Economy
Entrepreneurs Don’t Need Professionals to Register Their Businesses—CAC
By Adedapo Adesanya
The Corporate Affairs Commission (CAC) has reiterated that the Companies and Allied Matters Act, 2020 (CAMA 2020) will reduce the burden of starting and running small businesses in Nigeria as an individual can incorporate a private company.
According to the News Agency of Nigeria (NAN), this was disclosed by the Registrar-General of the commission, Mr Garba Abubakar in an interview with the agency on Monday in Abuja.
Mr Abubakar said the provisions of the new CAMA would stimulate economic growth, attract investment and promote the Ease of Doing Business campaign of the federal government, especially for Micro Small and Medium Enterprises (MSMEs).
He further said CAMA 2020 provides for individuals to register their businesses with the CAC without going through a lawyer or other stipulated professionals.
He said that under the new act, it was possible for one person to form and incorporate a private company, unlike before when a sole member of a company was impossible.
“For most small entrepreneurs, they do not even have the capital to start the business and some have to borrow the money to even pay the registration fee.
“If you made it mandatory for them to go through professionals before they register, that is actually adding to the cost; it is an unnecessary burden.
“Those that can afford it can pay lawyers and accountants, and those that cannot be able to do their registration by themselves.
“Under the new law, one person can register a company, unlike before when you need a minimum of two persons as directors and shareholders.
“An individual can register a company and he will be the sole shareholder and the sole director, and that company will have all the powers of the company.
“In the past, only a business name was allowed to be registered by an individual but now a company can be registered by an individual,” he said.
The CAC Register-General said that another significant benefit for small businesses under CAMA 2020 was the increase in the threshold for qualification as a small company.
“Under the old CAMA, a small company is one with a yearly turnover not exceeding N2 million and a net asset value not exceeding N1 million; otherwise it is recognised as a large company.’’
He, however, said that CAMA 2020 had substantially increased the threshold to an annual turnover of not more than N120 million, and net asset value of not more than N60 million.
“The implication of the increase is that much more businesses may now take advantage of the regulatory and financial privileges enjoyed by small companies.
“The mandatory requirement for a secretary is now optional, the requirement for filing audited financial statement and appointment of the auditor is also optional for small companies.
“Under the new law, we now have Limited Partnership and Limited Liability Partnership as new legal entities, and this has actually opened windows for entrepreneurs.
“They have a choice to register companies as business name, have Limited Partnership and Limited Liability Partnership, and that actually support the ease of doing business initiative,” he said.
The Registrar-General also said CAMA now recognises the authentication of documents by the electronic signature of a director, secretary, or other authorised officials of the company.
He said that the act also endorsed the electronic transfer of shares and private companies might also hold their general meetings electronically, however, this must be permitted by the articles of the company.
He said that personal notice and a notice of meetings might also be sent by e-mail, and business operations conducted remotely, and electronically endorsed documents would be fully recognised by the Corporate Affairs Commission (CAC).
“These provisions are geared toward easing business processes and eliminating challenges associated with strict application of the old CAMA,” he said.
President Muhammadu Buhari had on August 7 signed into law the CAMA 2020, which repeals and replaces the Companies and Allied Matters Act, 1990.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded 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, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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