A non-governmental organisation (NGO), Peace and Media Advocacy, has commended the Corporate Affairs Commission (CAC), under the headship of Barrister Bello Mahmud, for the “unequalled reformation in its quest to ease businesses” in the country.
In a statement yesterday, the national coordinator, Comrade James Okoronkwo, said the agency had revised timelines for the incorporation of companies in the country.
According to him, these included the Companies’ Regulation 2012, which is made pursuant to the provisions of the Companies and Allied Matters Act.
“This regulation stipulates fees payable for the Commission’s various services, the forms and returns as well as the requirements for such services.”
Okoronkwo further highlighted other components of the Companies’ Regulation 2012 which made it possible for subscribers/first directors to register companies directly by themselves without engaging the services of CAC accredited agents/lawyers, chartered accountants and chartered secretaries.
He explained that this has greatly reduced the cost of registration of companies in Nigeria adding that in tandem with the economic realities and to encourage the registration of companies has reduced the cost of filing fees by about 50%.
“From our findings this reduction in fees has encouraged business to migrate from the informal to formal sector thereby earning more revenue for government.
“The Companies Regulation has also enhanced transparency by eliminating cases of fake identity by making identification compulsory through the usage of the national indentify card, drivers’ licence, international passport or permanent voter card.”
