CAC SERVICES

The assets of all public officials and senior political office holders will soon be open for public knowledge and scrutiny, says Director, Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman-Tukur. Mr Hamman-Tukur disclosed this on Thursday in Abuja at a budget defence session with the House of Representatives Committee on Financial Crimes led by Kayode Oladele (APC-Ogun). The director said it was part of the conditions for lifting the suspension of the NFIU by the Egmont Group of Financial Intelligence Units. The director told the committee that the suspension, which was lifted in September 2018 was based on certain conditions that needed to be met by the country. He said the Egmont Group would want the NFIU to work closely with other agencies of government in fighting terrorism, financial crimes and other related offences. “With the lifting of the suspension, it is likely that all assets of all leaders, public officials and political office holders will be displayed. “They want to see us work with the Securities and Exchange Commission (SEC), Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS) and the Nigeria Communications Commission (NCC). “They want us to work closely with the presidency, Code of Conduct Bureau (CCB) and the Corporate Affairs Commission (CAC). “They want to see the assets of all public officials displayed publicly,” he said. According to him, the National Extractive Industry Transparency Initiative (NEITI) and the Corporate Affairs Commission (CAC), are doing a good job. “But it will be good that the beneficiary owner database will be domiciled with the Code of Conduct Bureau (CCB), and we will subscribe because CCB has assets declarations of all public officers.” He said after the suspension was lifted, they faced the task of the European Union (EU) listing, which was targeted at blacklisting Nigeria and stopping all her transactions overseas involving European countries. He added that they were able to block the blacklisting but the EU listing subjected Nigeria to enhanced due diligence in all transactions concerning all EU countries on suspicious transactions. The transactions, he said, would be through their own agencies within their jurisdiction. Mr Hamman-Tukur disclosed that the concerns raised by the EU include terrorism, kidnapping and corruption. On the 2018 budget, he said the NFIU had a total budget of N1.185 billion in 2018 made up of N385.310 million as personnel cost, N600 million as overhead while N200 million was for capital cost. According to him, the capital release to date stands at N174.946 million out of the budgeted amount of N200.1 million. He added that utilization percentage stood at about 12 per cent while the balance stood at N154.936 million. On the 2019 budget, the director revealed that a total of N8.244 billion had been proposed, made up of N1.154 billion for overhead cost, N4.124 billion as capital cost while N2.865 billion for personnel cost. He explained that in spite of the fact that the government had financial constraints due to dwindling revenue; the NFIU needed to carry out its role of monitoring financial institutions. This, he said was for compliance as empowered by the NFIU Act of 2018. Also, defending his budget before the committee was the Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu. Mr Magu disclosed that the sum of N251 billion cash and multi-million dollar worth of jewellery was recovered by the commission between January 2018 and the first quarter of 2019. He said this include: N11.5 billion final forfeiture (cash and accounts); N133.8 billion non-forfeiture recoveries; N8.92 billion direct deposits; N38.64 billion tax recoveries; N4.30 billion fuel subsidy recoveries and N42 billion banks (third party). He said was in addition to recoveries of assets as jewellery (gold), various sums in other currencies and cash for major government agencies including NNPC, FIRS and AMCON. “In the first quarter 2019 financial year, the Commission made recoveries which included: Cash of N140.7 million; Direct Deposit of N2.02 billion; Tax recoveries of N7.20 billion; Subsidy recoveries of N3.06 billion and 292 million dollars,” Mr Magu explained. On 2019 budget, Mr Magu said the commission required N22.071 billion in 2019 against the sum of N26.396 billion approved in 2018. He however, observed that the capital expenditure of N15.196 billion was reduced to N3.978 billion in the executive summary submitted by the Executive to the Legislature. According to him, the sum of N2.02 billion is for payment of outstanding liabilities to Julius Berger arising from certificate Nos. 28, 29 and 30; N1.5 billion cost on the agency’s new head office complex. “Then N.299 billion for liabilities for consultancy (New head office); N.47 billion for the purchase of security equipment (ammunition) and N1.1 billion for the furnishing of the new head office, among others.” Mr Magu also disclosed plans to increase salaries and allowances of 970 additional staff approved for recruitment, to be fully enrolled on the personnel cost platform in 2019. This comprises 332 Assistant Detective Superintendents, 293 Assistant Detective Inspectors currently undergoing training at NDA Kaduna and support staff that recently joined the services of the commission. In his welcome remarks, Mr Oladele reiterated the committee’s support for the sustenance of the war against corruption by the Muhammadu Buhari’s administration and transformation of EFCC into world-class anti-graft institution. He observed that the issue of paucity of funds had become a thing of the past. He also applauded the synergy between the Executive and Legislature towards the completion of the 10-storey office building constructed for the commission, which he observed was abandoned by the Good luck Jonathan administration.   Source: Premium times

