade and investment to the commission’s Lagos office in Ikeja on Thursday. She said the commission has created an enabling environment to allow customers register their businesses within 24 hours to improve the ease of doing business in the country. In 2017, the country moved up 24 places in the World Bank’s ease of doing business ranking. “The post-registration is still manual. We are hoping that before the next few months, we should have that online, so that the issue of paying annual returns, which is still very cumbersome at ...
Kolawole Olaniyan: Nigeria’s National Assembly, Anti-NGO Bill & Authoritarianism
News

Kolawole Olaniyan: Nigeria’s National Assembly, Anti-NGO Bill & Authoritarianism

Nigeria’s National Assembly has turned its sights on NGOs, which are bracing for a crackdown in 2018. The Yakubu Dogara led House of Representatives is desperately pushing to pass the ‘NGO Regulatory Bill’ that many analysts have warned would stigmatise NGOs, and set Nigeria on course toward authoritarianism and oppression. The NGO bill is the latest in a series of measures tightening the democratic space, and deteriorating condition of the rule of law in the country. It has been extraordinary in the past two years or so to see how the National Assembly has taken a dim view of human rights. Our lawmakers, well paid for by tax-payers’ money to make laws for the peace, order and good governance of the Federation, are using their legislative powers to limit critical voices and shrink the dem...
President Buhari Appoints 209 Board Chairmen
News

President Buhari Appoints 209 Board Chairmen

President Muhammadu Buhari in one fell swoop on Friday appointed 209 board chairmen and 1,258 members of government owned agencies and parastatals, redeeming a part of the pledge he made 31 October at the National Executive Committee meeting of his All Progressives Congress. More appointments are on the way, said Mr. Boss Mustapha, secretary to the Government of the Federation, who announced the massive batch of appointees. At the APC NEC meeting, President Buhari also hinted he would expand his cabinet by appointing more ministers. The latest appointments, the largest President Buhari ever made since 2015, saw Mallam Wada Maida, a former editor-in-chief and managing director of The News Agency of Nigeria, returning as its chairman. Appointed as one of the board members is Mr. Isa...
Lagos Arraigns Developer/Late GTB Founder’s Brother, Aderinokun For Fraud
News

Lagos Arraigns Developer/Late GTB Founder’s Brother, Aderinokun For Fraud

The Lagos State Government on Wednesday arraigned a brother of late founder of Guaranty Trust Bank (GTB) and property developer, David Olumide Aderinokun and a staff of the New Town Development Authority (NTDA), Balogun Adeniyi Abdul-Wakil before an Igbosere Magistrate Court over alleged conspiracy, forgery, stealing and property fraud on parcels of land in Lekki Peninsula estimated at 2678.068 square metres. Aderinokun, who is the husband of media personality, Stephanie Coker, was arraigned separately on an eight-count charge bordering on the offence before Chief Magistrate Olufolake Oshin, and alongside Abdul-Wakil on another eight-count charge before the same court. Aderinokun, trading under the name and style of Davade Properties, was alleged to have conspired with others now at ...
How General Overseer Of Popular Church Allegedly Forged Document To Change BoT – Witness
News

How General Overseer Of Popular Church Allegedly Forged Document To Change BoT – Witness

A senior pastor of the Christian Charismatic Ministries, Innocent Nwangwu, has told an Enugu Magistrate Court that the General Overseer, Pastor Sabinus Onuigbo, forged documents to change the church’s Board of Trustees, BoT, after he was suspended for alleged misconduct. The General Overseer is facing trial before the magistrates court for alleged forgery. Onuigbo and five other senior pastors of the church, their names given as Tony Chukwu, Chukwuma Orji, Nick Nwoye and Tony Ike, were accused of conspiring to commit forgery. The offence is punishable under Section 495 (a) of the Criminal Code, cap. 30, Vol. 11, Laws of Enugu State of Nigeria 2004. The charge sheet in the suit numbered CME/56C/2017, stated that Onuigbo and the other accused persons, on or about July 16, 2014, a...
CAC’s Reforms Instrumental To Nigeria’s Business Ranking – Azuka Azinge
News

