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CAC delists over 40,000 dormant companies

More than 40,000 names of registered companies have been delisted from the nation’s registration records in the last two years by the CAC.

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CAC, Lady Azuka Azinge

More than 40,000 names of registered companies have been delisted from the nation’s registration records in the last two years by the Corporate Affairs Commission (CAC) for non-performance and dormancy.

This was disclosed by the Acting Registrar-General of CAC, Lady Azuka Azinge yesterday, in Abuja, while briefing journalists on the performance of the Commission in the last two years.

[READ MORE: SEC lays out plans to leverage FIRS, NSE, and CAC in nailing Oando]

Why the companies were delisted: The exercise was carried out to make sure that only relevant companies remain in the database of the CAC. The commission added that previously delisted companies could still reapply.

We have succeeded in cleaning up our registration records by delisting at least 40,000 registered companies from our system between October 2017 and October 2019. The exercise is aimed at ensuring that only names of performing companies remain in our database, companies involved could as well re-apply subsequently if they so desire,” the commission said.

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CAC, Lady Azuka Azinge

Reeling out their performances, Azinge stated that the commission paid N1 billion outstanding salary arrears due to a 9% increment in 2013. It also paid over N400 million pension arrears which had lingered for over two years, according to the Acting Registrar-General.

She said, “The management has successfully implemented the Business Incentive Strategy (BIS) under which cost of registration of business was reduced by 50 per cent to enable Micro, Small and Medium Enterprises (MSMEs) formalise their business. As we speak today, a total of 244,428 business names have been registered in the last two years.”

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[READ MORE: Nigerians indifferent to lower CAC registration fee]

Azinge noted that the Commission had completely decentralized its operations in all the states of the federation, to assist customers to pick up certificates of incorporation at any location of their choice.

We have full closure of manual registration nationwide and deployment of online real time pre-registration services to all state offices through the company registration portal (CRP), to enable reorganisation of departments and state offices for efficient service delivery.”

She also said the Commission was committed to ensuring the quick passage of the Companies and Allied Matters Acts (CAMA) Amendment Bill 2019 by the National Assembly, adding that the bill is presently awaiting the assent of the President.

 

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Business

Just in: NLC insists nationwide strike, protest to go ahead from September 28

The NLC has set Monday, September 28, 2020, as the date for it’s proposed strike.

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Ayuba Wabba, Why the FG should reverse 6% tenancy, lease stamp duty - NLC

The Nigeria Labour Congress (NLC) has insisted on going ahead with its earlier planned strike and protest, with effect from September 28, 2020, following the failure of the Federal Government to reverse the increases in electricity tariff and fuel price.

According to a monitored media report, this disclosure was made by the NLC President, Ayuba Wabba, after the National Executive Council meeting of the labour organization in Abuja.

While restating that the proposed strike action by the organized labour would still go ahead next week, he also disclosed that the decision was unanimously taken by the chairmen of the 36 states and FCT chapters of the NLC.

Details later…

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Economy & Politics

CBN reduces MPR from 12.5% to 11.5%

The Governor of the CBN has announced the reduction of MPR from 12.5% to 11.5%.

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CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to reduce the Monetary policy rate (MPR) from 12.5% to 11.5%. This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday.

READ: This is a copy of the Self-Certification form govt. wants targeted account holders to fill

The committee retained CRR at 27.5% stating that the recent inflationary pressures is not driven by monetary policies, rather as a result of structural policies.

Highlights of the Committee’s decision

  • Reduce the MPR by 100 basis points from 12.5% to 11.5%
  • Adjust asymmetric corridor from +200/-500 to +100/-700 basis points around the MPR
  • Retain CRR at 27.5%
  • Retain liquidity ratio at 30%

Explore the Nairametrics Research Website for Economic and Financial Data

According to Emefiele, the Committee reviewed the choices before it, bearing in mind its primary mandate of price stability and the need to support the recovery of output growth. Consequently, the Committee noted that the likely action aimed to addressing the rise in domestic prices would have been to tighten the stance of policy, as this will not only moderate the upward pressure on prices but will also attract fresh capital into the economy and improve the level of the external reserves.

