CAC SERVICES

The National Council for Women Societies (NCWS) has appealed to the Corporate Affairs Commission (CAC) to create a gender desk that will collate information specifically targeted at women’s empowerment. National president of the council, Mrs Gloria Shoda, made the appeal when members of the council visited the acting Registrar of CAC, Ms Azuka Azinge in Abuja, Wednesday. She said the desk will assist in raising awareness and educate women on the benefits of formalising their small businesses and all opportunities available in registering such ventures with CAC.   She said “a gender desk in CAC will help to collate information, specifically targeted at women’s empowerment. Research shows that women outnumber men in business start-ups.  “However, there are structural obstacles which women face in the society in general, such as gender discrimination in access to opportunities for expansion, skill-acquisition, training and credit facilities.” Shoda added that the NCWS had the capacity to reach out and educate women, especially in rural areas on what CAC had to offer in terms of business and enterprise environment that would be beneficial to the women. She stressed the need for unemployed persons, especially women, to venture into business enterprises, as well as register with CAC to enable them to have access to loans, grants and other benefits that would aid their businesses.  “Therefore, the growth and expansion of the Small and Medium-scale Enterprises (SMEs) sector, as well as the importance of registering a business name cannot be over-emphasised for the womenfolk. “The benefits are immense, including having access to grants, credit facilities and benefitting from government-backed schemes, exhibitions and training initiatives.  The council president commended CAC for reducing the fees for business name registration by 50 per cent for a period of two months and appealed to the commission to extend the grace period to enable women, especially in rural areas, to benefit from it.  Acting Registrar of CAC, Azinge assured NCWS that the agency would continue to support and encourage the growth of businesses and provide enabling environment for them to thrive. Azinge also assured that the commission would look into the issue of extending business name registration to enable women, especially in rural areas to benefit from the cost reduction of business names registration.   Source: Blueprint

The Corporate Affairs Commission (CAC) has stated that registration of business names is necessary for both companies and small scale businesses as any enterprises operating without registering with the Commission is liable to be sanctioned. Head of Bauchi State office of the Commission Alhaji Abdullahi Abubakar stated this, Thursday while speaking on the procedure and requirements for registering businesses at Business support clinic program and e-mentoring with mentors and mentees with beneficiaries of digital livelihood training for young women and girls organized by centre for information technology and development (CITAD) with support from equal digital skills fund held in Bauchi. He said it is compulsory for any one using any name for his business enterprises other than his personal name and surname to register it with the Commission adding that offenders risk penalty. According to him, registering the business will also help business men to have monopoly of the business names and get recognition as legal enterprises. The CAC boss noted that the registration costs the sum of  ‘only N10, 000’ Also speaking, the representatives of the National Agency for Food and Drugs Administration and Control (NAFDAC) and Standard Organization of Nigeria (SON) Bashir Musa and Mohammed Chinade explained that after registering with CAC, manufacturers of consumable items should register with NAFDAC while SON registers companies producing both consumable and non consumable items to ensure only quality items are sold to Nigerians. Earlier, the Executive Director of the centre for information technology and development (CITAD) Mr Y.Z Ya’u represented by the technical officer of the centre Kamaluddeen Umar said the training was intended to equip young women with practical ICT training and use its tools that would help them in the ICT industry and to start up micro-enterprises.   Source:  Blue print

The Corporate Affairs Commission apologizes to its esteemed customers and the general public for the current disruption of its online services, the disruption was due to infrastructure upgrade which was designed at enhancing service efficiency and customer experience. The Commission had on Monday 19th August, 2019 deployed additional online services for the processing of post incorporation applications as part of its infrastructure upgrade. Consequent upon the disruption due to the infrastructure upgrade, the Commission has set up Customer Support Services (CSS) at its State Offices nationwide to attend to complaints from members of the public. The CSS is in addition to the existing Help Lines. Also, the CAC has set up a dedicated support team at the on-going Nigerian Bar Association (NBA) AGC in Lagos to attend to complaints from delegates during the one week event. The Commission is doing everything possible to ensure that normal services resumes as soon as possible. The Commission appeals to the general public to exercise calm and regrets all inconveniences caused as a result of the disruption in its services.   Source: Proshare

