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Business

CAC to accept manual submission of some registration processes despite end of deadline

The CAC has stated that it will continue to manual submission of some registration processes despite the end of the deadline.

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CAC - You can still register your business for N5,000
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The Corporate Affairs Commission (CAC) has announced that it will continue to accept manual submission in respect of some specific processes despite the closure of the window on manual submission of registration applications which took place on March 31, 2021.

The decision by CAC on some identified processes is to allow for the conclusion of the interface for online submission under the company registration portal.

This disclosure is contained in a public notice which was issued by the management of CAC on Thursday, April 1, 2021.

The commission in its statement listed some of the processes to include Alteration of Memorandum & Articles of Association and Schedule 14 (Form of Statement to be filed by Banks, Insurance and deposit Finance Institution).

Other processes listed are the Amendment of Constitution and Bi-annual Statement for Incorporated Trustees.

CAC also said that it will continue to accept manual post-incorporation applications which have been queried or for which payments were made on or before March 31, 2021.

However, this can only apply if such applications, with evidence of payment and query worksheet, shall get to the commission not later than April 30, 2021.

What Corporate Affairs Commission is saying

The statement from CAC reads, “The General Public and our Esteemed Customers are aware of the closure of the window on manual submission of Registration Applications which took place on the 31st March 2021 following the deployment of an end-to-end electronic registration solution.

However, the Commission shall continue to accept Manual Submission in respect of the processes listed below pending the conclusion of the interface for online submission under the Company Registration Portal. The processes are:

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  1. Alteration of Memorandum & Article of Association
  2. Schedule 14 (Form of Statement to be filed by Banks, Insurance and deposit Finance Institution)
  3. Amendment of Constitution
  4. Bi-annual Statement for Incorporated Trustees

In addition, the Commission shall continue to accept manual post-incorporation applications which have been queried or for which payments were made on or before 31st March 2021 provided that such applications (accompanied with evidence of payment and query worksheet) shall be forwarded to reach the Commission not later than 30th April 2021.’’

What you should know

  • It can be recalled that the Board of Directors of CAC had earlier set the end of December 2020, as the target deadline to get the electronic/online system fully operational in CAC throughout the country.
  • This was to help improve ease of doing business and reposition the commission towards organizational excellence.

 

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

Unemployment: Tech can be used to reduce youth unemployment – BOI

The FG disclosed that technology can be used as a catalyst to solve the youth unemployment crisis in Nigeria.

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Managing-Director-BoI-Mr.-Olukayode-Pitan, Bank of Industry supports SMEs with N3.9 billion loan 
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The FG disclosed that Technology can be used as a catalyst to solve the youth unemployment crisis in Nigeria, citing that embracing tech and infusing it into business processes will make organisations and the country more competitive.

This was disclosed by Mr Olukayode Pitan, Managing Director,  Bank of Industry (BOI), at the inauguration of BOI-UNILAG Incubation and Co-Working Hub, on Thursday in Lagos.

What Mr Pitan said

Tech can help solve some of Nigeria’s social problems particularly youth unemployment which has been further exacerbated by the pandemic.

At the Bank of Industry, we believe that corporate organisations that are privileged to be in business at these difficult times need to bring groups of like-minded young individuals together to help create wealth and prosperity for future generations.

Embracing tech and infusing it into business processes will make organisations and the country more competitive.

It can create exciting jobs that encourage our young people to stay in Nigeria even as they work and compete globally,” he said.

The BOI boss also revealed that 2 additional hubs have been completed in Kaduna and Kebbi, citing that the bank will also provide funding to support credible and bankable ideas that emerge from the tech hubs to enable them start operations and scale into viable businesses.

“At the Bank of Industry, we believe that with the collective will of our young people’s positive passion, the right government policies, mentorship, and private capital, this can become a reality in a short period,” he said.

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What you should know

Nigeria’s unemployment rate as of the end of 2020 rose to 33.3% from 27.1% recorded as of Q2 2020, indicating that about 23,187,389 (23.2 million) Nigerians remain unemployed.

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According to the last Gross Domestic Product Report, released by the National Bureau of Statistics (NBS), the information and communication sector grew by 13.8%% in full-year 2020 compared to 11.08% recorded in 2019 and 9.65% in 2018.

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Business

FG deploys undercover agents to check touting, extortion, others by passport officers

This is part of measures to make the passport application process easier, seamless and transparent.

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The Federal Government, on Thursday, announced plans to deploy undercover security operatives in a bid to check touting, extortion and other sharp practices by passport officers across the country and at Nigerian missions abroad. This is part of measures to make the passport application process easier, seamless and transparent.

This disclosure was made by the Minister of Interior, Mr Rauf Aregbesola, in Abuja on Thursday, April 22, 2021.

The Minister stated that the country had in the past witnessed several challenges, which included shortage of booklets, touting, racketeering, inflating the cost of passports being issued to ineligible persons, and so on.

What the Minister of Interior is saying

Aregbesola, in his statement, said, “We are turning round the entire passport application process in a way that is going to be easy, seamless and transparent. We will also accord human dignity to applicants and fulfil citizenship integrity.

Therefore, I am declaring a zero-tolerance stance to all forms of touting. No applicant will be made to pay any illegitimate fees. We are going to embed security operatives, seen and unseen, in all our passport offices. They will wear body cameras.

They will also detect and report any form of solicitations, inflation, improper communications, extortion, diversion, hoarding and other corrupt practices. Applicants will have no basis for further communication officers, other than to complete their application process and leave the venue.

The date for the collection of their passports or any challenge to the application will be communicated to them. The technology for the efficient running of this system has been acquired and will be deployed. Those caught will be dealt with according to the law.”

The Minister said that an ombudsman would also be created for members of the public to receive complaints and reports on officers trying to deviate from prescribed guidelines and subvert the process.

He explained that 2 special centres for expedited services had been created, adding that the special centres would run on a public-private partnership basis.

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He said, “We are publishing on our website the list of the backlog of passports that are ready which are yet to be collected by the owners. They will be required to go to the state commands to collect them.”

In case you missed it

  • It can be recalled that in March 2021, the Federal Government in partnership with the private sector, launched the Nigeria Immigration Service Passport Express Centre.
  • This is to enable the government offer passport services to Nigerians and make passports available within a maximum period of 72 hours after a successful application.

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