The Senior Special Assistant to President Muhammadu Buhari on
Industry, Trade & Investment, Dr. Jumoke Oduwole has stated that
registering a new company in Nigeria can now be done online and within
24 hours provided ALL procedures and requirements for online
registration are met.
She made the statement while speaking at the one-day sensitization
summit organized by the Corporate Affairs Commission (CAC) in Lagos
Thursday. According to her; “This is a far cry from the 10 or more days
it used to take in the past, which has resulted in significant time and
cost savings.”
The CAC sensitization summit was declared open by the Acting
Registrar/CEO of the CAC, Lady Azinge Azuka Obiageli who informed the
audience that the event was one of many planned, as others would be
taking place in Kaduna, Kano, Port Harcourt and other cities in the
coming weeks.
According to her, the Corporate Affairs Commission would be phasing
out manual company registration in an additional ten states, with a
total phase-out expected in the nearest future. The summit was an
opportunity for officials of the Corporate Affairs Commission,
stakeholders, entrepreneurs, SME owners and members of the general
public to engage on some of the reform initiatives being carried out by
the commission as part of the Presidential Enabling Business Environment
Council’s (PEBEC) 60-day National Action Plan 2.0 which was launched on
the 3rd of October.
According to Dr Oduwole, the Enabling Business Environment
Secretariat has been supporting the Corporate Affairs Commission to
enhance efficiency in the process of business registrations, one of
which has seen the CAC simplify its processes by condensing multiple
forms previously required for registering a company into a single form -
the CAC Form 1.1.
More importantly, company registration process is now exclusively
online in Lagos, since the manual registration window closed earlier in
the year. Manual registration portals have also been closed in Abuja,
Kano, Kaduna, Port Harcourt and Enugu. These reforms were put in place
to help businesses save cost and time while also removing rent-seeking
opportunities from the process by reducing the need for human contact.
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