Company Statement of Affairs The Statement of Affair is a summary of a Company’s assets and liabilities. It states the net book value and amount expected to realise at the date of Insolvency of the business. It provides a useful source of information for both the Administrator and the creditors. And It is often referred to by lenders should directors get involved in new ventures before lending to the new company to understand how serious the previous insolvency was. The SOA may also be considered when determining whether a director should be disqualified. Its analysis can be used to establish: The likely return to creditors The extent of the insolvency Whether the directors have concealed assets from the administrator Whether there are indications of wrongful trading Once the administration is complete the actual performance of the administrator. Filing of Statement of Affairs for CAC and FIRS Applications For CAC Filing of Annual Returns, requirement include: Audited financial statement or statement of affairs for “Small Companies” signed by 2 directors and duly certified by a chartered accountant where applicable. Small companies include Company with authorised share capital of less than N2million Company with annual turnover of less than N2million Company with no allien or foreign national member or government agent or nominee. Where the directors among them hold more than 51% of the alloted share capital. For FIRS Filling of annual return, requirement include: Company Statement of Affairs whereby the company is yet to commence business or/and audited financial statement signed by a director and duly certified by a chartered accountant where applicable Payment of fees   Source: Marylea

The Corporate Affairs Commission, CAC, has announced on Monday that it has extended the 50 percent reduction in registration fee for business names in Nigeria. The programme launched under CAC’s Business Incentive Strategy allows intending business owners to pay N5, 000 less of the original fee. However, the discount window will end on Friday, August 16, after which payment for registration of business names will revert to the original fee. The commission, in a statement released in Abuja through its Head of Public Affairs, Moses Adagusuu, said that the commission has successfully registered 220,773 Micro, Small and Medium Enterprises, MSMEs, in the space of ten months. The CAC said that the MSMEs were registered between October 2018 and July 31, this year. Adaguusu said, “From when the BIS started in October 2018 to July 31, the commission gathered at least 220,773 MSMEs under the BIS window. The list is growing day by day.” It also reminded Micro, Small and Medium Enterprises about the benefits of registering their business names with the commission. Adaguusu revealed that “Registration of their businesses will enable them own corporate accounts with banks, have access to loans, grants and other government interventions.” The commission clarified that the three-day extension of the cut in registration fee was to allow MSMEs that could not register due to the Id-el-Kabir Islamic celebration to take advantage of the opportunity at the reduced cost of N5, 000. It also revealed that MSMEs could register their business names through the online registration porter ( services.cac.gov.ng or cac.gov.ng ) or offline at the Commission’s offices, nationwide.   Source: Investor King

The Corporate Affairs Commission (CAC) has extended by three days the 50 per cent reduction in the registration fee for Business Names with effect from 13th August, 2019. A statement signed by the Commission’s Head of Public Affairs, Moses Adaguusu, revealed that the fee cut would now end on Friday, 16th August, 2019. “The three day extension is to enable Micro, Small and Medium Enterprises (MSMEs) that could not register their businesses during the promo because of the Sallah holidays to do so,” the statement stated. CAC said registration of their businesses will enable them own corporate accounts with Banks, have access to loans, grants and other government interventions. “Members of the public are enjoined to take advantage of the three Day extension to register their Business Names at the reduced cost of N5,000. Registration can be done online or at any of the Commission’s Offices nationwide,” the statement added.   Source: Daily trust

The Corporate Affairs Commission on Monday announced that it registered 220,773 Micro, Small and Medium Enterprises in the last 10 months. The CAC said in a statement issued by the commission’s Head of Public Affairs, Moses Adaguusu, in Abuja. It said that the MSMEs were registered between October 2018 and July 31, adding that it had also extended by three days, the 50 per cent reduction in the registration fee for business names window, under its Business Incentive Strategy. The commission said with the extension, the promotional reduction fee would now end on Friday, August 16. It explained that the three-day extension was to enable micro, small and medium enterprises that could not register their businesses during the promo because of the Sallah holidays to do so. Adaguusu said, “From when the BIS started in October 2018 to July 31, the commission registered at least 220,773 MSMEs under the BIS window. The list is growing day by day. “Registration of their businesses will enable them own corporate accounts with banks, have access to loans, grants and other government interventions.” The commission urged members of the public to take advantage of the three-day extension to register their business names at the reduced cost of N5, 000. It said registration could be done online or at any of the commission’s offices nationwide.   Source: Punch

Forte Oil Plc hereby notifies the Nigerian Stock Exchange that it has received the Corporate Affairs Commission’s approval for the extension of time to convene Its 40th Annual General Meetings (AGM). The extension was sought pursuant to S.213(1) of the Companies and Allied Matters Act Cap C20 LFN 2004.  The Exchange will be notified of the date for the AGM.   Source:  proshare

