CAC Eyes Registration of 20 million New Businesses in 2024

January 26, 2024
20 million New Businesses

By Aduragbemi Omiyale

The Corporate Affairs Commission (CAC) says it plans to register 20 million new businesses in 2024 for the growth of the nation’s economy.

The Registrar-General and chief executive of the agency, Mr Hussaini Ishaq Magaji, revealed this when he received the Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs Folashade Ambrose-Medembem.

The Commissioner had visited Mr Magaji at his office recently. Both parties discussed ways to improve the ease of doing business in the state.

During the talks, the CAC chief said his organisation intends to make its customers enjoy quality services and have their requests granted within 24 hours.

Mr Magaji, who had just marked 100 days in office, said services that include same-day registration premium service, same-day company status update, and same-day filing of annual returns, among others, would soon be available for customers.

The CAC boss also said that the commission was working hard to check the proliferation of illegal businesses without registration as stipulated under the provisions of Section 863, Subsections 1 and 2, of the Companies and Allied Matters Act, CAMA 2020.

He called for the collaboration of the state government to achieve these goals, assuring that the CAC was ready to join forces with the Lagos State government.

Recall that recently, the agency extended the deadline for filing annual returns by companies to April 2024.

This was after the CAC had said it would delete inactive businesses from its database if they failed to file the annual returns by January 2024.

“CAC at this moment extends the commencement date from January 1 to April 1, 2024.

“This extension has become necessary given the glitches presently experienced on the CRP and in deference to appeals from the MSME sector,” a statement from the agency in December 2023 said.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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