CAC’s Reforms Instrumental To Nigeria’s Business Ranking – Azuka Azinge

The acting registrar-general, Corporate Affairs Commission (CAC), Lady Azuka Azinge, has commended Nigeria’s improved ranking on the World Bank ease of doing business 2018 from 169 to 145 and observed that the reform initiatives of the Commission in respect of start-up-to business contributed to the improvement in the index. Azinge, who stated this at the maiden quarterly meeting with management and staff of the Commission at the Commission’s head Office in Abuja, said that the Commission would not rest on its oars but would continue on its reform initiatives to ensure that the country continues to improve on its ranking. Azinge also briefed members of staff on the Commission’s achievements with respect to the ongoing 60–Days National Action Plan (NAP2.0) by the federal government. ...
CAC Delists 44,000 Firms, Registers 1.5mn
News

CAC Delists 44,000 Firms, Registers 1.5mn

About Forty-four thousand (44,000) companies have so far been delisted from the database of the Corporate Affairs Commission (CAC) while 1.5 million companies have been registered, the Economic Confidential reports. The Registrar General of the CAC, Barrister Bello Mahmud, disclosed this in an interview with the Economic Confidential in Abuja. He said the development was sequel to several breaches of the Companies and Allied Matters Act (CAMA) and other extant regulations of the commission, notably, late and outright refusal to file returns. “So far there is an improvement and a current ratio of 45 percent. We are still checking on company records especially in terms of compliance for those who have not been filing. If we discover you are not a going concern, the law establishing ...
CAC Workers Accuse Management Of Contract Inflation
News

CAC Workers Accuse Management Of Contract Inflation

The industrial crisis at the Corporate Affairs Commission may not be over soon as the workers union has vowed to continue their industrial action until all their demands are met. The workers under the auspices of the Amalgamated Union of Public Corporations, Civil Service, Technical and Recreational Service Employees had on Monday commenced a strike action which led to a total shutdown of the commission’s headquarters in Abuja. Addressing journalists on Friday, in Abuja, the Chairman of the Union, Ibrahim Kirfi, said the union has lost confidence in the management of the commission and as such urged the Federal Government to intervene. He said, “We are demanding the sacking of the entire management of the commission for sanity and industrial peace. “An interim management should...
150 Wealthy Nigerians Face Asset, Tax Probe
News

150 Wealthy Nigerians Face Asset, Tax Probe

The Federal Government has engaged Kroll, a United Kingdom-based forensic and assets-tracing firm, and some other foreign firms to trace the assets of very wealthy Nigerians at home and abroad. The names of 150 very wealthy Nigerians are on the list for the first batch of the exercise, which is expected to last for some months. The Minister of Finance, Mrs. Kemi Adeosun, confirmed at a press briefing in Lagos on Thursday that the government had engaged some foreign firms to trace the local and foreign assets of some high net worth Nigerians. She, however, refused to give the names of the other foreign firms the Federal Government had engaged for the exercise nor names of the wealthy Nigerians whose assets are being traced. Adeosun said the objective of the exercise was to match...
NITDA Commends CAC, FIRS, JAMB For Effective Use Of ICT
News

NITDA Commends CAC, FIRS, JAMB For Effective Use Of ICT

The National Information Technology Development Agency, NITDA, on Monday commended some government agencies for their effective use of Information and Communication Technology, ICT, for service delivery. A statement signed by Isa Pantami, NITDA Director General, said the commendation was necessary because the agencies met the expectations and requirements of the Executive Order signed recently by the Acting President, Yemi Osinbajo. The executive order was on the promotion of transparency and efficiency in the business environment, designed to facilitate the ease of doing business in Nigeria through the use of ICT. According to the statement, the agencies are the Federal Inland Revenue Service, FIRS, Joint Admission and Matriculation Board, JAMB, and Corporate Affairs Commission, ...
CAC Closes Manual Registration Of Companies In Five States
News

CAC Closes Manual Registration Of Companies In Five States

The Corporate Affairs Commission (CAC) on Monday announced the closure of manual process for company registration in five states and the Federal Capital Territory. Business Day reports that the announcement was made by the Registrar-General, CAC, Bello Mahmud, during a media briefing held at the commission’s headquarters in Abuja. Mahmud said the states involved are Enugu, Kaduna, Kano, Lagos, Port Harcourt, and Abuja. He added that the move was part of the efforts to improve the business environment and make Nigeria an easier place for businesses to thrive. He said the implication of the closure is that the commission has now phased out the physical submission of new applications for registration. As a replacement, he said a Company Registration Portal had been created where t...
The Legal Considerations Of Running A Fintech Startup In Nigeria
News

