CAC - NEWS AGENCY OF NIGERIA

Philip Daniel Yatai
Jun, Tue, 2025

CAC reviews service fees Aug. 1, for efficient services

450 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) says it has reviewed some of its service fees to enhance service quality, improve efficiency, and sustain digital transformation in its operations.

The commission said this in a public notice it issued in Abuja on Tuesday.

It said the increment which will take effect from Aug. 1, reflected prevailing economic realities and rising operational costs.

It said the adjustment followed engagements with key stakeholders.

The commission added that the review was to sustain prompt and technology-driven service delivery for Nigerians.

“The review of fees is crucial to ensuring that the commission continues to provide prompt, efficient, and technology-driven services that meet the expectations of its stakeholders for the benefit of the Nigerian economy,” it said.

The CAC described the reviewed fees as modest and competitive.

It said the changes would support its ongoing reforms to enhance transparency, accountability, and customer satisfaction.

“The schedule of the revised fees has been published on the commission’s official website: www.cac.gov.ng, including a direct link to its resource section for easy access,” the notice said.

The commission assured the public of its continued commitment to delivering high-quality services and maintaining the integrity of Nigeria’s corporate registry.

It urged the public, business owners, and corporate stakeholders to visit its website for full details of the reviewed service charges and other resources. (NAN)

Edited by Chidi Opara

CAC prioritises staff wellness with monthly physical exercise — R-G

Philip Daniel Yatai
May, Sun, 2025

Economy/Business

CAC prioritises staff wellness with monthly physical exercise — R-G

219 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) has reaffirmed it’s commitment to the physical and mental well-being of its workforce through q monthly physical exercise sessions.

The Registrar-General (R-G of the CAC, Hussaini Magaji, gave the assurance during the commission’s monthly routine fitness walk in Abuja, on Saturday.

Magaji said that the exercise was introduced to foster teamwork, improve productivity, and promote a healthy work culture among staff of the commission across the country.

“We come out monthly to express the teamwork in the CAC. It is about building ourselves mentally and physically so we can discharge our duties responsibly.

“We have seen improvements in productivity since we introduced this,” he said.

He said that the initiative was not limited to the commission’s headquarters but is also encouraged at all 38 CAC offices nationwide.

“If you go to Lagos and other state offices, you will see them observing the same thing.

“We are always setting the pace and we encourage other agencies to emulate us,” Magaji said.

He advised Nigerians to imbibe the culture of regular exercise for physical and mental wellness.

According to him, exercise helps the spirit and the overall well-being, it is the secret to our performance at CAC.

Also speaking, the Chairman of the Sports Committee of the CAC, Gloria Essien, said that the initiative aligned with one of the pillars of the commission’s four-point agenda on capacity building.

She said that the goal was not just professional development but also the physical fitness of staff.

“A healthy workforce is a worthy organisation. It is not about strenuous workouts but simple routines to keep sickness away and boost staff morale,” Essien said.

She encouraged other government agencies and members of the public to adopt similar initiatives for a healthier and more productive workforce.

The monthly exercise, which has become a regular feature at the CAC, continues to reinforce teamwork and unity among staff while fostering a culture of wellness in the public service.(NAN)

Edited by Kadiri Abdulrahman

Philip Daniel Yatai
Apr, Tue, 2025

Economy/Business

CAC gives businesses 6 weeks ultimatum to comply with registration requirements

365 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) has given all businesses operating in Nigeria a six-week ultimatum to comply with the registration requirements of the Companies and Allied Matters Act (CAMA), 2020.

The Commission, in a circular issued on Tuesday in Abuja, said that after the ultimatum, it would take necessary action against erring offenders who fail to comply.

”This includes legal action, against any Company, Limited Liability Partnership, Limited Partnership or Business Name found operating without registration or under a name different from its registered identity.

“It is a criminal offence under Section 863 of CAMA to carry on business in Nigeria without proper registration, or to use a name or acronym other than that under which the entity is legally registered,” it said.

According to the statement, Section 729 of the Act mandates all registered entities to display their registered name and number outside every business location.

