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CAC says to begin online registration of companies

Registrar General of the Corporate Affairs Commission (CAC), Bello Mahmud has said the commission would soon commence the registration of companies online as part of its drive to entrench international best practices in the system.

He said this yesterday when the Managing Director of Media Trust Ltd, Alhaji Ishaq Ajibola paid him a courtesy call at the commission’s head quarters in Abuja.
Mahmud said the electronic payment component of the online registration was being fine tuned as well as the duty stamp element, saying as soon as the e-payment is completed, it will take off.
The CAC boss who frowned at the refusal of some companies to file their annual tax returns said about 9, 000 of such companies have been deregistered as “most of them are brief case companies just to get contracts.”

He further announced that individuals now have the option of registering their companies without passing through a lawyer. He however said lawyers are kicking against the move as they feel their job was being threatened. “The policy remains,” he assured.
According to him, the commission has also reviewed some of its conditions for the registration of companies, one of which is that individuals who intend to register companies must now present valid means of identification including a national identity card.
The challenge of false address would now be addressed, he said, adding, “If we can’t get to locate the address they produce at registration point due to time constraint, we can use the biometric data to trace the individual.”
He said the non-existence of a central data base for Nigerian citizens remain a huge challenge to the commission to ascertain the veracity of information people produce at the point of registration.
Mahmud also disclosed that the commission was intensifying its enlightenment campaign to educate people on the risks in using unregistered business names. To this end, a consultant has been engaged by the commission to assist in its enforcement and clampdown on illegal use of business names.
Managing Director of the Media Trust Ltd, Alhaji Is’haq Ajibola earlier in his remarks said the visit was to thank the commission on its patronage of Daily Trust Newspaper and to get feedback with a view to improving on its quality.
Daily Trust 22nd May,2013
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