CAC To Formalise More Small Businesses At Discounted Rates

The Corporate Affairs Commission (CAC) has secured approval to register 20,000 more businesses at 50 per cent discount in collaboration with the Abuja Enterprise Agency (AEA).

The registrar- general of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, stated this yesterday while receiving, the chairperson of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Business Women Working Group (NAWORG), Hajiya Aisha Abubakar, on a courtesy visit to the Commission.

He further said that in view of the successes recorded, many more state governments and groups have been approaching the Commission to broker such collaborations in order to formalise more informal businesses.

He said the Commission will support the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Business Women Working Group (NAWORG) in its quest to provide customised advocacy training for women entrepreneurs to motivate them to register their businesses

Speaking on the Commission’s reform initiatives, the registrar general maintained that since January 2021, the CAC ensured full digitisation of its operations in line with the ease of doing business initiatives of the present administration.

Abubakar revealed that in view of the digitisation, customers now obtain online certified extracts with ease and instantly as against queuing up in the past for manual reports from the Commission.

He further stated that in line with the provisions of the CAMA 2020, the Commission no longer issues documents with personal signatures especially to third parties except for court use.

He revealed that in continuation of its reforms, the Commission would soon deploy additional three modules on its portal which include the eXtensible Business Reporting Language (XBRL) filing system for financial reports developed in collaboration with the Financial Reporting Council with support from EU-ACT program under the European Union and British Council.

He, however, said that a stakeholder engagement/validation was being organised before deployment of the new modules.

Abubakar used the forum to appreciate the NAWORG chairperson’s tremendous personal support to some of the CAC reform initiatives during her tenure as a minister supervising the affairs of the Commission.