Category: Business

JUST IN: CAC to Sanction 100,0000 Companies.

Emporium Reporters

By ABUBAKAR YUSUF.   The Corporate Affairs Commission CAC will between now and end of July blacklist and close down initial 100, O00 companies that had defied it’s regulations forthwith. The exercise which is going to be a continuous exercise will be sustained to instill sanity into the operations of entities. The Registrar General, Corporate Affairs Commission CAC, Alhaji Garba Abubakar made this disclosure during the one day training workshop for relevant agencies in Abuja on Wednesday on Beneficial Ownership Register (BOR). “Already , the first one hundred thousand defaulting…

17TH NBA-SBL INT’L CONFERENCE: NBA lauds CAC exceptional performance

Emporium Reporters

The Nigerian Bar Association Section on Business Law (NBA-SBL) has commended the active and impactful participation of the Corporate Affairs Commission in its just concluded 17th Annual International Business Law Conference held in Lagos. The conference with the theme “The Nigerian Business Landscape: Priorities for Law, Policy, and Regulation” took place from Wednesday, July 5th, to Friday, July 7th, 2023. The NBA-SBL Chairman of the Governing Board, Dr. Adeoye Adefulu, stated this while speaking to reporters in Lagos shortly after visiting the Regulatory clinic set up by the association. Adeoye…

FG reopens Seme border for vehicle importation

Emporium Reporters

The Nigerian government has approved the re-opening of the Seme border for the importation of vehicles.   Director of Road Transport in the Ministry of Transportation, Ibrahim Musa, yesterday, disclosed this on Wednesday, June 21, 2023, at the Economic Community of West African States, ECOWAS, meeting organised between officials of Nigeria and Benin Republic.   According to him, the development followed complaints by freight forwarders operating at the Seme border.   He said: “I was here with the former Minister of State for Transportation when the freight forwarders pleaded that…

DIGITIZATION: Ministry seeks collaboration with CAC

Emporium Reporters

The feats and successes recorded by the Corporate Affairs Commission in the digitization of its operations have continued to receive both local and international applause as well as a series of requests for collaboration.   The Industrial Inspectorate Department IN the Federal Ministry of Industry, Trade, and Investment (MITI), has also joined the ranks of those applauding the Alhaji Garba Abubakar-led CAC and desirous of partnering with it to also migrate from manual to electronic processes with a view to improving its services.   The Director (Industrial Inspectorate Department), Anietie…

NBA Gwagwalada lauds CAC’s reforms, pledges more support

Emporium Reporters

The Nigerian Bar Association (NBA) Gwagwalada Branch has applauded the reform initiatives of the Corporate Affairs Commission.   The Branch Chairman, Emmanuel Tayo Ogunjide, stated this during a courtesy call on the Registrar-General/CEO of the CAC, Alhaji Garba Abubakar, in his office. Emmanuel Tayo Ogunjide said they were in the Commission to appreciate the Registrar General and show solidarity for the Commission’s reform initiatives, which he said have contributed immensely to the ease of doing business in the country.   He therefore expressed their continued support and cooperation with the…

BOR: Center for Fiscal Transparency And Integrity Watch seeks collaboration with CAC

Emporium Reporters

More individuals and groups have been applauding the recent milestone achievement recorded by the Corporate Affairs Commission as a result of the successful unveiling of the Beneficial Ownership Register (BOR).   The newest among them is the Centre for Fiscal Transparency and Integrity Watch, which was led by the Executive Director, Umar Yakubu, to the Commission on a congratulatory visit.   Umar Yakubu, who spoke during a courtesy call on the Registrar-General/CEO of the Corporate Affairs Commission, Alhaji Garba Abubakar, stressed that transparency and integrity of record were key to…

RG CAC unveils Beneficiary Ownership Register in Abuja …. says initiative “ll tackle corruption, enhance Ease of Doing Business in Nigeria

Emporium Reporters

The Registrar General, Corporate Affairs Commission CAC, Alhaji Garba Abubakar said Person With Significant Control Register also known as Beneficiary Ownership Register (BOR) wlll address the illicit financial flows within and outside the Nigeria and also create enabling environment for investors and business owners. Alhaji Garba Abubakar disclosed this in his remarks at the launch of the Nigeria’s Public Central Register of Company Beneficial Ownership Information on Thursday, 25 May 2023 in Abuja RG CAC recalled that at the landmark Anti-Corruption Summit held in London on 12th May 2016,President Muhammadu…

FG approves banks to issue debit card with NIN to Nigerians

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The Federal Government says Nigerians can now request their commercial banks to issue them with a debit card which doubled as their National Identity Card at no extra cost.   The Minister of Communications and Digital Economy, Professor Isa Pantami, disclosed this on Wednesday in Abuja. Pantami said the approval was obtained at the meeting of the Federal Executive Council. The meeting was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. The Minister explained that the approval followed a memo from the National Identity Management Commission allowing…

BENEFICIAL OWNERSHIP REGISTER: World Bank describes Nigeria as Shining Example for African countries

Emporium Reporters

The World Bank has lauded Nigeria’s efforts towards building a Beneficial Ownership Register (BOR) in line with global best practice as worthy of emulation by other African countries. Stakeholders including Stephen R Davenport, Global Lead, Governance Global Practice, World Bank gave this verdict Wednesday 24th May,2023 in Abuja at the International Peer Learning Workshop on the Use of Beneficial Ownership Information and the Launch of Nigeria’s Open Register of Beneficial Ownership of Companies and Entities. The workshop organized by the Corporate Affairs Commission (CAC) in collaboration with the World Bank…

JUST IN: CBN revokes licences of 179 Microfinance Banks ,others (Full List)

Emporium Reporters

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 179 microfinance banks in the country.   This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday, May 23, 2023.   According to the gazette, the licences of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.   The banks also failed to fulfil or…