Connect with us
nairametrics

Business

Buhari approves free business name registration for 250,000 SMEs

President Buhari has approved free business name registration with the CAC for 250,000 businesses across the nation.

Published

on

Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

President Muhamadu Buhari has approved free business name registration with the Corporate Affairs Commission (CAC) for 250,000 businesses across the nation.

This was announced on Tuesday evening by the Media aide to the President, Bashir Ahmad.

READ: Nigerian firms risk delisting over failure to file annual returns – CAC

READ: CAC may reduce Business registration fee

READ: #EndSARS: Lagos State Judicial Panel has my full support – Buhari

GTBank 728 x 90

READ: SMEDAN to move 40 million informal businesses to formal sector, registers MSMEs

READ: AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc

Coronation ads

READ: Healthplus: NASSI asks FG to intervene

“President Buhari has approved free business names’ registration for 250k MSMEs nationwide; according to the CAC, 6,606 names in each of the 34 states, Abuja will have 7,906, Lagos 9,084 & Kano 8,406,” he tweeted.

“The free registration commences today, visit cac.gov.ng for details” he added.

READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses

READ: FIRS gives tax defaulters a 30-day ultimatum

Jaiz bank ads

What you should know

Stanbic IBTC

This comes after Nairametrics reported earlier this month that the CAC had announced it would begin registering companies within 48 hours, approve names the same day, and ensure 5-day completion for other post-incorporation services not available electronically.

READ: Where to invest your N5m to N500m safely and securely

READ: CAC delists over 40,000 dormant companies

Bottomline

Since the end of the #EndSARS protests, the Federal Government has been working on packages that are perceived as necessary for addressing the issues of large youth unemployment, which is viewed as a catalyst for the massive turnout during the protests.

READ: CAC to reduce business registration period to 6 hours

READ: Nigerians indifferent to lower CAC registration fee

The National Economic Council (NEC) has set up a committee to meet the needs and demands of Nigerian youths behind the #EndSARS protests. The head of the Committee is Vice President Yemi Osinbajo, with one of the frameworks being “A social security framework for the youths and Nigerians to deal with the problem of unemployment and poverty in the country.”

The free business registration coming this period will help businesses that can’t afford the registration fee to get their business registered and timely.

app
14 Comments

14 Comments

  1. Gab

    October 28, 2020 at 1:16 pm

    How can I register please and it is still on?

  2. Gbuzue okeu

    October 28, 2020 at 6:07 pm

    All this is fallacy. What will that do to the economy of the nation. How come Kano is to have more numbers that Lagos. This government is a joker

    • Kinkade

      October 29, 2020 at 8:53 am

      Do you read at all. Lagos has 9k plus kano has 8k plus. Ethnicity is the real problem and you are the problem.

      • OYELEKE MAKINDE NOAH

        October 30, 2020 at 8:05 am

        You people believe every Nigerian can avoid #5000 for registration,and you wish to eradicate poverty in this country Nigeria.

  3. Kelly

    October 29, 2020 at 11:34 am

    It is little wonder why Nigerians tend to doubt government interest in her citizens. The aggregators contact for this registration are either switch off not reachable, busy or they simply refuse to pick the call. One even picked and cut off the call after a second. I kept calling and the person refused to pick the call.

    I tried calling other aggregators in other states just to see if the response is the same and guess what, it was the same. What a shame

  4. Owolabi

    October 29, 2020 at 12:51 pm

    How can i register pls i need it pls pls

  5. Owolabi folake Ololade

    October 29, 2020 at 12:53 pm

    Please i need it how can i do the registration please pls

  6. Anonymous

    October 29, 2020 at 2:20 pm

    I need more explanation

    • Lucky

      October 29, 2020 at 7:13 pm

      Do I hear free registration of business name? according to CAC registration portal which I logged in the steps are as follows:2k charge for stap duty,650 naira for availablity and name Search, 5k for certificate booking.please let me know or understand how it is free registration.

  7. Jayne

    October 29, 2020 at 2:36 pm

    Same thing happened when I tried to call their numbers. It’s so annoying. A lot of things are promised and declared by the government but implementation is where the story hangs. What a big shame indeed!

    • Kingsley Idahosa osas

      October 31, 2020 at 12:02 am

      I will like this idea because I have been trying to register my business name kingso art I am a sign writer & a artist

  8. Samson

    October 29, 2020 at 9:09 pm

    This method is so bad ,why contacting on resonable aggregator. The phonewas ringing and ringing without receiving too bad.

  9. Anonymous

    October 29, 2020 at 11:37 pm

    Guy this registration no be free Its still Sam thing you gats pay

  10. David

    October 31, 2020 at 9:47 am

    Please i need the link for the Registration Ebonyi state.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

N117 billion approved by FG for road rehabilitation

Babatunde Fashola has disclosed that the FG has approved the sum of over N117 billion for road rehabilitation across the country.

Published

on

Second Niger Bridge will be completed in 2022, project, Minister of Power works and housing Babatunde Fashola, Shell Nigeria Exploration and Production Company, SNEPCo Bayo Ojulari, Power supply in Nigeria

The Federal Government has approved the sum of over N117 billion for the rehabilitation of roads across the country in 2021.

This was disclosed by Babatunde Fashola, Minister of Works and Housing, in a press briefing after the Federal Executive Council (FEC) meeting was held in Abuja on Wednesday.

What you should know 

  • Nairametrics reported last month that Mr Fashola had stated that the Ministry’s priority in its 2021 budget was to complete already ongoing road and bridge projects across the nation.
  • Fashola also said that the Federal Government needed at least N500 billion annually for the next 3 years to develop and fix its 35,000 kilometres road network, as work continued on 13,000 kilometres of the network.
  • Fashola stated last month that the Federal Government was committed to finishing the Lagos-Ibadan expressway, adding that the drop in crude oil prices could not be a barrier to its completion.

