CAC Commences Registration for LLP, LP

Image

By Ashemiriogwa Emmanuel

The Corporate Affairs Commission (CAC) has announced the commencement of the registration for the Limited Liability Partnership (LLPs) and Limited Partnership (LPs).

Recall that Business Post reported last week that the Registrar General of the CAC, Mr Garba Abubakar, disclosed at a meeting that the new business forms would be available for business owners by the end of August 2021.

As declared in a statement issued by the management on Tuesday, the commission has also deployed the registration interface for the LLPs and LPs on the Company Registration Portal (CRP) to enable customers and members of the general public to register.

According to the statement, partners of the LLP are limited to the amount agreed to be contributed or what is outstanding in the event of winding up.

The partnership must also consist of, at least, two designated partners who will be responsible for the requirements of the Act by the LLP,  with one who must be domiciled in Nigeria.

The name of an LLP form of business on registration will end with the word “Limited Liability Partnership” or its abbreviation “LLP”, the commission stated.

As for the LP, which is a partnership arrangement involving at least one general partner and a limited partner, the agency said that the liabilities of the general partners are unlimited, while that of the limited partners are limited except he is involved in the management of the partnership.

CAC noted that the LP arrangement shall contain not more than 20 business participants, as the last word on the name of business under this arrangement will be “Limited Partnership” or the abbreviation which is “LP”.

The two new forms of business registrations, which were introduced in the Companies and Allied Matters Act (CAMA) 2020, will provide entrepreneurs with options of registering their ventures with the CAC.

Share
Related Stories
Image
29-February-2024

EnjoyCorp Buys Heineken’s Stake in Champion Breweries

By Adedapo Adesanya EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached an agreement with Heineken B.V., to acquire its entire shareholding in The Raysun Nigeria Company Limited. The firm holds an 86.5 per cent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange (NGX) Limited. The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in the second quarter of this year (Q2 2024). EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion

Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

More Stories
Image
04-January-2017

Nigerian Equities Market Records Further 0.46% Loss

By Modupe Gbadeyanka The second trading day on the floor of the Nigerian Stock Exchange (NSE) continued on a bearish trend on Wednesday with the market declining by 0.46 percent. At the close of trading activities, the market capitalisation depreciated by 42 billion to end at N9.1 trillion, while the all share index slumped by 121.85 absolute points or 0.46 percent to finish at 26,495.04 absolute points. However, investors staked N1.2 billion on 602 million shares transacted in 2,150 deals, Business Post correspondent reports. GTBank lost N1.10k to close at N22.90k per share, Lafarge depreciated by 95k to finish at

Image
02-January-2018

Entries Open for Tony Elumelu Foundation $100m Entrepreneurship Scheme

By Dipo Olowookere Entrepreneurs across Africa can now start applying for the Tony Elumelu Foundation (TEF) fourth cycle of $100 million entrepreneurship development programme, a statement released by the organisation has revealed. According to the statement released on its website, applicants will have to complete the online registration at www.application.tonyelumelufoundation.org with the deadline fixed for midnight (WAT) of March 1, 2018. The TEF is a brainchild of Nigerian former banker and businessman, Mr Tony Elemelu, Chairman of United Bank for Africa (UBA) Plc. The scheme provides critical tools for business success, including 12 weeks of intensive online training which guides

Image
07-April-2022

Towercos Assures Nigerians Affordable 5G

By Adedapo Adesanya Tower infrastructure companies (Towercos) have expressed readiness to help mobile network operators (MNOs) free up some required expenses to ensure the fifth-generation (5G) technology is delivered to Nigerians at a lower cost. This is as they called for partnerships to bridge Nigeria’s $136 billion infrastructure gap, stressing that if industry collaboration is achieved, more development could be attracted. This was the talking point at the second edition of the Policy Implementation Assisted Forum (PAIFo) organised by BusinessMetrics Nigeria to discuss national policy on 5G themed Ascertaining Full Readiness to make 5G Work in Nigeria. The operators engaging

Image
19-August-2021

N4.9trn Unsubstantiated Balances Unaccounted in 2019—Auditor-General

By Adedapo Adesanya The Auditor-General of the Federation (AuGF), Mr Adolphus Aghughu, has disclosed that the sum of N4.9 trillion cannot be accounted for in the audited accounts of federal Ministries, Departments and Agencies (MDAs) in 2019. He said this followed the audit carried out by the office on the consolidated financial statement for the fiscal year. Mr Aghughu made the disclosure when submitting the 2019 audit report to the Clerk of the National Assembly (CNA), Mr Ojo Amos Olatunde, on Wednesday. The Auditor-General revealed that “from the audit carried out on the 2019 Federal Government Consolidated Financial Statement, unsubstantiated

Image
12-October-2016

Farmers To Get 900m Palm Seedlings From FG

**Price of rice to drop November By Ebitonye Akpodigha Minister of Agriculture and Rural Development, Mr Audu Ogbeh, has revealed that farmers in the country would soon be given about 900 million seedlings of high yielding palms. Mr Audu specifically said the seedlings would be distributed in the coming weeks to boost palm oil production in Nigeria. Speaking in his office in Abuja on Monday when the Senate Committee on Agriculture and Rural Development paid him a visit, the Minister explained that currently, there is 250,000 tons of palm oil shortage to meet local demand, adding that the planed distribution

Image
20-March-2019

Liquidity Drops as CBN Mops up N116bn Via OMO Sale

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Tuesday offered N100 billion worth of OMO bills to investors and the exercise recorded 105 percent oversubscription. Two maturities were auctioned to market players by the apex bank yesterday; the 93-day bill and the 205-day paper. Of the N100 billion worth of the debt instrument offered for sale, the central bank received subscriptions worth N205.30 billion. The 205-day note attracted investors with subscriptions valued at N179.26 billion were got from the N70.00 billion auctioned, while the 93-day bill received N26.04 billion offers from the N30.00 billion auctioned. At the close

Image
13-June-2017

Migration Media Award to Honour 35 Journalists

By Modupe Gbadeyanka No fewer than 35 journalists from Africa and Europe have been pencilled down for honours at the maiden edition of the Migration Media Award. The 35 journalists were chosen from 16 countries for their journalistic excellence in reporting on migration in the Euro-Mediterranean region. The winning entries feature fact-based and impartial reporting on the complexity of migration, its many challenges and opportunities. An international jury, composed of reputable senior journalists, evaluated over 120 applications for the four categories of video, print, online or radio in the English, French or Arabic languages. The 12 first-prize winners come from

Image
11-March-2018

Operators Jostle to Meet Soaring Africa’s Broadband Demand

By Dipo Olowookere Global news provider, TMT Finance, has disclosed that an urgent requirement for new investment into telecom and broadband infrastructure in Africa is driving a fresh flurry of mergers, acquisitions, IPOs, investment and financing activity, as the region’s key players jostle for position to meet the soaring demand for data across the continent. EMEA Editor of TMT Finance, Mr Joseph d’Arrast, stated that, “The continent’s growth in the digital economy and the rising demand for data is helping to boost investor confidence in major broadband projects, of which there are many currently underway or in the pipeline. “In

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of