Nigeria’s Corporate Commission Registers Over 10,000 Businesses In 4 Months

Business in Nigeria

VENTURES AFRICA – Since the commencement of its 24-hour start-to-finish business registration in November, Nigeria’s Corporate Affairs Commission (CAC) has registered a total of 10,723 businesses.

This was revealed in a report “Statistics For New Registration Services For Abuja and Lagos Offices” released by the CAC on Tuesday to the Ministry of Trade and Investment in Abuja.

The report which was made available by the Senior Special Assistant to the Minister of Trade and Investment on Corporate Communications, Yemi Kolapo, indicated that the total number of applications for business registration received by the Commission within the last four months was 20, 800. A breakdown of this shows that out of this number, the commission’s head office in Abuja received 19,919 while Oregun and Yaba Offices received 653 and 228 applications respectively.

The CAC report stated that the Abuja office processed a total number of 10,292 applications within 24 hours, while the Oregun and Yaba offices processed 398 and 33 applications, respectively.

Meanwhile, the total numbers of applications processed within 72 hours were 8,759 while the total number of applications that were pending after three days stood at 1,318, with the Abuja office accounting for 1,211 applications.

Commenting on the business registration report, Registrar-General, Corporate Affairs Commission, Bello Mahmud, said a review of the business registered over the period is necessary in line with the directive of the Minister of Trade and Investment, Olusegun Aganga, to let the public know that the 24-hour registration service was working and also state common errors that had made some applications fall out of the 24-hour deadline.

Mahmud explained that the reason why some business have failed to be registered within the 24-hour period was because many customers failed to comply with “laid down requirements for business registration.

According to him, “Customers have a responsibility to ensure that all necessary requirements are met before filing their applications. The CAC only processes applications that have complied in all respect with laid down requirements. The applications processed outside 24 hours but within 72 hours were the ones that had been queried for non-compliance with laid down requirements.”

“Such applications pending after 72 hours were applications queried for non-compliance and in which the applicant did not comply with the query within 72 hours of filing,” he added.

The 24-hour start-to-finish business registration was officially launched in November by the Minister of Trade and Investment.

According to him, “The target is to ensure that companies are registered within two hours and to institute a vibrant and transparent companies’ registry, where services will be user-friendly.”