It said that this should also be displayed on all official publications, including letterheads, signage, marketing and publicity materials.

It also said that Section 862(1) of the Act imposed strict penalties on individuals who knowingly made false statements in any document required under the Act.

According to CAC, such offenders risk a two-year prison term and a daily fine for each day the infraction continues.

The commission therefore advised all business owners to take immediate steps to regularise their operations, stating that non-compliance would be met with swift enforcement actions. (NAN)

Edited by Bayo Sekoni

CAC strengthens compliance, enforcement mandates for efficient management of entities

Philip Daniel Yatai
Jan, Tue, 2025

Economy/Business

CAC strengthens compliance, enforcement mandates for efficient management of entities

369 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) has unveiled plans to strengthen its compliance and enforcement mandates, with a focus on formalising businesses and enhancing post-incorporation compliance.

The Registrar-General of CAC, Hussaini Magaji, said this during the in-house enforcement and compliance training for state offices on Monday in Abuja,

Magaji said that the training, with the theme “Re-engineering the Commission for Compliance and Enforcement Mandates” would ensure efficient management of corporate entities.

He called for a paradigm shift in the commission’s operations, emphasising the importance of compliance and enforcement functions beyond the routine registration of businesses.

“One of the key priorities I identified upon assuming duty in 2023, was the need to bring the commission’s regulatory and management functions to the forefront.

“This led to the inclusion of compliance enforcement as a key component of my four-point agenda,” he said.

The registrar-general said that advancements in Artificial Intelligence (AI) could handle routine operational tasks like business registration, freeing resources for more complex compliance and enforcement activities.

He reiterated the success of the PoS Formalisation Project, which had registered about 100,000 Point-of-Sale operators under the requirements of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.

According to him, the project aims to formalise at least 250,000 operators in the sector as part of broader efforts to regulate the estimated 40 million micro, small, and medium enterprises (MSMEs) in Nigeria.

“Formalisation is the first step for legitimate business operations and access to government interventions.

”It also mitigates the risks associated with unregistered businesses, such as money laundering and terrorism financing,” Magaji said.

He revealed plans to implement sanctions for operators who fail to comply with formalisation requirements and clarified that multiple registrations across fintech platforms were unnecessary, as one registration sufficed

Beyond pre-incorporation activities, the registrar-general stressed the need to prioritise post-incorporation compliance, which he described as a sustainable revenue stream for modern registries.

He also unveiled plans to address issues like shell companies, opaque ownership structures, and proper disclosure of persons with significant control, in line with global standards and the Persons with Significant Control Regulations.

“This training will position our staff to undertake compliance enforcement and inspection duties with confidence.

”It also marks the start of our drive towards a hyper post-incorporation compliance mode.

“The training includes technical sessions on statutory books, records, returns, and filings for registered entities, with input from resource persons from law enforcement agencies to share practical experiences, “he said.

He urged participants to engage actively and embrace the reforms as part of efforts to align the commission’s operations with global best practices.

Representing the National Drug Law Enforcement Agency, its Deputy Commander on Narcotics, Harami Wakirwa, said that the initiative demonstrated CAC’s commitment to promoting compliance, integrity and accountability.

“This is a good step in the right direction. I wish you all a productive and engaging experience.

”Let us work together to foster a culture of compliance and make a positive impact in our industries and countries,” he said.

Also, DCP Usman Ahmed, Deputy Director, Nigeria Police Force National Cybercrime Center (NPF-NCCC), acknowledged the crucial role compliance and enforcement played in safeguarding and fostering a secure regime for business operations.

“The challenges we face today, especially in cyber-attacks, demand that we continually adapt and improve our strategies and practices.

“This training is not just an opportunity to acquire knowledge, but should allow us to improve cybersecurity, inter-agency collaboration, and share the responsibility to restore confidence in public institutions.

“We must embrace this opportunity to re-engineer our operations and reinforce our ability to excel in cyber security. Together, we can make a significant impact,” he said. (NAN)

Edited by Dorcas Jonah/Kadiri Abdulrahman