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CAC Reviews Company Registration Process

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CAC Reviews Company Registration Process

CAC Reviews Company Registration Process

By Modupe Gbadeyanka

The Corporate Affairs Commission (CAC) has consolidated the forms required to incorporate a business in Nigeria, reducing the number from seven to one, according to the Special Adviser to the commission’s Registrar General, Mr Garba Abubakar.

“We now have just one form which has been deployed this week. It contains all the information you need to register and is available for download on the CAC website. This reduces the cost and time needed to register a business,” Mr Abubakar said on Friday at the Lagos Stakeholders Forum of the Enabling Business Environment Secretariat (EBES).

Mr Abubakar said the CAC would ensure that business owners are able to upload documents electronically as part of its deliverables in the 60-day National Action Plan on Ease of Doing Business in Nigeria.

The Lagos Stakeholders Forum was the second in two days by EBES, following Thursday’s forum in Kano.

According to the coordinator of EBES, Dr Jumoke Oduwole, the forums are designed to inform private stakeholders about government’s efforts to ease the business environment; share details on the Action Plan; and receive feedback to report back to the Presidential Enabling Business Environment Council (PEBEC).

She pointed out that an example of the feedback process at work was the unscheduled visit on Thursday by Acting President, Mr Yemi Osinbajo to the Murtala Mohammed International Airport, Lagos, based on EBES feedback.

“Our vision is a dramatic improvement in Nigeria’s business environment over the next three years to a top 100 ranking in the World Bank Doing Business Report, with increased cross-border trading, increased productivity across key economic sectors and an improved business environment that is attractive to both domestic and foreign investors,” she said.

The two forums in Kano and Lagos were well attended by government officials, heads of MDAs and private sector players who interrogated and interacted with officials, offered advice and aired grievances.

Speaking at the Lagos forum, the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, said the renewed push to ease the business environment was due to the realisation that “every country that has gotten it right has enabled businesses. It is the most sustainable long term way.”

In Kano, Governor Abdullahi Ganduje was represented by his deputy, Professor Hafiz Abubakar, while in Lagos, Governor Akinwunmi Ambode was represented by the Commissioner of Physical Planning and Urban Development, Mr Wasiu Anifowoshe.

The state governments highlighted reform efforts in their states especially as regards getting construction permits and registering properties, which are under their purview.

“In Lagos, getting governor’s permit now takes less than 30 days. Quote me anywhere,” Mr Anifowoshe said.

Some other reform initiatives announced at the forums include the CAC upcoming reform that will allow business owners to get e-stamps for stamp duties without the need to visit the offices of the Federal Inland Revenue Service (FIRS).

On its part, the FIRS said Tax Identification Numbers (TIN) can now be gotten when registering businesses at the CAC without having to visit its offices.

Other facilitators at the event include Ms Yewande Sadiku, the Executive Secretary of the Nigerian Investment Promotion Council (NIPC) and Mrs Jameelah Ayedun, the MD of CR Services.

There were also officials from the Federal Inland Revenue Service (FIRS), Nigeria Electricity Regulatory Commission (NERC), Eko Distribution Company, the National Collateral Registry, Nigeria Ports Authority (NPA), Nigeria Customs Service (NCS), amongst others.

The Stakeholders Engagement Forums were anchored around the seven priority reform areas of EBES, namely, Starting a Business, Getting Credit, Trading Across Borders, Getting Electricity, Construction Permits, Paying Taxes and Registering Property.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

19.2% Ease in FX Trades Bolsters Naira by 0.01% at I&E

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FX trades

By Adedapo Adesanya

A 19.2 per cent moderation in the value of foreign exchange (forex) transactions recorded at the Investors and Exporters (I&E) window of the FX market helped the Naira with extra weight to push down the value of the Dollar by 0.01 per cent or 5 kobo on Friday, June 24.

According to data obtained by Business Post from the FMDQ Securities Exchange, the exchange rate of the Naira to the Dollar at the market window was N420.12/$1 in contrast to N420.17/$1 it closed on Thursday.

The value of FX trades at the window was $162.98 million, $38.83 million lower than the $201.81 million achieved in the preceding trading day.

At the Peer-to-Peer (P2P) segment, the local currency further appreciated against the American currency by 0.32 per cent or N2 to trade at N618/$1 compared with the N620/$1 it was traded a day earlier.

But at the interbank window of the market, the Naira depreciated against the British Pound Sterling by N1.96 to trade at N510.02/£1 versus the preceding session’s N508.06/£1 and slid by N1.04 against the Euro to close the day at N437.60/€1 compared with N436.56/€1 of the previous day.

Meanwhile, the recovery recorded by TerraClassicUSD (USTC) in the cryptocurrency market on Thursday appeared to be short-lived as it lost 11.5 per cent on Friday to trade at $0.0100.