The Corporate Affairs Commission (CAC) has once more applauded the National Assembly on the transmission of the Companies and Allied Matters (CAM) Bill 2019 to the President for assent. This was in consonance with the provision of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria 2004. The CAMA Bill 2019 which seeks to repeal the extant statute (The Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004) and enact another statute in its place represents one of the biggest piece of legislative review in the history of National Assembly. The assent of the long awaited Bill would remain a monumental achievement, and one of the important reform agenda of the Buhari’s administration, according to a statement. The bill would greatly enhance the ease of starting and growing business in Nigeria, ensure more appropriate regulation for micro, small and medium scale enterprise, enhance transparency and shareholder engagement; align regulatory framework with international best practice for competitiveness and, in the context of a global economy, make Nigeria an investment destination of choice by attracting and growing investments. The new law would allow the right of one person to form a company, make the use of common seal optional for companies, dispense with the statutory declaration of compliance by legal practitioners for registration of companies, disclosure of beneficial ownership, amongst others.   Source: Thisdays

The Corporate Affairs Commission (CAC) has explained that the Companies and Allied Matters (CAM) Bill 2019 will allow an individual to form a company and make use of Common Seal option for companies. The Commission said the Bill will also greatly enhance the ease of starting and growing business in the country and ensure more appropriate regulation for Micro, Small and Medium Scale Enterprise. “It will enhance transparency and shareholder engagement; align regulatory framework with international best practice for competitiveness and, in the context of a global economy, make Nigeria an investment destination of choice by attracting and growing investments,” he said. According to him, the Bill will also dispense with the Statutory Declaration of compliance by Legal Practitioners for Registration of Companies, Disclosure of Beneficial Ownership amongst others. In a statement by Head, Public Affairs Godfrey Ike on Monday in Abuja, the Commission said it is in consonance with the provision of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria 2004.   Source: Blueprint

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

The Corporate Affairs Commission (CAC) has said that all is set for its 2019 quarterly Customers’/Stakeholders Forum. Godfrey Ike, Head, Public Affairs of CAC, who disclosed this through a statement, said the event is  slated for Tuesday, March 26, 2019 at the Merit House, Maitama, Abuja, by 11.am. “The CAC’s Customers/Stakeholderss Forum is interactive in nature and provides opportunity for the commission’s esteemed accredited customers, stakeholders and members of the public to directly engage top Management of the Commission on all its services. “It also serves as a veritable window for top management of the commission to provide first hand information on the commission’s products and services. “The forum is organised quarterly in furtherance of efforts towards deepening communication with the commission’s customers and other stakeholders as well as provide opportunity for stakeholders and members of the public to have a one-on-one interaction with top management of the commission on its services. Ike disclosed that  there will be presentation and demonstration on frequently encountered issues, while using the Companies Registration Portal which enables customers to register their businesses online at the forum. According to the statement, expected at the Abuja forum include among others, legal practitioners, chartered accountants, chartered secretaries, members of Nigerian Association of Chamber of Commerce, Industries, Mines and Agriculture (NACCIMA), Manufacturers Association of Nigeria (MAN), entrepreneurs and members of the general public.   Source: Independent

The cost-friendly Business Incentive Strategy (BIS) rolled out in October last year by the Corporate Affairs Commission (CAC), would end this month. The BIS is primarily to ensure formalization of businesses by MSMEs for the overall benefit of the economy. The Commission has so far registered over 73,000 companies in the last three months under the BIS. Acting registrar-general of the Commission, Lady Azuka Azinge, who disclosed this yesterday in Abuja, said when compared to the corresponding year of 2017, when about 30,000 companies were registered, the BIS had been very successful. The BIS involves the reduction in fees from N10,000 to N5,000 initially for 3 months starting from  October 1, to December 31, 2018, but Azinge said based on popular demand, the period was extended by another three months beginning from January 31 to March, 2019. She said the BIS is Commission’s contribution to the development and growth of the MSMEs in Nigeria. Azinge also hinted that as at today, business names certificates were yet to be collected by their owners in the Commission’s offices nationwide. She therefore implored those concerned to come forward and collect them.   Source: Leadership

