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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

The unavailability of documents from the Corporate Affairs Commission (CAC) has stalled the forgery trial of John Abebe, the younger brother of former first lady, late Mrs Stella Obasanjo on Friday in an Ikeja Special Offences Court. Abebe is alleged by the Economic and Financial Crimes Commission (EFCC) to have on June 22, 2010 knowingly forged portions of a letter belonging to BP Exploration Nigeria Ltd dated Nov. 30,1995. Mr Christopher Ikem, a staff of CAC and the second defence witness (DW2), Informed the court that the CAC was still in the process of collating the documents necessary for Abebe’s defence. He noted that some of the documents date as far back as 1992. Mr Uche Nwokedi, SAN, the defence counsel, requested for an adjournment of the suit to enable the subpoenaed CAC official bring the necessary documents to court. Reacting, Mr Rotimi Oyedepo, the lead prosecuting counsel for the EFCC, however, expressed displeasure over the defence counsel’s request for an adjournment. “My lord the learned SAN can tender the documents himself we should not use DW2 as a skyscraper of adjournments. The documents about to be tendered has no relation to the charge. “It is alleged that the defendant forged a document that was presented during proceedings at the Federal High Court. “I humbly and passionately pray my lord that proceedings should not be stalled as justice is not for the defendant alone,” Oyedepo said. Responding Nwokedi said “We issued these subpoenas to the witnesses in May and this case is under constant review and we owe it to provide the best defence. “If my learned friend can state here that he has not sought an adjournment in this case, I will let it be. We were meant to take two witnesses today but unfortunately, the second witness is not well,” Obliging Nwokedi’s request, Justice Mojisola Dada adjourned the case until July 10 and 11 for continuation of trial. In a no-case submission which relied on Section 239(1) of the Administration of Criminal Justice Law 2011 Nwokedi (SAN) had urged the court to dismiss the EFCC’s case against Abebe. In the no-case submission which was dismissed by Justice Dada on March, 24 Nwokedi noted that the procurement of the allegedly forged letter by the prosecution was illegal. He said it contravenes the provisions of Sections 37 and 38 of the National Archives Act and as a result, the document (letter) was legally inadmissible to prove the charge against Abebe. He noted that the document, which was prepared by BP Exploration Nigeria Ltd and Inducon Nigeria Ltd (both Nigerian companies) were produced from a privately managed archive in London known as Iron Mountain. Abebe opened his defence on July 13 with Mrs Roseline Ovesuor, Deputy Director of the National Archives giving evidence and the first defence witness (DW1). Reiterating the claim of the defence, Ovesuor stated in her evidence that by virtue provisions of Sections 37 and 38 of the National Archives Act, it was an offence for a Nigerian company to take its records outside Nigeria. Abebe had on July 26, 2018 plead not guilty to a four-count charge of forgery, fabricating evidence, using fabricated evidence and attempt to pervert the cause of justice. According to the EFCC, the defendant committed the offence on June 22, 2010 in Lagos. “Abebe knowingly forged BP Exploration Nigeria Ltd’s letter dated Nov. 30,1995 to Inducon (Nigeria) Ltd. “He committed the forgery by inserting in page two of the said letter the following words: “Also note that the ‘Buy-Out Option’ only applies to the pre-production stage of the Net Profit Interest Agreement (NPIA). ”The four million dollars buy-out is thus irrelevant from production of oil in any of our fields. “He purported same to have been issued by BP Exploration Nigeria Limited,” Oyedepo said. The prosecution claims that the defendant used the allegedly forged letter as evidence in suit No. FHC/L/CS/224/2010 between Abebe, Inducon Nigeria Ltd and Statoil Nigeria Ltd. at the Federal High Court. The evidence was admitted and marked exhibit BB in the suit. According to the EFCC, the defendant had through his actions, attempted to pervert the course of justice. The offence, the anti graft agency said, contravened the provisions of sections 120(1), 120(2), 126(2) of the Criminal Code Law of 2003.(NAN).   Source: Vangard

Experts say there are steps required to start a successful business. Take one step at a time, and you will be on your way to successful small business ownership. Step 1: Do Your Research Most likely you have already identified a business idea, so now is the time to balance it with a little reality. Does your idea have the potential to succeed? You will need to run your business idea through a validation process before you go any further. A brand strategist Lanre Philips says you don’t go into a business just because you have an idea but because you want to solve a problem. “In order for a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants”. Author of ‘Starting a Successful Business’, Mrs Ekatte Umoh also corroborated this. “Simply find a need and fill it. There is always a gap in the market, recognize that gap and provide a solution.” There are a number of ways you can identify this need, including research and even trial and error. As you explore the market, some of the questions you should answer include:  Is there a need for your anticipated products/services? Who needs it?  Are there other companies offering similar products/services now?  What is the competition like? Step 2: Make a Plan You need a plan in order to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually business growth. Experts say a business plan is a must-have for all new businesses. Step 3: Plan Your Finances Starting a small business does not always require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. Anticipate what you will need to keep your business running for at least 12 months, like rent, marketing, supplies, employee salaries, your own salary and so on. Step 4: Choose a Business Structure Your small business can be a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation. The business entity you choose will impact many factors from your business name and to your liability. You may choose an initial business structure, and then re-evaluate and change your structure as your business grows and needs change. Step 5: Pick and Register Your Business Name Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose a business name. You can register a business name with the Corporate Affairs Commission (CAC) for N5, 000. The federal government reduced the rate from 10,000 to enable small business register their business names.   Source: Daily Trust