It was the only digital coin of the 10 tokens tracked by this newspaper to shed weight yesterday as Solana (SOL) posted a 10.3 per cent growth to settle at $42.28.

Ethereum (ETH) went up by 7.4 per cent to sell at $1,236.08, Dogecoin (DOGE) appreciated by 6.2 per cent to trade at $0.0691, Binance Coin (BNB) jumped by 4.3 per cent after a deal with Cristiano Ronaldo to quote at $241.40, Bitcoin (BTC) recorded a 2.7 per cent rise to trade at $21,508.22, Cardano (ADA) jumped by 2.6 per cent to $0.5053, Litecoin (LTC) leapt by 0.6 per cent to $57.02, Ripple (XRP) recorded a 0.07 per cent rise to trade at $0.3718, while the US Dollar Tether (USDT) gained 0.01 per cent to sell for $0.9995.

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Economy

NASD Exchange Closes Last Day of the Week 0.42% Higher

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NASD Investors' Portfolios

By Adedapo Adesanya

The last trading session of the week on the NASD Over-the-Counter (OTC) Securities Exchange closed on a positive note on Friday by 0.42 per cent.

This was influenced by the gains recorded by Niger Delta Exploration and Production (NDEP) Plc and Central Securities Clearing System (CSCS) Plc.

NDEP grew during the day by N18 or 10 per cent to close at N198.00 per unit compared to the previous day’s N180.00 per unit, while CSCS Plc rose by 20 kobo or 1.37 per cent to close at N14.80 per unit as against the N14.60 per unit it was previously sold.

At the end of the day’s trading, the NASD Unlisted Securities Index (NSI) gained 3.24 points to settle at 768.27 points compared with the earlier day’s 765.03 points.

In the same trend, the bourse’s market capitalisation closed at N1.011 trillion as investors expanded the total value of securities on the platform by N4.27 billion. On Thursday, the market capitalisation stood at N1.007 billion.

At the market, the total volume of shares bought and sold by investors increased by 251.7 per cent to 323,519 units from 91,997 units, the total value of transactions appreciated by 53.1 per cent to N8.9 million from N5.8 million, while the total number of trades went down by 15.4 per cent to 11 deals from 13 deals.

AG Mortgage Bank Plc finished the trading week as the most traded stock by volume on a year-to-date basis with the sale of 2.3 billion units worth N1.2 billion, CSCS Plc also retained the second spot with the sale of 674.2 million units valued at N14.1 billion, while Food Concepts Plc was in third place for trading 146.0 million units valued at N126.7 million.

In the same vein, CSCS Plc maintained its position as the most active stock by value on a year-to-date basis with a turnover of 674.2 million units valued at N14.1 billion, VFD Group Plc was in second place with 10.9 million units worth N3.2 billion, while FrieslandCampina WAMCO Nigeria Plc retained the third place with the sale of 9.6 million units valued at N1.2 billion.

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Economy

Oil Market Jumps 3% on Tighter Supply

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global oil market

By Adedapo Adesanya

The oil market improved by about 3 per cent on Friday, supported by tighter supply, with the Brent crude futures growing by $3.07 or 2.8 per cent to $113.12 a barrel and the US West Texas Intermediate (WTI) crude futures expanding by $3.35 or 3.2 per cent to $107.62.

Despite the bullish news on Friday, the black gold notched its second weekly decline on concerns that rising interest rates could push the world economy into recession.

The already tight market was further impacted as crude production dropped 45 per cent in less than a decade, currently averaging 275,000 barrels per day as protests of indigenous nationalities of Ecuador demanding fuel subsidies saw them invade and vandalize at least a dozen of oil fields and risk pipeline supply to the country’s ports.

Indigenous leaders have presented the government of President Guillermo Lasso with a list of 10 demands, including a freeze on national gas prices, greater investments in education and healthcare, and more jobs.

In an unprecedented turn of events, the world’s most-watched oil data report on inventories from the US was not released this week due to a power problem.

The Energy Information Administration (EIA) hopes to shed more light on the reasons for the delay next Monday.

Meanwhile, the US Federal Reserve’s unconditional focus on taming inflation continues to squeeze speculators out of the Brent and WTI futures contracts.

The US Federal Reserve Chair, Mr Jerome Powell, said the central bank’s focus on curbing inflation was “unconditional”, adding to fears about more interest rate hikes.

Russia’s invasion of Ukraine exacerbated tight supplies this year just as demand has been recovering from the COVID pandemic.

Crude has also gained support from the almost total shutdown of output in OPEC member Libya due to unrest.

On Thursday, the Libyan oil minister said the National Oil Corporation (NOC) chairman was withholding production data from him, raising doubts over figures issued last week.

The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, meet on June 30 and are expected to stick to a plan to only slightly accelerate hikes in oil production in July and August.

US energy firms added oil and natural gas rigs for a second week in a row in a record 23-month streak of increases, as high crude prices and prodding by the government prompted drillers to return to the wellpad.

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