CAC registers over 3 million companies since inception

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Updates on happenings

By Miriam Humbe

The Corporate Affairs Commission (CAC) said it has registered a total of N3,098,193 companies and others in Part A, B and C from inception to March 21, 2019.
The Commission further said the initial three months of the Business Incentive Strategy (BIS) registration activities has increased tremendously.
CAC’s Acting Registrer General Lady Azinge Azuka who revealed these at the Customers’ /Stakeholders Forum in Abuja on Tuesday said in the last three years, the statistics on registration of firms/companies under Parts Limited Liability Company (A), Business Name (B) and Incorporated Trustee (C) amounted to N618,309.
She explained that in 2016, the commission got the sum of N175,098 from the LLC (A) ,N193,194 from Business name (B) in 2017 and got the sum of N252,035 from Incorporated Trustee (C) in 2018.
She said the number of Annual Returns filed under the Parts A,B and C in the last 3 years was N190,078.
According to her, the major thrust in the present administration is to revamp the Nigerian economy by supporting the Micro Small and Medium Enterprises (MSMEs ) whose activities contribute in no small measure to the nation’s development.
She said the commission remains resolute in reviewing its processes regularly.
“In that regard, work is at advanced stage to amend its enabling law, the Companies and Allied Matters Act (CAMA) in collaboration with the National Assembly.
“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 ,” she said.

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