Do you know that you can lose a multi-million naira or dollar contract simply by failing to file annual returns? Organizations abroad take business records seriously before signing any contract. Filing annual returns for your company or business is not only a way to generate revenue for the government, but it is also proof of … Read more
Again, the Corporate Affairs Commission (CAC) has threatened to permanently delete the names of companies and businesses that have not filed annual returns in the last 10 years. CAC, which is mandated by law to register businesses in Nigeria, maintains a register that contains the comprehensive record of registered businesses in the country. What is … Read more
In the United States and Canada, business owners know it is mandatory to register their businesses. They do this not just because of the legal requirements but also because of the other benefits of doing so. However, in some developing economies, such as Nigeria, business owners are most often forced to register their business with … Read more
The Corporate Affairs Commission (CAC), a government agency responsible for business registration, is collaborating with Opay Services Ltd, a financial technology company, to help 300,000 unregistered businesses become legal entities. This partnership aims to bring Opay agents into compliance with regulations and provide them with the benefits of formal recognition. The Registrar-General and CEO of CAC, … Read more
After your name reservation has been approved and your registration process is successful without being queried or you resolved all queries, it’s time to print a copy of your CAC certificate. It is an e-copy. You no longer need a courier service to ship your CAC certificate, everything is now digitized, thanks to the former … Read more
I watched in dismay as some officials of the Corporate Affairs Commission (CAC) ‘gyrated’ over the removal of their boss, Garba Abubakar. The embarrassing audacity of civil servants The audacious civil servants at the CAC headquarters in Abuja didn’t merely rejoice over Mr. Abubakar’s exit on October 14, 2023; they displayed inscriptions on placards and banners … Read more
The sacking of Garba Abubakar as the Registrar-General of CAC has elicited celebration among workers of the Corporate Affairs Commission. In a video which has now gone viral, some CAC officials hired drummers, sang, and danced over the exit of Mr Abubakar. They were seen dancing at the headquarters of the agency located at Tigris … Read more
The Company and Allied Matters Act (CAMA), 2020 requires all Non-Governmental Organizations (NGOs) operating in Nigeria to file and submit an annual return to the Corporate Affairs Commission (CAC). This article explains the filing of annual returns by not-for-profit organizations in Nigeria, the documents the NGO must present, and the penalties that may apply for … Read more
CAC BN 01 is a document issued by the Corporate Affairs Commission alongside a Business Name certificate. Simply put, Form 1 accompanies a certificate of business name. The form is now known as an E-status report. What does the form entail? As for Business Name (BN), the e-status report or Form BN 01 has two … Read more
On its official website, the EFCC claims that it ”does not charge any fees for SCUML registration nor are they required to pay any fees to obtain the certificate,” this is a false claim. It will cost you between N45,000 to NGN60,000 to get a SCUML certificate at the time of publication. The price depends on the agent that is … Read more
If you are planning to or you already have an existing business in Nigeria, you may need to download a copy of CAMA 2020 (the amended CAMA 1990 (CAP C20, LFN 2004). What is CAMA? CAMA is Company and Allied Matters Act. It is a law that outlines the guidelines for the formation of small … Read more
Registering a religious organisation in Nigeria will cost you between N120K-N150K, depending on who is handling the registering process. Are you thinking of registering your religious organisation and don’t know how to go about it? Or you don’t know the financial implications? We urge you to refer to the law guiding the registration of such … Read more
Does your company want to change one of the directors on its board? Change of company director falls under several reasons according to the Corporate Affairs Commission (CAC), Nigeria’s sole agency that is responsible for the registration of businesses and companies in Nigeria. Reasons for change of a director Failure of a director to optimally … Read more
The Corporate Affairs Commission (CAC) has laid down rules on the management of the details of company or business data. As a company, you’re expected to file a notification of any change whatsoever with the commission. The Company and Allied Matters (CAMA 2020) specifically spells out what a company should do at the end of … Read more
The Corporate Affairs Commission (CAC) has officially added Limited Liability Partnerships (LLPs) And Limited Partnerships (LPs) And Deployment Of The Registration Solutions On Company Registration Portal (CRP) This is a follow-up to the announcement of the commission on August 19 that it would be adding registrations of two new forms of business in Nigeria provided by … Read more