FG EXTENDS THE 50% REDUCTION IN REGISTRATION FEE FOR BUSINESS NAMES WINDOW BY 90 DAYS

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Ag. Registrar General & Chief Executive of the Corporate Affairs Commission, Lady Azuka Azinge

In order to give opportunity to Micro, Small and Medium Scale Enterprises (MSMEs) who could not register their businesses in the first and second phases of the Business Incentive Strategy (BIS), the Vice President, His Excellency, Prof. Yemi Osinbajo, SAN, GCON has directed the Corporate Affairs Commission to further extend the window for registration of Business Names at the reduced cost of N5,000.00 by 90 days.

The Ag. Registrar-General of the Corporate Affairs Commission, Lady Azuka Azinge disclosed this to newsmen in Abuja on Friday, 10th May, 2019.

It will be recalled that the Commission under its Business Incentive Strategy (BIS), had reduced the cost of Business Names registration from N10,000 to N5,000 for a period of three months (1st October. to 31st December 2018).

Upon expiration of the initial three months window, the Commission received several requests from Stakeholders and the public, and extended same for another period of three months (1st January to 31st March 2019) due to popular demand, particularly from State Governments

Lady Azinge stated that the third extension will deepen the success achieved in the first and second phases and will run from Monday, 13th May to 13th August, 2019.

She enjoined members of the public to take advantage of the further extension to register their Business Names at the reduced cost of N5,000.

Members of the public can either do it themselves online by login on to the Commission’s website: www.cac.gov.ng or visit any of the Commission’s offices nationwide.

For further details, call: 09087401598, 09087401599, 09087401600, 08182298971, 08182299016, 08097388192, or Email: cservice@cac.gov.ng

In a related development, Lady Azinge revealed that the Companies and Allied Matters Amendment Bill had since been passed by the National Assembly and was awaiting Presidential ASSENT.

According to Lady Azinge, the amendment is aimed at enhancing the Commission’s supervisory and regulatory powers.
Specifically, the amendment seeks to:
• Ease starting and growing businesses in Nigeria;
• Ensure more appropriate regulation for MSMEs;
• Enhance transparency and shareholder engagement;
• Align regulatory framework with international best practice;
• Make Nigeria an investment destination of choice.

She expressed optimism that given the importance of the CAM Amendment Bill and its significance for the business environment, same will soon be assented to by Mr. President.

She seized the opportunity to commend the National Assembly for the timely passage of the CAM Bill. She specifically commended the support of the Presidential Enabling Business Environment Council (PEBEC) to the Commission’s reform initiatives.
She also expressed deep appreciation to all other stakeholders and the Media for their unalloyed support to the Commission.

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