The Small – scale Consultative Forum, Abuja branch, has commended the Corporate Affairs Commission (CAC) and its acting registrar-general, Lady Azuka Azinge, for what it called the life-touching reforms she has so far introduced in the commission since assuming office in 2017. The body in a communiqué released to journalists and signed by Mr Komolafe Jameel, and Pius Ekong, president and secretary of the forum respectively, at end of its annual business appraisal meeting in Abuja during the weekend, noted that CAC under the watch of Lady Azinge has made Nigerian small-scale businesses, that were before now, not given much consideration to become positioned to contribute to national economy. According to the communiqué, “Opening up and deepening communication with stakeholders and the general public through open market sensitisation , customers’ fora, coupled with the sensitisation of micro, small and medium scale enterprises(MSMEs) and other associations through the media, has brought about more robust way of doing business in the country.” It added that it was through this means that the commission was able to implement the Business Incentive Strategy (BIS) through which members of the forum were allowed to register their business names at discounted rate of N5, 000 which represented half of the normal filing fees for business names. While commending the Azinge and her team for implementing 24-hour service delivery timeline for pre-incorporation applications for overall efficiency, the communiqué is of the opinion that, sustaining the online operations which have made it possible to discard manual operations in the commission, would continue to boost businesses of its members, which had tripled to an unprecedented level with the coming on board of Lady Azinge at the CAC. The communiqué also commended President Muhammadu Buhari for creating a conducive environment for small – scale businesses to thrive in the country.   Source: Leadership

The League of Anambra Media Practitioners (LAMP), a body of journalists of Anambra state origin, practicing in Abuja, has called on President Muhammadu Buhari, to as a matter of urgency; confirm the appointment of the acting Registrar General of the Corporate Affairs Commission (CAC), Lady Azuka Azinge, as the substantive Registrar General. LAMP in a press statement by its Convener, Mr Williams Orji, Monday in Abuja, regretted that Lady Azinge, who has transformed the commission since she assumed office, over a year ago, was still in acting capacity despite numerous transformations on easy of doing business she introduced to the commission. Orji said the acting registrar also has to her credit, among others: “the abolition of   proficiency certificate requirement; the increment of number of small scale business registration through a new federal government policy; the reduction of the number of hours spent to conduct a search from days to just four hours, while the registration services can be done now within 24 hours, through online.” Similar news  Anambra RTEAN worries over motor park touts, miscreants. The group wondered why, having done so much in reinvigorating and repositioning CAC to its current state, which has attracted more businesses to the country, confirmation of the appointment of the brain behind such feat was being delayed. “…the achievement she has brought to CAC shows that no previous registrar general has surpassed her feat. She has brought professionalism and efficiency in the running of the once moribund commission, where it can now boast of making more money for the federal government. “Therefore, we beseech Mr President, to speedily confirm her appointment, as a way of motivating her for more hard work and innovations in line with the present administration’s economic revival,” the body said in the statement.   Source: Blueprints

An Ikeja Special Offences Court, Lagos has revoked the bail of a former Managing Director of MainStreet Bank Registrar Limited, Chester Onyeamachi Ukandu who was earlier granted bail on an offence of forgery. Ukandu was arraigned by the Economic and Financial Crimes Commission, EFCC on March 19, 2018 on a three-count charge bordering on forgery and impersonation. Ukandu, who was docked alongside one Mr. Achi George, was alleged by the EFCC to have forged documents purportedly emanating from the Corporate Affairs Commission (C.A.C.) Justice Olusola Williams however revoked Ukandu’s bail following an express breach in the bail conditions earlier granted him. According to the prosecuting Counsel, A.B.C Ozioko, who filed a motion on Notice dated January 15, 2019, the 1st defendant, Ukandu had breached some of the bail conditions by acting in a manner capable of jeopardizing the course of justice in the case. However, one of the bail conditions by the court included a strict warning to the defendants that the defendants should desist from holding themselves out as officers of the company and other correspondence in that regard, until the final determination of the suit or any other suits in the Federal High Court, pertaining to the ownership of the Mainstreet Bank Registrars Limited. Ozioko, while praying the court to revoke the Ukandu’s bail, said that instead of being sober and face the charges of conspiracy and forgery against him, the 1st defendant continued to write numerous petitions against the prosecution star witness in the matter, seeking to intimidate, harass and embarrass the witness. The prosecutor accused Ukandu of writing a petition to the Nigerian Bar Association (NBA) against a lawyer, who is also a witness in the his matter, after he was granted bail. EFCC said Ukandu has taken active steps to interfere with the successful prosecution of the case against him since he was granted bail and urged the court revoke his bail. The court thereafter noted that the defendant acted in a manner capable of jeopardizing the course of justice in the case. Ruling on the application, Justice Williams held that once the court grants a bail to an accused person; it ought not in law revoke such bail, unless there is evidence of some changed circumstances placed before it. “Unfortunately for the 1st defendant, there was ample evidence of changed circumstances, adding that the defendant has been restless. “it appears that the defendant would rather take matters into his own hands instead of leaving the court to determine the suit expeditiously. “I am persuaded that he should be placed in custody so that he does not continue to muddy the waters and disturb the progress of this case. Accordingly, the bail granted to the 1st defendant is hereby revoked”, Justice Williams ruled. The EFCC alleged that sometime between February 6 and 7, 2012, the two defendants conspired and forged the letter head paper of Mainstreet Bank Registrars Limited, with registration number: 613674, claiming that it emanated from Mainstreet Bank’s Registrars Limited. The commission accused the duo of forging a Corporate Affairs Commission (CAC) Form 2A, claiming that it emanated from CAC. The two defendants, who had retired from the company, were alleged to have unlawfully converted the company’s properties and bank account with Skye Bank for personal use.   Source: Tribune