Seventy percent of registered companies in Nigeria between 2016 and 2018 failed to file returns of their financial activities to the CAC as required by law

AZUKA Azinge, acting registrar-general, Corporate Affairs Commission, CAC, has said that about 70 percent of the registered entities between 2016 and 2018 failed to file returns of their financial activities to the CAC as required by law. She noted that under the review period, the agency recorded a total of 190,078 or 31 percent return filings from entities, as against 618,309 registrations recorded within the period.

The CAC also added that a total of 327,676 business names were registered, followed by 248,914 company registrations, while 41,719 Incorporated Trustees were registered. A breakdown of the filings showed that registered companies recorded 145,329 fillings, business names recorded 26,593 filings, while 18,156 incorporated trustee filings were returned in the period under review.

To further ease business registration process, Azinge disclosed that the commission recently dispensed with proficiency requirement for the registration of all forms of businesses. Under the new arrangement, she said members of the public do not have to submit proficiency certificate to the commission for registration of companies, business names and incorporated trustees.

She re-assured that the commission remains committed to reviewing its processes regularly, stating that work was at advanced stage to amend its enabling law- the Companies and Allied Matters Act, CAMA, in collaboration with the National Assembly.

According to her, the planned amendment is aimed at enhancing the commission’s supervisory and regulatory powers, adding that the CAMA Amendment Bill had been passed by the Senate in July 2018 and was before the House of Representatives for passage, after which it will be signed to by the president.

She noted that the current administration’s agenda on ease of doing business had galvanised the commission to further improve on its registration and regulation services to teeming businessmen and women in Nigeria.

– Jan. 18, 2018 @ 15:05 GMT |