The Legal Considerations Of Running A Fintech Startup In Nigeria

The core business of the FinTech sector revolves around financial services which are, as such, regulated activities. Generally, it is common for FinTech startups to enter into relationships with existing operators within the financial industry by way of service level agreements or technical partnerships which, amongst other benefits, allows these startups to deliver their services under the partner/client financial institution’s existing licence. However the alternative method is for a startup to operate on its own steam by meeting the requirements to obtain the requisite licences although this method requires significant capital outlay. As such, FinTech startups that are seeking to exploit the significant market opportunities in Nigeria are bound to run into several regulatory compl...
Babachir Lawal Diverted N450M Out Of 530M From PINE – Senate
News

Babachir Lawal Diverted N450M Out Of 530M From PINE – Senate

Senate Committee: Suspended SGF And Company Accounts Credited With N450M Out Of N530M From PINE MORE details have come in on the indictment of the suspended Secretary to the Government of the Federation, Babachir Lawal, on the contracts in which he and his company, Rholavision, were involved in the Presidential Initiative on the North East. According to the report read on the floor during plenary on Wednesday, Lawal received back into his personal and company accounts about N450 million from the various contracts received by some companies. Specifically on the grass cutting contracts over which he was indicted, N317 million was paid into his personal accounts after the contract of N530 million was awarded. Initially, it was reported that the grass cutting contract was worth N20...
NSA Knew About $43.4m, NIA Boss Oke Tells Panel
News

NSA Knew About $43.4m, NIA Boss Oke Tells Panel

EFCC defers action on Ikoyi cash haul investigation Members of the Presidential Investigative Committee probing the recovery of $43.4million at Osborne Towers in Ikoyi, Lagos state yesterday for more than 11 hours. They examined documents and interrogated some officials at the marathon session. Grilled were the suspended Director-General of the National Intelligence Agency (NIA), Amb. Ayo Oke, and some top officials of the agency. One of the highlights of the session was when the suspended NIA DG told the panel that he wrote a memo to the National Security Adviser (NSA) on the custody of the $43.4million for covert operations. A source said the DG maintained his stand that he informed the NSA, Maj.-Gen. Babagana Monguno, who is a member of the committee, about the money. Ok...
Nigerians Can Now Register Businesses In 2 Days – Presidential Council
News

Nigerians Can Now Register Businesses In 2 Days – Presidential Council

Nigerian government on Monday said the number of days required for registration of new businesses in Nigeria has been reduced from 10 to 2, courtesy of a reform agenda of Buhari administration. Also, prospective business owners can now search on Corporate Affairs Commission (CAC) portal (www.cac.gov.ng) to avoid duplication of names and prevent selection of prohibited names, while company registration no longer requires lawyers as it is now optional for SMEs to hire lawyers to prepare registration documents. These are among highlights of a report presented at a Presidential Enabling Business Environment Council, PEBEC, at the Presidential Villa, marking the end of the 60-day Action Plan on Ease of Doing Business in Nigeria reforms. The Council established by President Muhammadu Buha...
$43.4m: Osinbajo Panel Compiles List Of Invitees
News

$43.4m: Osinbajo Panel Compiles List Of Invitees

Barely 24 hours after its constitution, the Presidential Investigative Committee on alleged infractions by two senior government officials got cracking yesterday. The committee, headed by Vice President Yemi Osinbajo, is probing suspended Secretary to the Government of the Federation (SGF) Babachir Lawal and National Intelligence Agency (NIA) Director-General Ayo Oke. Lawal is alleged to have awarded a N200million contract to a company, Global Vision Limited, linked with him by the Presidential Initiative for the North East (PINE) for the clearing of “invasive plant species” (weeds) in Yobe State. Oke is being investigated over the $43.4million “covert operations” cash, which the Economic and Financial Crimes Commission (EFCC) found in an apartment in Osborne Towers, Ikoyi, Lagos. ...
Suspected Thugs Destroy Proposed Dangote-affiliated Onitsha Depot
News

