Economy
CAC Exceeds 2020 Revenue Target by 4.4%
By Adedapo Adesanya
The Corporate Affairs Commission (CAC) has disclosed that it exceeded its revenue target for 2020 by 4.4 per cent as it raked in N19 billion as Internally Generated Revenue (IGR) in the period under review.
This was disclosed by the CAC Registrar-General, Mr Garba Abubakar, on Wednesday.
According to him, in spite of the COVID-19 pandemic that affected economic activities, the commission recorded an increase in the registration of businesses and other corporate entities during the year.
“The year 2020 was one of our best years in terms of revenue generation as we recorded a surge in registration above the previous year.
“We had a revenue target of N18.2 billion, but we closed here with over N19 billion.
“For the first time in the last 10 years, we are able to give more money to the federal government in terms of operating surplus.
“We are hoping that we will meet our target for 2021 because where there is increased compliance by customers, there will be an increase in the revenue for the government.
“Transactions are now easily carried out with the electronic system, as you pay through the remittal on our portal, without paper works,” he said.
He expressed hopes that the agency would surpass the N20 billion revenue target this year by leveraging on electronic systems transactions for most of its operations.
Mr Abubakar, who was appointed to head CAC on January 7, 2020, by President Muhammadu Buhari, said the commission has undergone some reforms in the past year.
According to him, the organisation has successfully embedded the Federal Inland Revenue Service (FIRS) Tax Identification Number (TIN) on the certificate of registration for companies through the existing FIRS stamp duty portal.
He said that the agency has commenced the implementation of the Companies and Allied Matters Act, 2020 (CAMA 2020) with the introduction of a new self-service portal that allowed for end-to-end electronic submission by customers.
He said that the new CAMA provided a robust framework towards reforming identified legal, regulatory and administrative bottlenecks, which had hitherto slowed down the wheel of doing business for over three decades.
The Registrar-General, however, noted that inherited financial liabilities and the COVID-19 pandemic were some of the challenges he faced in steering the affairs of the organization in the past year.
“The challenges we had last year was the inherited liabilities, as I took over with over N6 billion liabilities, and also had challenges of service delivery because of the COVID-19 restrictions.
“Before the COVID-19 pandemic, we were registering company and business names within 24 hours, but the pandemic and the various restrictions to curb the spread of the disease affected our service delivery,” he said.
Mr Abubakar said that part of the commission’s agenda for 2021 was to build stronger collaborations with relevant agencies and intensify the enforcement of the provisions of the new CAMA.
He tasked all registered entities on compliance with the new law in terms of filing their annual returns and other statutory duties to the commission.
According to him, with the new law, it is now easier for companies to file their returns without going through any lawyer, accountant or chartered secretary.
“With the new portal, a company can decide to have its own electronic account that will allow it to make all its fillings directly.
“The new portal also shows at a glance the status of a company, whether it is active, dormant, receivership or liquidation.
“We have given access to most government agencies and foreign missions in Nigeria to confirm the status of companies and we will continue to do that.
“Before they deal with any registered company, they will verify if such company is actually an active company and whether the information provided by such company is consistent with the CAC records,” he said.
Mr Abubakar further said the commission was working out modalities for granting amnesty on annual returns to companies and other registered entities and it would be announced before the end of the first quarter of this year.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.30 per cent on Wednesday, May 13, extending the presence of the bourse in red.
During the session, the NASD Unlisted Security Index (NSI) depreciated by 12.55 points to close at 4,143.97 points compared with the previous day’s 4,156.52 points, and the market capitalisation dropped N7.51 billion to settle at N2.479 trillion versus Tuesday’s closing value of N2.486 trillion.
The loss recorded yesterday occurred as the platform ended with four price gainers and four price losers.
Nipco Plc lost N34.40 to sell at N309.60 per share versus N344.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N4.00 to N72.00 per unit from N76.00 per unit, NASD Plc tumbled by N2.36 to N35.00 per share from N37.36 per share, and Food Concepts Plc dipped by 24 Kobo to quote at N2.26 per unit compared with the preceding session’s N2.50 per unit.
Conversely, FrieslandCampina Wamco Plc rose by N12.74 to N146.34 per share from N133.60 per share, IPWA Plc soared by 73 Kobo to N8.03 per unit from N7.30 per unit, First Trust Mortgage Bank Plc added 20 Kobo to finish at N2.52 per share versus its previous value of N2.32 per share, and Light House Financial Service Plc gained 8 Kobo to close at 94 Kobo per unit versus 86 Kobo per unit.
