• Tuesday, July 23, 2024
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CAC to register 20,000 more businesses at discounted rates

CAC unveils e-system for financial statements filing

The Corporate Affairs Commission (CAC) has disclosed plans to register 20,000 businesses at 50 percent discount, in a bid to incorporate more informal businesses particularly women and youth owned enterprises.

The Commission also pledged to support the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Business Women Working Group (NAWORG) in it’s quest to provide customized advocacy training for women entrepreneurs to motivate them to register their businesses.

The initiative, it said will also aim to provide access to credible women and youth owned informal businesses operating in various areas.

Garba Abubakar , registrar general of Commission stated this on Thursday while receiving, the Chairperson of NAWORG, Hajiya Aisha Abubakar on a courtesy visit to the Commission.

Abubakar who recalled CAC’s active support and participation in the series of interventions embarked upon by the present administration in the country including the 250,000 free business names registration revealed that the Commission just secured approval to register 20,000 more businesses in collaboration with the Abuja Enterprise Agency.

He further said that in view of the successes recorded, many more states governments and groups have been approaching the Commission to broker such collaborations in order to formalise more informal businesses.

Speaking on the Commission’s reform initiatives, the Registrar General maintained that since January 2021 the CAC ensured full digitization of its operations in line with the ease of doing business initiatives of the present administration.

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Abubakar revealed that in view of the digitization, Customers now obtain online certified extracts with ease and instantly as against queuing up in the past for manual reports from the Commission.

He further stated that in line with the provisions of the CAMA, 2020 the Commission no longer issues documents with personal signatures especially to third parties except for court use.

He revealed that in continuation of its reforms, the Commission would soon deploy additional three modules on its Portal which include the eXtensible Business Reporting Language (XBRL) filing system for financial reports developed in collaboration with the Financial Reporting Council with support from eu-act program under the European Union and British Council.

He however said that a stakeholder engagement/validation was being organized before deployment of the new modules.
Speaking earlier, the Chairperson of NAWORG, Aisha Abubakar solicited amongst others, CAC’s collaboration towards achieving gender equality and women empowerment in Nigeria by leveraging on sensitization programmes to encourage women formalise their businesses.

Abubakar who said NAWORG mainstreams the objective of Goal 5 of the Sustainable Development Goals, which is to achieve gender equality and empower all women and girls noted that available statistics showed that the number of MSMEs in Nigeria dropped to 39 million from 41 million due to the negative impact of Covid-19.

She further stated that out the figure, women owned businesses became the hardest hit and added that the large number of women owned informal businesses in the society was an obstacle to women participation in public and private sectors.