Suspected Thugs Destroy Proposed Dangote-affiliated Onitsha Depot

Awka—THUGS suspected to be agents of an Anambra-born business mogul (names withheld), have been fingered in the wanton destruction of the property belonging to an Onitsha –based company, Bontus Oil and Gas Ltd. Bontus Oil and Gas is currently working out an arrangement with Dangote Group to be its main agent in Onitsha and its environs. Officials of Dangote Group were in Onitsha penultimate week, during which they inspected facilities in the massive site, which was abandoned for many years before Bontus acquired it and contacted Dangote for a possible collaboration between the two companies for the distribution of its products, including sugar, rice, noodles, cement, among other products, in the South East. However, barely one week after the inspection, residents of the commercial to...
Sheriff To Tackle INEC, Makarfi In Court Over ‘Advanced PDP
News

Sheriff To Tackle INEC, Makarfi In Court Over ‘Advanced PDP

The Sen. Ali Modu Sheriff-led National Working Committee (NWC) of the PDP says it will go to court to challenge the planned registration of ‘Advanced PDP’ by the Makarfi-led National Caretaker Committee. The National Legal Adviser of Sheriff’s faction, Barr. Bashir Maidugu, who spoke with our correspondent, yesterday, said they would drag Makarfi’s committee and INEC to the court to stop the registration of the new party. It was reported yesterday that Makarfi and his group had approached INEC seeking to register a new party to be called ‘Advanced PDP,’ a move that observers suggested may likely open a new acrimonious frontier in the party. Barr. Maidugu said any move by any person or group to use the name ‘PDP’ either at INEC or at the Corporate Affairs Commission (CAC)‎ would be...
NAFDAC Busts Forgery Syndicate Linked To Indians, Mexicans – Punch
News

NAFDAC Busts Forgery Syndicate Linked To Indians, Mexicans – Punch

The National Agency for Food and Drug Administration and Control says it has arrested some members of a syndicate who specialist in the forgery of NAFDAC numbers, certificates and documents of other government agencies. Disclosing this to the media in Lagos on Tuesday, the Acting Director-General, NAFDAC, Mrs. Yetunde Oni, who was represented by the Director of Enforcement, Mr. Kingsley Ejiofor, said among the documents recovered from the suspects were certificate of registration bearing forged signature of the acting DG of NAFDAC; documents from government agencies, including the Corporate Affairs Commission, Federal Inland Revenue Service, Federal Ministry of Justice and Federal High Court; as well as a payment verification form from a non-existent Barclays Bank. Oni said the disco...
38,000 Companies De-registered For Failing To File Returns
News

38,000 Companies De-registered For Failing To File Returns

The Corporate Affairs Commission on Tuesday said it had de-registered the names of over 38,000 companies from its register for failing to file annual returns to the commission. The Registrar-General, CAC, Mr Bello Mahmud, stated this while speaking during a chat with journalists in Abuja. He said that the delisting of the companies have been gazetted by the commission, adding that only the court can give an order for the companies to be readmitted into the register of the commission. By delisting of these companies by the CAC, it implies that such companies are no longer registered entities in Nigeria and as such not recognised by law. Bello said that some of the companies that were delisted may have not been liquidated, adding that based on the provisions of the law, the compa...
Lawyers No Longer Needed To Register Businesses in Nigeria
News

Lawyers No Longer Needed To Register Businesses in Nigeria

Bello Mahmud, registrar-general of the Corporate Affairs Commission (CAC), on Thursday said the the commission had taken steps to eliminate bottlenecks associated with registering a business. Speaking at the second presidential economic communication workshop in Abuja, Mahmud said this was with a view to creating an enabling environment for businesses to thrive. He also revealed that the cost of registering a business had been reduced by 50 percent. “We have reduced the cost of registering a business by 50 percent. You don’t need a lawyer to register your business for you anymore. You can ‎now do it yourself. The process is easy now,” he said. ‎”You can now register your business anywhere at our offices in Lagos, Kano and Enugu.” Earlier, Jumoke Oduwole, senior special assis...

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