The Islamic Movement in Nigeria is not registered with the Corporate Affairs Commission and is, therefore, not recognised as a legal entity neither is it a juristic body, A search on the CAC portal showed that the IMN does not exist on the commission’s database. Also, its other names – Muslim Brotherhood and Ikhwan al-Muslimin – were not found in the database of the CAC. A spokesman for the IMN, Abdurrahman Abubakar, confirmed to our correspondent on the telephone that the IMN was not registered with the CAC. Abubakar said the IMN was a movement like Catholicism, Protestantism and Pentecostalism hence it needed not be registered. He, however, explained that the IMN had schools, foundations, and other institutions which were duly registered with the commission. The IMN spokesman said, “The IMN is a movement, it is an idea so it cannot be registered with the Corporate Affairs Commission but we have organs that are registered like schools and foundations. These ones are registered with the commission. “We also have associations that are registered with the CAC. The IMN is a concept, an idea that cannot be registered. You cannot register something that is not a substance. “Do you register Catholicism or Protestantism? No. But they can have churches or organisations that are registered with the CAC. We remain a law-abiding movement and we have the right under the constitution to worship freely.”   Source: punch

The Corporate Affairs Commission (CAC) has initiated several reforms aimed at easing business registration, encouraging informal enterprises to regularize and streamline all matters relating to company incorporation in the country. Some of these reforms have been captured in the Companies and Allied Matters (CAM) Bill 2019, which has been passed by the National Assembly and transmitted to the President for assent. ASome of the key reforms include abolishing the requirement for a company to have an authorised share capital, enabling a single person to form a private company, significantly updating the rules on insolvency, and introducing, for the first time, a business rescue process. Other innovations in the bill meant to repeal the Companies and Allied Matters Act (CAMA), include the introduction of close-out netting provisions; and the concept of limited liability partnerships. As the deadline for the presidential assent approaches, there are fears in the CAC and some concerned stakeholders that the reforms may not see the light of the day and this will set the country back on the progress recorded so far on ease of doing business. Yesterday, the Acting Registrar-General of the CAC, Lady Azuka Azinge, emphasised the imperatives of a presidential assent to the CAM Bill when she briefed the media on the dangers of allowing the bill to perish. Lady Azinge said the amendments were in line with President Muhammadu Buhari administration’s reform agenda to create an enabling environment for businesses to thrive. The CAC boss said the CAM Bill had been passed by the 8th Assembly and was awaiting presidential assent. She said when passed into law, the bill would open up the business space, enhance the development of Micro, Small and Medium Enterprises (MSMEs), create employment, and generate wealth for rapid economic growth consistent with the Economic Recovery and Growth Plan (ERGP) of the present administration. The Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, has also called on the president to assent to the bill. “This legislative framework will provide a legal foundation for the implementation of beneficial ownership disclosure. If signed into law by President Buhari, it will lead to the establishment of the electronic web-based open Beneficial Ownership register in Nigeria,” he said. Rafsanjani said the real goal is the establishment of comprehensive database of real workers behind the management of private companies operating within Nigerian jurisdiction. The bill seen and analysed by Daily Trust showed that it would ensure more appropriate regulation for MSMEs in the country. Some of the innovations targeted at SMEs include making it optional for smaller companies to have a company secretary; making it easier for smaller companies to comply with accounting requirements; and making it optional for one-man and small companies to hold an annual general meeting. The bill also made provision for the introduction of separate model articles of association for private companies that will contain the minimum key rules on the internal workings of the company. The bill, reviewed by stakeholders aimed to enhance transparency and shareholder engagement by increasing transparency and disclosures on beneficial ownership to determine persons with power to exert significant level of influence or control over the decisions and actions of a company. It aims to align regulatory framework with international best practice for competitiveness and thus enhance the efficiency of the regulatory process by introducing measures to make company law better fitted to modern business realities, improve the business environment and performance across the economy as well as reduce direct compliance costs for businesses. To attract Foreign Direct Investments (FDIs) into the country, the bill introduced orderly and more effective procedures for business rescue and resolving insolvency: Administration, Company Voluntary Arrangement and Netting. Further analysis of the bill showed it made provisions for the inclusion of representative of the MSMEs on the Board of CAC, pre-action notice to reduce litigation for the commission, right of one person to form a company, removal of consent of Attorney-General of the Federation for registration of (memorandum of) a company limited by guarantee. The amendments included the abolition of Authorised Share Capital and introduction of Minimum Issued Share Capital, removal of requirement of Statutory Declaration of Compliance by legal practitioner for registration of company, reduction in filing fees for registration of charges by 65 per cent, exemption of small companies dormant since incorporation from audit requirements and e-meetings for private companies.   Source: Daily trust