CAC, Moniepoint Commence Registration of Two Million Small Businesses in Nigeria
- The Corporate Affairs Commission has disclosed that it has already started the registration of small businesses
- The agency said the move is to formalise the sector and drive revenue generation in Nigeria
- The development follows the discovery of 189 fake property companies in Abuja
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The Corporate Affairs Commission (CAC) has registered two million companies in Nigeria to formalise the sector.
The Commission revealed that its Registrar-General, Hussaini Ishaq Magaji, disclosed this at a ceremony in Abuja.
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CAC gives reasons for registration of new businesses
Magaji said the registration is facilitated in collaboration with Moniepoint and is meant to stimulate economic growth, boost regulatory compliance, and encourage economic development via tax revenue.
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Punch reports that the Commission needs to catch up on the registration of businesses in the country, necessitating the formalisation of these enterprises for economic growth to access financial opportunities.
The development comes as the CAC revealed that it has uncovered 189 fake companies used in acquiring property allocations in the Federal Capital Territory (FCT).
The Commission’s Registrar, Hussaini Magaji, disclosed this at a news conference in Abuja on Tuesday, October 24, 2023.
Magaji stated that the discovery of the phoney companies prompted him to research more, leading to identifying other firms.
Agency discovers fake property agencies
He said the discovery was made in response to a request from the Federal Capital Territory Administration (FCTA) to check the status of firms asking for land allocations.
He said persons behind the phoney businesses created a cartel by which they collaborated with lawyers masquerading as accredited agents of the Commission and Abuja Geographical Information System staff to secure land allocations in the Nation’s capital.
The Nation reports that Magaji said the crime came to light after the FCT authorities sent a verification request on applications made by some of the entities, which the Commission does not have in its database.
Magaji further revealed that two suspects, including a lawyer, have been arrested.
Magaji said:
“With the information available to us, I gave a directive on the issue, and we have identified 189 fake companies used to secure land allocation in the FCT. We have also facilitated the arrest of two suspects.
He said the cartel operates by manipulating land processes to give their applications for land allocation preferential treatment, thereby facilitating land fraud in the FCT.
He stated that boosting the Commission’s financial base will allow it to achieve its goal of being a world-class commission.
CAC moves to delete names of over 91,000 companies
Legit.ng reported that The Corporate Affairs Commission (CAC) is set to delete 91,843 registered companies for failing to file their annual returns with the Commission.
According to a publication by the CAC on its website, the 91,843 listed companies are to be delisted due to infractions.
The number is less than the initial 100,000 it previously published in August this year, which it said in an earlier order that it would remove.
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Source: Legit.ng
