CAC Extends Deadline for 50% Cut in Business Name Registration

By Dipo Olowookere

Business owners who intend to enjoy the 50 percent reduction in the registration of their enterprise’s name still have the opportunity to do so.

This is because the management of the Corporate Affairs Commission (CAC), a body set aside by the Nigerian government to register business names in the country, has agreed to an extension of the exercise.

The agency said on Thursday that it has extended the period for the 50 percent cut in the registration fee to Sunday, March 31, 2019.

With this, business owners can still pay the sum of N5,000 to have their business names registered with ease.

However, after the deadline, the agency will revert to the old fee of N10,000 for business name registration.

CAC explained that it decided to extend this offer as part of its efforts to “deepen the benefits of its reform initiatives.”

If further said the extension was to enable more micro, small and medium enterprises to formalize their businesses, which will enable them to own corporate account with banks, have access to loans, grants and other government interventions.

“Members of the public are enjoined to take advantage of this window, to register their business names at the reduced cost of N5,000 after the Name Reservation of N500,” the agency said.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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