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The Committee however, noted that this decision may stifle the recovery of output growth and thus, drive the economy further into contraction.

On easing the stance of policy, the MPC was of the view that this action would provide cheaper credit to improve aggregate demand, stimulate production, reduce unemployment and support the recovery of output growth.

In addition, the Committee noted the tendency of an asymmetric response to downward price adjustments by ‘Other Depository Corporations’, thus undermining the overall beneficial impact of a reduction to the cost of capital.
After all considerations, members were of the opinion that the option to loose will complement the Bank’s commitment to sustain the trajectory of the economic recovery and reduce the negative impact of COVID-19.
He also stated that, liquidity injections are expected to stimulate credit expansion to the critically impacted sectors of the economy and offer impetus for output growth and economic recovery.

Based on the foregoing, the Committee decided to reduce the MPR by 100 basis points to 11.5% and adjust the asymmetric corridor to +100/-700 around the MPR.

MPC projects economic growth
Recall, that the Nigerian economy contracted by 6.1% (year-on-year) in the second quarter of the year as a result of the disruptions caused by the COVID-19 pandemic. The MPC however, projects a positive growth in the last quarter or at least Q1 2021.

“With persistent focus on activities meant to reverse the contraction, the MPC projects growth at positive levels in Q4 2020, or latest by Q1 2021, based on the anticipated positive results from the coordinated and sustained interventions by both the monetary and fiscal authorities.”

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Manufacturing

FG moves to clamp down on illegal fertilizer manufacturers and agro-dealers 

It is now forbidden for anyone to go into fertilizer business in Nigeria, without registering with the FISSD.

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Fertilizer Producers hail FG's total ban on NPK fertilizers

The Federal Ministry of Agriculture and Rural Development has disclosed that anyone caught producing or merchandising adulterated fertilizers, under the new lawwill be jailed. 

This disclosure was made via the Ministry’s official Twitter handle, to the general public, and seen by Nairametrics. 

The announcement notifies the general public that the National Fertilizer Quality Control (NFQC) Act 2019, is to make sure that every farmer has good and efficient fertilizer for their farms, to boost farming harvest and output. 

The ministry reiterated that it is forbidden for anyone to go into fertilizer business in Nigeria, without registering with the Farm Inputs Support Services Department (FISSD) of the Federal Ministry of Agriculture and Rural Development. However, anyone caught producing or merchandising adulterated fertilizers will be jailed. 

READ: Guinea-Bissau calls on Nigeria to assist in rice production 

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This regulation is to address the recurring issues of the effect of substandard fertilizers on farm produceand the market proliferation of adulterated fertilizers in the country, which continues to bedevil farm outputs and harvests in the country. 

Backstory: On the 26th of August, the Permanent Secretary of Agriculture and Rural Development,  Dr. Abdulkadir Mu’azu, reaffirmed the Federal Government’s commitment towards implementing the National Fertilizer Quality Control (NFQC) Act 2019. He ensured that the fertilizer regulatory system is in place, to safeguard the interest of the farmers, as when the regulation is implemented, it will protect farmers from using adulterated fertilizers that are nutrient deficient.  

READ: FG offers $1.1billion Agric mechanisation scheme

Why this matters  

This policy is important to safeguard both the interest of the farmers and the members of the public, as the initiative is expected to increase agricultural harvest and productivity, in a bid to make national food security a reality. 

The NFQC Act will safeguard interests of fertilizer enterprises, businesses and agrodealers, as it will create part of the enabling environment for private sector investment in the fertilizer industry, and protect the environment against potential dangers, that may result from market proliferation of adulterated fertilizers and the use of harmful substances in fertilizer. 

READ: FG seeks to crash price of locally produced rice

The Executive Secretary of FEPSAN, Mr. Gideon Negedu, reiterated that the new National Fertilizer Quality Control Act 2019, is a game-changer for the nation’s agricultural sector and a powerful weapon for the farmers. 

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In his view, Prof. Yemi AkinseyeGeorge (SAN), said, “that the Federal Government and relevant stakeholders of the fertilizers industryhave taken the bull by the horn in enacting a robust legal framework for quality control in the country.

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