The Corporate Affairs Commission (CAC) has announced that the on-going Business Incentive Strategy (BIS) will end by March, 31st 2019. The Acting Registrar General, Lady Azuka Azinge at the Commerce and Industry Correspondent Association of Nigeria (CICAN) annual retreat and capacity building workshop on Friday in Abuja, urged members of the public to ensure they register their businesses. According to her, “the BIS involves eduction in fees from N10,000 to N5,000 initially for a 3 months period 1st October to 31st December, 2018. “ She said based on popular demand, period was extended by another 3 months from January 1st to March 31st 2019, adding that the BIS registration is ongoing at CAC offices nationwide. She said essence of the reforms is to make business registration and regulation as simple as possible. “While the BIS is to ensure formalization of businesses by MSMEs for the overall benefit of the economy. “The BIS is Commission’s contribution to the development and growth of the MSMEs in Nigeria. “Importance of MSMEs and its contribution to GDP, Realization that a large number of the MSMEs were “0” registered. “Benefits of registration/formalization of their business, Open Bank Accounts, Access to Credit, Corporate Governance,” she said. On the retreat, Lady Azinge said the media occupies a very strategic placea in society, noting that without the media, the requisite public awareness of government initiatives and programmes cannot achieve the desired impact. She commended the long standing cordial relationship between ClCAN and the Commission.   Source: Blueprint

The Corporate Affairs Commission (CAC) has registered not less than 73,000 companies within three months under its cost-friendly Business Incentive Strategy (BIS) rolled out in October last year. Acting registrar-general of the Commission, Lady Azuka Azinge, who made this known in Abuja, yesterday, said the Commission would record a higher number of registration in the first quarter of 2019. “From 1st October to 31st December 2018, we registered 73,000 companies, if you look at the corresponding year, about 30,000 companies were registered in 2017, so you can see the BIS was successful. “Based on popular demand, we have to go back to the minister for extension which started from January 1 to March 31 2019, we are almost at the tail end of the second part and so far we are exceeding what we did last year. We expect to see much higher number which is what we are seeing already in our record,” she said. Azinge, therefore called on the private sector operators to take advantage of the BIS window which ends on March 31, 2019, to register their business name at reduced fee of N5, 000, adding that there was no going back on the various initiatives put in place to ensure ease of doing business in the country. “The Commission has undertaken many initiatives. We are fully decentralised in our operations, whereby you now have online registration of business names, limited liability companies as well as the incorporated trustees, which can be registered online 24 hours within which you get your certificate. Payments are also done online, there is also integration with the FIRS on issue of the stamp duty,” she said.   Source: Leadership

The cost for the registration of business names in Nigeria has been reduced from N10,000 to N5,000. This was announced by the Corporate Affairs Commission on Wednesday, March 6 – According to CAC, the reduced cost of business name registration will end on Sunday, March 31. The Corporate Affairs Commission (CAC) has announced a reduction in the cost of business names’ registration. The commission on Wednesday, March 6, said the registration fee for business names in Nigeria has been reduced from N10,000 to N5,000. However, the CAC said the reduction in cost for business name registration will end on Sunday, March 31. The commission also advised the general public to take advantage of the Business Incentive Strategy (BIS) window to formalize their businesses before the deadline. Meanwhile, Legit.ng previously reported that the CAC had earlier promised to register business names within six hours of successful application. The commission said it will ensure an effective deployment of information technology for registration of business names. During the annual conference of the Nigerian Bar Association, the acting registrar of the commission, Azuka Azinge, said the move is part of efforts aimed at addressing some of the bottlenecks usually encountered during the registration of business names.   Source: Legit

The Acting Registrar General of the Corporate Affairs Commission (CAC), Lady Azuka Azinge, has said that the Federal Government reviewed the fee for business registration downward by 50 per cent to encourage Small and Medium Enterprises (SMEs) to formalise their businesses. She said this when the management of Daily Trust Newspaper visited her in the CAC headquarters in Abuja yesterday. Represented by the Commission’s Director of Registry, Mr  Abdul Hakeem Mohammed, Lady Azinge said the National Bureau of Statistics (NBS) estimated that about 34 million SMEs operate in the informal sector of the economy and the fee reduction was targeted at enrolling them into the formal sector of the economy. She said the reduction, which was a part of the Commission’s Business Incentive Strategy (BIS), brought down the fee for business registration from N10, 000 to N5,000 to encourage more SMEs to give their businesses formal identities. The CAC boss said the incentive was meant to last for the last quarter of 2018 but popular demand led to an extension to March 31, 2019. She urged SMEs that are yet to take advantage of the incentive window to register their business names before the deadline. The Head of Public Affairs Department of CAC, Mr. Godfrey Ike, commended Daily Trust for being professional and setting the pace for journalism practice in Nigeria.     Source: Daily Trust