CAC SERVICES

Oil and gas companies operating in Nigeria got a total of 12,383 service permits in 2018 for the services rendered in the sector. The Department of Petroleum Resources said the service permits were issued in three categories. In a document detailing some of its achievements in 2018, which was obtained by our correspondent from the agency in Abuja on Friday, the DPR outlined the categories as general, major and special. The agency said, “DPR granted a total of 12,383 oil and gas industry service permits in 2018. The permits include 2,730 in the general category; 5,963 in the major category; and 3,690 in the special category.” The DPR has the statutory responsibility of ensuring compliance with petroleum laws, regulations and guidelines in the oil and gas industry. The discharge of these responsibilities involved monitoring of operations at drilling sites, production wells, production platforms and flow stations, crude oil export terminals, refineries, storage depots, pump stations and retail outlets. It also discharges these responsibilities by monitoring any other location where petroleum is either stored or sold and all pipelines carrying crude oil, natural gas and petroleum products while carrying out the additional functions that include the processing of industry applications for leases, licences and permits. On the basis of the legal framework for the service permits, the agency stated that any service company that operated in the oil and gas sector without a service permit would be in contravention of the provision of the DPR regulation. In its guidelines for oil and gas industry service companies permit, the DPR said a company might apply for and obtain permits in more than one category provided it was registered by Corporate Affairs Commission and had the appropriate legal status as well as the competencies, capabilities or equipment to carry out the jobs. It said the guidelines were issued pursuant to Section 8, subsection 1(a) and 9, subsection 1(a) & (h) of the Petroleum (Drilling and Production) Amendment Regulations 1988, which empowered the director of petroleum resources to formulate regulations/guidelines from time to time for the smooth and safe operations in the oil and gas industry.   Source: Punch

The Corporate Affairs Commission (CAC), yesterday, described the passage of the Companies and Allied Matters Bill by National Assembly as a feat, monumental and demonstrative of the harmonious relationship existing between the two chambers of the Eighth Assembly. Reacting to the passage of the bill by the House of Representatives after Third Reading on Tuesday, January 22, 2019, the Acting Registrar-General of the commission, Lady Azuka Azinge noted that the bill, 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, represented one of the biggest pieces of legislative review in the history of the National Assembly. She noted further that, since the extant statute was enacted almost 30 years ago, it had not witnessed any significant review. Lady Azinge stated that the main thrust of the bill was to ensure the ease of starting and growing business in Nigeria; ensure more appropriate regulation for MSMEs; 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. Describing the bill as testimonial of a partnership that worked, she acknowledged the collaboration between the commission, government and private sector stakeholders. She said in particular the support of the Presidential Enabling Business Environment Council (PEBEC), through its secretariat, the Enabling Business Environment Secretariat (EBES); the National Assembly Business Environment Roundtable (NASSBER); the Technical Advisory Committee of the Senate; the Federal Ministry of Industry, Trade and Investment (FMITI); the Federal Ministry of Justice (FMJ); the Securities and Exchange Commission (SEC); the Nigerian Bar Association through its Section on Business Law (SBL-NBA); the Institute of Chartered Accountants of Nigeria (ICAN); the National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria (MAN). Others were the Nigerian Investment Promotion Commission (NIPC); the Federal Inland Revenue Service (FIRS); the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN); the Association of National Accountants of Nigeria (ANAN); the Nigerian Stock Exchange (NSE); the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN); the Nigerian Association of Small and Medium Enterprises (NASME); Lagos Chamber of Commerce and Industry (LCCI) and several professional firms. Azinge expressed optimism that the b would receive the assent of the President very soon, stressing the commitment of the commission to double its efforts of registering more businesses from now on compared to the three million figure recorded since inception. It would be recalled that the bill originated from and was passed by the Senate on Tuesday, May 15, 2018.     Source:  The sun

The Laws and Rights Awareness Initiative has, through its trustees, brought an action against the Federal Inland Revenue Service (FIRS) at the Abuja Division of the Federal High Court. In the suit, the Laws and Rights Awareness Initiative is challenging the power of the FIRS to provide commercial sponsorship or support to entertainment concerts and shows. In the originating summons filed by their counsel, Olumide Babalola and Mofesomo Tayo-Oyetibo. The Initiative alleges that the FIRS has been sponsoring and supporting entertainment events and concerts such as the Festival of Lights, Davido Live in Concert and King Coal in Concert when it has no power to do so under the Federal Inland Revenue Service Act, as a result of which it has acted beyond the scope of its powers under the Act. The reliefs sought in the Originating Summons include a declaration of the Federal High Court that it is ultra vires the FIRS and unlawful for it to defray any money towards the sponsorship or any other form of support howsoever called, of concerts, entertainment shows or any other event howsoever called, which are not stipulated as part of the statutory expenditure of the FIRS under section 16 of the Federal Inland Revenue Service Act. The Initiative also seeks an Order of injunction restraining the FIRS from defraying any amount towards any event not mentioned in section 16 of the Act or any other Act of the National Assembly. The FIRS is yet to file a defence to the action. Source: Guardian