Yesterday, the volume of securities slumped by 48.3 per cent to 1.4 million units from 2.7 million units, the value of securities dropped 43.6 per cent to N36.8 million from N65.2 million, and the number of deals stumbled by 16.1 per cent to 36 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units traded for N8.4 billion, followed by CSCS Plc with 60.6 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units transacted for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
The Naira ended its recent losing streak with a N5.06 or 0.37 per cent appreciation on Wednesday, May 13, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), trading at N1,370.56/$1 compared with the previous day’s N1,375.62/$1.
In the same vein, the Nigerian Naira appreciated against the Pound Sterling in the official market yesterday by N21.43 to N1,87/£1 from N1,874.42/£1, and gained N16.12 against the Euro to close at N1,605.19/€1 versus N1,621.31/€1.
However, at the GTBank FX desk, it lost N8 against the greenback at midweek to sell at N1,383/$1 compared with the preceding session’s N1,375/$1, and at the parallel market, it remained unchanged at N1,385/$1.
The improvement in the value of the Naira comes as Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with buffers to support the Naira and meet external obligations, also recorded a fresh accretion.
Data published on the apex bank’s website showed that reserves rose by about $150 million or 0.2 per cent to $48.48 billion as of May 12, 2026, from $48.33 billion recorded on May 5, 2026.
Interbank turnover also climbed significantly by 75.31 per cent to $130.55 million on Wednesday compared to $74.47 million recorded the previous day. At the same time, the volume of transactions rose by 25 per cent to 130 deals on Wednesday from 104 deals recorded on Tuesday.
A look at the cryptocurrency market indicated that inflation surprises and renewed geopolitical tension over Taiwan weakened risk sentiment.
The sell pressure built around the Trump-Xi summit in Beijing, the first visit to China by a sitting US president in nearly a decade. Mr Xi pressed Mr Trump on Taiwan in their first meeting at the Great Hall of the People, warning of a potential “collision or even clashes” if the issue is mishandled.
China’s readout of Mr Xi’s remarks appeared to be released before the meeting had concluded, pushing the self-ruled island into the spotlight and rattling risk sentiment globally.
Solana (SOL) crashed by 4.3 per cent to $91.12, Cardano (ADA) depreciated by 2.6 per cent to $0.2656, Ripple (XRP) slumped by 1.6 per cent to $1.43, Bitcoin (BTC) declined by 1.5 per cent to $79,773.30, Ethereum (ETH) tumbled by 1.3 per cent to $2,266.06, and Binance Coin (BNB) slumped by 1.2 per cent to $669.40.
But Dogecoin (DOGE) appreciated by 2.5 per cent to $0.1146, and TRON (TRX) improved by 0.4 per cent to $0.3505, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited cemented its position in the green territory on Wednesday with a marginal 0.04 per cent rise.
This was buoyed by sustained buying pressure on energy equities despite selling pressure on financial stocks, according to data from Customs Street.
The insurance counter was down by 0.73 per cent yesterday, and the banking index shed 0.70 per cent. These losses were offset by gains in the three other key sectors of the bourse, with the energy segment rising by 3.37 per cent. The consumer goods space appreciated by 1.94 per cent, and the industrial goods industry expanded by 0.43 per cent.
At the close of business, the All-Share Index (ASI) increased by 349.96 points to 252,508.19 points from 252,158.23 points, and the market capitalisation grew by N226 billion to N161.839 trillion from N161.613 trillion.
A total of 42 stocks appreciated during the session, while 29 stocks depreciated, implying a positive market breadth index and strong investor sentiment.
The quartet of CWG, DAAR Communications, Fidson, and Livestock Feeds gained 10.00 per cent each to sell for N23.10, N1.87, N113.00, and N10.45, respectively, while Berger Paints rose by 9.97 per cent to N140.10.
On the flip side, NCR Nigeria lost 10.00 per cent to close at N179.10, Zichis decreased by 9.99 per cent to N36.32, First Holdco shed 9.87 per cent to trade at N71.20, Neimeth dropped 9.66 per cent to N172.00, and Eterna eased by 9.59 per cent to N33.00.
At midweek, investors transacted 1.9 billion shares for N118.1 billion in 76,557 deals compared with the 2.0 billion shares worth N87.7 billion traded in 80,888 deals on Tuesday.
This showed that the value of transactions surged by 34.66 per cent, the volume of trades went down by 5.00 per cent, and the number of deals declined by 5.35 per cent.
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