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Business News

CAC to reduce business registration period to 6 hours

CAC to introduce 6 hours policy of registering business names.

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CAC

The Corporate Affairs Commission (CAC), in a bid to ease the process of registering a business name, has advanced its moves to address some of the challenges usually encountered by people in the course of registering their businesses. This was revealed by Azuka Azinge, the acting Registrar General of the Commission.

While speaking at the annual conference of the Nigerian Bar Association (NBA), Acting Registrar-General revealed that the commission is close to ensuring the registration of business names within a period of four to six hours.

Azinge further disclosed that the CAC is committed to deploying a more robust application to drastically improve the situation. She further hinted plans by the commission to deploy an application that would ensure self-generation of certificates.

To simplify business registration and make it cheaper, Azinge had announced that the commission was considering lowering the cost of registering small businesses.

Azinge through the commission’s Deputy Director, Public Affairs, Moses Adaguusu, said the cost for registration would soon go for N5,500 instead of the N10,500.

Contrary to Azinge’s statement that the Commission is lowering the registration fee, Daily Trust reports that the Commission maintained that the cost of Business Name registration remains N10,500 and not N5,500.

The commission had also concluded plans in February 2018, to close manual registration of businesses and corporations in all its remaining locations nationwide. CAC’s Head of Public Affairs, Godfrey Ike, disclosed this during a two-day strategic management planning retreat. He said the action became necessary to enable the commission to extend its online services across the country.

It would be recalled that as part of efforts to enhance the ease of doing business in Nigeria, the commission announced some far-reaching decisions, part of which is the company incorporation in 24 hours policy.

About CAC

The Corporate Affairs Commission (CAC) was established by the Companies and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.

The establishment of the CAC as an autonomous body was as a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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    Economy & Politics

    FG places high profile Nigerians under security watch for terrorism financing

    The FG has said that it is currently profiling a large number of high profile Nigerians who have been alleged to have reasonable links to terrorism financing.

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    FG to establish a new anti-corruption agency, P&ID, FG, malami, $9bn fine is a scam - Federal Government , UPDATED: P&ID operations shut down, assets forfeited by court order

    The Federal Government has said that it is currently profiling a large number of high profile Nigerians who have been alleged to have reasonable links to terrorism financing.

    This follows the arrest of an undisclosed number of suspects recently after the convictions of some Nigerians on terrorism financing in the United Arab Emirates (UAE).

    This disclosure was made by the Attorney General of the Federation and Minister of Justice, Abubakar Malami, during a chat with the press at the Presidential Villa, Abuja on Friday.

    What the Attorney General of the Federation is saying

    The Minister said that the convictions of Nigerians in the UAE has given rise to wider and far-reaching investigations in Nigeria.

    Malami in his statement said, “As you will actually know, sometimes back, there were certain convictions of Nigerians allegedly involved in terrorism financing in the United Arab Emirates (UAE).

    That gave rise to a wider and far-reaching investigation in Nigeria and I’m happy to report that arising from the wider coverage investigation that has been conducted in Nigeria, a number of people, both institutional and otherwise, were found to be culpable, I mean reasonable grounds for suspicion of terrorism financing have been established, or perhaps has been proven to be in existence in respect of the transactions of certain high-profile individuals and businessmen across the country.

    I’m happy to report that investigation has been ongoing for long and it has reached an advanced stage. Arriving from the investigation, there exists, certainly, reasonable grounds for suspicion that a lot of Nigerians, high-profile, institutional and otherwise, are involved in terrorism financing and they are being profiled for prosecution.

    In essence, it is indeed true that the government is prosecuting and it’s indeed initiating processes of prosecuting those high-profile individuals that are found to be financing terrorism. It is indeed true.

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    However, Malami did not give the number of such suspects as he maintained that investigation was still ongoing until a conclusion is arrived at.

    “As to the number, the investigation is ongoing and it has to be conclusive before one can arrive at a certain number, but one thing I can tell you is it is a large number and they are being profiled for prosecution.

    It is indeed a large number and I’m not in a position to give you the precise number as at now because the profiling and investigation are ongoing.”

    Malami warned that government will not hesitate to invoke the full wrath of the law on anyone found culpable in sponsoring terrorism in the country as nobody found culpable in terrorism financing will be spared.

    What you should know

    It can be recalled that in March 2021, the Association of Bureau De Change Operators of Nigeria (ABCON) confirmed the arrest of some of its members by security operatives over the investigation of some of their transactions which border on money laundering, terrorism financing and Know Your Customer status.

    ABCON in its statement said that it considers these as serious allegations especially given the security challenges facing the country. It appealed to the authorities to expedite action to ensure that innocent people who have been caught up in this investigation can be released and so that they can return to their anxious families and resume their lives.

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    Macro-Economic News

    Nigeria’s VAT collection surges to N496.4 billion in Q1 2021

    Nigeria’s VAT collection surged by 52.93% (year-on-year) to stand at N496.4 billion in Q1 2021.

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    VAT

    Nigeria generated a sum of N496.39 billion revenue from Value Added Tax (VAT) in the first quarter of 2021, a surge of 52.93% year-on-year compared to N324.58 billion recorded in the corresponding period of 2020.

    This is contained in the sectoral distribution of value added tax report, recently released by the National Bureau of Statistics (NBS).

    According to the report, VAT collections in the period represents a 52.93% increase as against N324.58 billion recorded in Q1 2020; and a 9.17% increase compared to N454.7 billion recorded in the previous quarter.

    The increase in VAT collections could be attributed to increased economic activity in the country, compared to the previous year, where most economic activities were put on hold as a result of the covid-19 pandemic.

    Highlights

    • Highlights of the report showed that the manufacturing sector generated the highest amount of VAT with N49.41 billion generated, closely followed by Professional Services, having generated N42.50 billion, and State Ministries & Parastatals, which generated N26.96 billion.
    • Mining generated the least, closely followed by Pioneering, Textile & Garment Industry with N48.36 million, N77.01 million, and N289.41 million generated respectively.
    • Also, out of the total amount generated in Q1 2021, N224.85 billion was generated as Non-Import VAT locally while N171.66 billion was generated as Non-Import VAT for foreign.
    • The balance of N99.88 billion was generated as NCS-Import VAT.

    Manufacturing sector topples professional services

    The manufacturing sector toppled the professional services sector to lead the list of sectors with the highest VAT remittances in the first quarter of 2021. A total of N49.41 billion was collected as Value Added Tax from the manufacturing sector.

    • Professional services followed closely, having remitted N42.5 billion in VAT to the government, State ministries and parastatals stood in third position with N26.96 billion VAT.
    • Others on the list include; Commercial and trading sector with N22.8 billion, oil-producing (N15.8 billion), Transportation and haulage services (N14.9 billion), Breweries, bottling, and beverages (N11.9 billion).
    • Federal ministries and parastatals (N8.8 billion), banks and financial institutions (N3.3 billion), and oil-marketing (N3 billion).

    Why this matters

    • The increase in VAT collection is a development in the right direction, especially given the recent positive growth recorded in global crude oil prices, indicating an increase in government revenue.
    • However, the government needs to intensify its effort in creating innovative ways of increasing revenue given growing overheads and statutory spending, coupled with increasing debt profile.

    Continue Reading

      





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