Politics

Business registration doable in 24 hours, says CAC ambassador

The ambassador for the Corporate Affairs Commission, Michael Nwabufo, mentioned enterprise registration can now be accomplished inside 24 hours by the brand new particular registration portal.

Speaking to newsmen in Lagos on Monday, he urged enterprise house owners to make the most of the innovation and beat the July 7 deadline for obligatory enterprise registration set by the CAC and the Central Bank of Nigeria.

According to Nwabufo, the portal permits companies to register and obtain documentation inside a day.

“There is an important deadline for brokers and fintech firms to register their companies. Compliance is obligatory below new laws aimed toward enhancing transparency and accountability throughout the monetary sector. The deadline ends on July 7.

“To facilitate this, the CAC has introduced a Special Registration Portal (SRP), a new system enabling businesses to complete their registration directly through their mobile banking apps. This innovation streamlines the process, making it quicker and more convenient for agents to comply with the regulatory requirements,” the CAC ambassador mentioned.

He inspired enterprise house owners to make the most of the SRP instantly to make sure well timed registration and keep away from any potential penalties for non-compliance.

He added that enterprise house owners may entry additional data and the portal by visiting the official CAC web site or consulting their banking app.

Emphasising the significance of enterprise registration in Nigeria, Nwabufo said that it fostered uniqueness and belief amongst entrepreneurs.

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He talked about {that a} partnership between the Practitioners of Content Creating, Skit-Making, and Influencers Guild of Nigeria and the CAC aimed toward registering over 5 million new companies nationwide inside a yr.

Nwabufo thanked the Registrar-General of CAC, Hussaini Magaji, for his steady efforts in making certain the Nigerian enterprise area is secure and safe.

He additionally recommended Magaji for his unwavering assist for SMEs.

“The CAC has been one of the top-performing government parastatals in the past year, scoring 53.36 per cent in the Efficiency Compliance Ranking, 65.12 per cent in Overall BFA Performance, and the highest score on the ReportGov.NG platform with 67.86 per cent, indicating full compliance,” he remarked.

Recalled that in May, the CAC and monetary expertise firms agreed to a two-month timeline to register their retailers and agent bankers, higher often known as PoS operators.

The fee, issuing a deadline of July 7, mentioned the registration aligned with authorized necessities and the directives of the CBN.

Nwabufo was appointed CAC ambassador after a closed-door assembly with Magaji on April 26 at CAC Headquarters in Abuja.

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