CAC registered 91,609 business names in one year

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Corporate Affairs Commission

•Disqualified 38,717 in post-incorporation application

At least 91,609 business names, 76,491 limited liability companies, and 10,003 incorporated trustees were registered between July 2016 and June 2017 by the Corporate Affairs Commission (CAC), under its enabling Act, the Registrar-General, Bello Mahmud has said.

According to the CAC’s helmsman, since the launching of the Companies Registration Portal (CRP) on February 2, 2015, company registration activities had witnessed progressive increase and improvement, adding that the feedbacks from customers and stakeholders have facilitated improvement in its service delivery, which the Commission is committed to providing.

Mahmud also said about 38,717 companies were disqualified, 77 liquidated, 278 applications slated for winding-up, while 73 notices of appointments of Receivers were recorded, following post-incorporation applications received and registered by the Commission during the period under review.

He added, “Similarly, 672 companies notice of changes, eight notice of reduction in Share Capital, 2,441 notice of increase in share Capital as well as 697 notice of change of names were received and registered by the Commission in the period under review.”

The Registrar-General, who disclosed this yesterday in a report presented to journalists in Abuja, said the move is in effort to enhance the ease of doing business in Nigeria, which starts with registration and equity structures in line with the Presidential Order.

He further disclosed that the revised Act also focuses on some new areas including, framework for business rescue and recovery process, provision for company with single shareholder and director, as well as the concept beneficial ownership.
Mahmud also that the collaboration between the Commission and the Federal Inland Revenue Service (FIRS) on electronic stamping (e-stamping), of documents has paid off through the document upload interface already provided by the CRP.

‘’With this development, the Memorandum and Articles of Association accompanied with the new Form CAC 1-1, are submitted and stamped on-line after payment of the appropriate stamp duty. All these processes are done online therefore, saving the customer the inconveniences associated with the physical submissions that involves visiting the stamp duty office.”

To boost its overall operations, he said the Commission has also maintained formal regular engagements with stakeholders, particularly professional groups through its Customers Forum usually held in many cities across the country.