Fashola disclosed on Wednesday that the sum of N18.9 billion, was approved for the rehabilitation of roads and bridges including the 26 km of Kano-Dambatta-Kazaure-Daura road, Anambra- Enugu Roads, Bridge construction Cross River, Nkumi bridge and others.

The other memorandum relating to roads also is for the total sum of N98.7 billion,” he added. This includes roads and bridges in Zamfara, Kebbi, Katsina, Anambra and Kano

GTBank 728 x 90
Continue Reading

Business

$1.3 billion Malabu oil field sale was perfect – Dan Etete

Nigeria’s former Petroleum Minister has said that the sale of the $1.3 billion Malabu oil field to Shell and Eni in 2021 was legally perfect.

Published

on

FG seizes Dan Etete’s luxury private jet linked to Malabu oil deal

Dan Etete, former Nigerian Minister of Petroleum has said that the $1.3 billion sales of Malabu oil field to Shell and Eni in 2021 was legally perfect, with zero traces of corruption in the deal.

He disclosed this on Wednesday through his lawyer, Antonio Secci, in a Milan Court, investigating the cases of bribery and corruption related to the deal, as reported by Reuters.

In Wednesday’s hearing, Dan Etete’s lawyers called for the former Nigerian Minister to be acquitted of corruption charges related to the deal.

Reuters disclosed that 13 other people are involved in the corruption case including CEO of Eni, Claudio Descalzi.

The accused pleaded non-guilty and said that the proceeds of the deal were paid into accounts owned by the Nigerian Government.

GTBank 728 x 90

The ex-Shell executives also accused in the case will have a hearing on the 9th of December.

What you should know 

Multinational oil companies, Eni and Shell, paid $1.3 billion in 2011 to acquire OPL 245 offshore field.

The payment was to a company called Malabu, which was owned by Nigeria’s former Oil Minister, Dan Etete.

Coronation ads

However, Italian prosecutors claim that most of the payments were kickbacks to Nigerian government officials. Italian prosecutors also claim that nearly $1.1 billion was stolen by Nigerian politicians and middlemen, with Dan Etete keeping half.

Nigeria’s Minister of Justice, Justice Abubakar Malami, reported in July that the Dutch and Swiss governments were expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria.

Multinational Petroleum oil and gas giant, Royal Dutch Shell, announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria.

in June, the Federal Government tracked down and grounded a luxury private jet, owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal.

Nairametrics reported that the Federal Government, on Wednesday, September 9, 2020, asked a court in Milan to order Royal Dutch Shell and Eni to pay the sum of $1.092 billion as an immediate advance payment for damages in the Malabu oil scandal.

Jaiz bank ads

Stanbic IBTC
Continue Reading

Business

Nigeria is the 14th largest producer of tomatoes in the world, second in Africa – NIHORT

NIHORT has said that Nigeria is the world’s 14th largest producer of tomatoes, finishing second in the continent.

Published

on

OPINION: Development policies should focus on producers, not consumers

The Executive Director of the National Horticultural Research Institute (NIHORT), Dr. Abayomi Olaniyan has said that Nigeria is the world’s 14th largest producer of tomatoes, finishing second in the continent.

According to the News Agency of Nigeria, Dr. Olaniyan disclosed this during the inauguration of a one-week empowerment and training programme for 150 youths and women farmers on Telfairia (Ugwu vegetable) production and tomato value chain in Kwale, Ndokwa West Local Government Area of Delta State.

Despite producing 2.3 million metric tonnes of tomato annually, current national demand is estimated to be slightly higher at 3 million metric tonnes annually

READ: CBN restricts forex for milk import to Nestle, Chi, Friesland, 3 others

READ: BUA Cement set to establish ultramodern 3million cement plant, 50mw power plant in Adamawa

GTBank 728 x 90

What they are saying

Commenting on the subject matter, Dr. Olaniyan who was represented by the Director of research at the institute, Dr. Ephraim Nwanguma stated that: “Tomato is a profitable horticultural crop that provides income to farmers and agents involved in its production and marketing.

“Nigeria is the 14th largest producer of tomato in the world, second in Africa, but it is the 13th largest importer of tomato paste in the world and third in Africa.

READ: CBN launches Private Sector-led Accelerated Agriculture Development Scheme

Coronation ads

“Nigeria currently produces 2.3 million metric tonnes against 1.8 million metric tonnes produced two years ago while the national demand is three million metric tonnes.

“Also, there is a high prospect in production of telfairia and marketing within and outside Nigeria.”

READ: NASCON’s Unimpressive Revenue Impairs Bottom-Line Performance

What you should know

  • The recent production capacity of 2.3 million metric tonnes indicates an increase of 27.8%, from the corresponding figure recorded in 2018.
  • Despite being one of the largest producers of tomatoes in the world, Nigeria is also one of the world’s net importers of tomato paste, placing 13th globally and 3rd in Africa.
  • This fact was corroborated in a research by the Global Alliance for Improved Nutrition titled ‘’Landscape analysis of dried tomato production and market in Nigeria’’, which stated that over 45% of fresh tomato produced in Nigeria is lost due to poor handling practices and other logistics issues

READ: Fear among tomato farmers as Dangote Farms suspends seedlings distribution 

READ: Nigeria’s $1.5 billion steel plant set to produce 1 million MT of steel annually

Jaiz bank ads

Stanbic IBTC
Continue Reading