The Corporate Affairs Commission (CAC) has approved the name for non-governmental organisation called Edubox International Foundation. Founder of the foundation, Tosin Sanusi said the aim of the NGO is to help position Nigerian students and youths to become relevant to the country and the entire world by supporting their academics and empowering them with the requisite skills needed for national growth. “We hope the NGO will ensure students further their education without financial constraints and also serve as a centre for skills acquisition for youth,” Sanusi said. Sanusi further noted that the foundation would provide a platform of sponsorship for destitute students who are intelligent and can’t afford education. According to him, the proposed trustees for the foundation shall be Mr. Kelvin David; Mr. Sanusi Tosin Moses; Igwe Hephzibah Adaeze; Nwaigwe Marilyn Chinwe; Joshua Christian Amuzie and Mr. Hassan Ahmed Adekunle. Meanwhile, the CAC said technology has played a pivotal role in streamlining the inter agency partnerships between them and other government agencies. The Acting Registrar-General of the commission, Azuka Azinge, told stakeholders in Abuja at the Technology As A Catalyst: Ease of Doing Business 2018 Conference. Azuka Azinge, Acting Registrar General, Corporate Affairs Commission (CAC), extol the benefits of using technology in running the commission.  According to her, technology has made it possible for applicants to do their company registration online without coming to CAC office. “Technology has made it possible for the commission to run 24 hours registration, which they were not doing before and online payment is now available at the commission because of technology. Technology has changed the face of how we do business now,” Azinge noted. Source: Pulse

The Acting Registrar-General, Corporate Affairs Commission (CAC), Mrs. Azuka Azinge, has said a total of 327,676 business names were registered while 41,719 Incorporated Trustees were registered in the last three years.   According to her, the breakdown of the filings showed that registered companies recorded 145,329 fillings, business names recorded 26,593 filings, while 18,156 incorporated trustee filings were returned in the period under review.   Speaking in Kano at the weekend, during a customers/stakeholders forum, Azinge said the incentive was extended from 1st January to 31st March 2019, to enable more micro small and medium scale enterprises (MSMEs) formalise their businesses. Azinge, disclosed that the Commission recently dispensed with proficiency requirement for the registration of all forms of businesses. She also put the total number of entities that had been registered by the commission since inception to date at 2,853,692. The breakdown of the figure showed that 1,671,079 businesses were registered as limited liability companies, 1,115,429 entities were registered under business names while the remaining 67,185 were registered as incorporated trustees. The CAC added that it registered 85,635 new companies in 2018. It said the number of newly registered companies dropped by 2.57 per cent in 2018, compared to the 87,891 companies that were registered in 2017. The commission had under its Business Incentive Strategy (BIS) reduced the cost of business name registration from N10,000 to N5,000, for a period of three months covering October 1 to December 31, 2018. The BIS is aimed at creating a window for MSMEs to formalise their businesses so that they can own corporate accounts with banks, have access to loans, grants and other government interventions. Azinge said upon the expiration of the initial three months window, the commission received several requests from states and other agencies seeking an extension of the 50 per cent fee reduction promo. She said in view of the benefits of the BIS, coupled with the demand for extension by stakeholders, it became imperative to further extend the period to March 31 of this year to enable more MSMEs to formalise their businesses. “Only recently, the commission extended the BIS to encourage small businesses to formalise their businesses by registering same with the commission. “During the initial three months of the BIS registration, activities increased tremendously. For the months of October and November 2018, a total of 39,074 business names were registered.” She added that in the third quarter (July to September) 32,504 were registered and from October to December a total of 66,687 companies were captured. The acting registrar general said the commissioned had embarked on some reforms with a view to improving on its services being rendered to the teeming business men and women across the country. Azinge said, “CAC was able to make provide a platform for direct registration by first directors/subscribers, digitalisation of its legacy records, full decentralisation of its operations, development of company registration portal and provision of 24 hours online registration of businesses. “The commission also co-located its ICT infrastructure to guarantee uninterrupted availability of service 24/7, provided a robust website and removal of requirement for proficiency certificate for business registration.” Speaking earlier, during a panel discussion, Professor Murtala Sabo Sagagi, the Dean, Dangote School of Business, Bayero University Kano, urged the commission to intensify action on its sensitisation campaign to enable people know more about the importance of registering their businesses. Sagagi, said a survey conducted recently had shown that out of the 400 SME sampled in Tarauni local government, only three registered with CAC, seven registered with state government, nine with local government and 388 had never registered the names of their businesses. “This has indicated that the commission has a lot to do to sensitise the general public on the importance of registering their businesses with the CAC,” he said. Other dignitaries that attended the forum included board member of the CAC, Mr Rabiu Madugu; Chairman of the Nigerian Bar Association (NBA) Kano chapter, Barrister M.A Lawan among others. Source: Punch 

KANO – As part of efforts toward deepening communication with its customers the Corporate Affairs Commission (CAC) held its quarterly consumers’ forum in Kano aimed at making business registration simple, fast and cheaper. In her address, Lady Azuka Azinge, CAC Acting Registrar Genera, said the forum was a periodic event intended to bring together management of the commission, stakeholders and members of the public to interact on issues pertaining to its services. She maintained that the forum was an opportunity for stakeholders and members of the public to have a one-on-one interaction with top management of the commission. Azinge said the current administration’s agenda on Ease of Doing Business had galvanised the commission to further improve on its registration and regulation services to teeming businessmen and women in the country. She applauded the working relationship between Presidential Enabling Business Environment Council the Ease of Doing Business Environment Sectarian, the business as well as other critical agencies involved in the doing business matrix. She started that their efforts had significantly contributed to the improved ranking of Nigeria in the Global Doing Business Index, disclosing that the post registration services were now partially automated, to enable state officers to fast track the processing of post registration applications. Source: Independent