CAC Reveals Number Of Registered Companies In Nigeria

The number of registered companies in Nigeria is 3,098,193, the agency in charge of registration of firms in the country, Corporate Affairs Commission (CAC), said Tuesday. According to the commission, these companies were registered in Part A, B and C categories from the inception of the CAC in 1990 to March 21, 2019. CAC was established by the Company and Allied Matters Act promulgated in 1990 to regulate the formation and management of companies in Nigeria. Speaking at the CAC customers forum in Abuja, acting registrar of the commission, Azinge Azuka, said 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 commission 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. “In that regard, work is at advanced stage to amend it enabling law, the Companies and Allied Matters Act (CAMA) in collaboration with the National Assembly,” she said. “This seeks to ease starting and growing businesses in Nigeria , ensure more appropriate regulation for MSMEs. “Enhance transparency and shareholders engagement align regulate framework with International best practices and make Nigeria an investment destination of choice.”


Source: Concisenews