CAC registers 3,098,193 companies in 28 years

The Corporate Affairs Commission (CAC) on Tuesday said it had registered 3,098,193 companies and firms in Part A, B and C categories from its inception in 1990 to March 21.

The Acting Registrer General of CAC, Mrs Azinge Azuka disclosed this at the commission customers forum in Abuja.

Azuka said that in the last three years, the statistics on registration of firms and companies under Parts Limited Liability Company (A), Business Name (B) and Incorporated Trustee (C) was 618,309.

She explained that in 2016, the council got the sum of 175,098 from the LLC (A), 193,194 from Business name (B) in 2017 and 252,035 from Incorporated Trustee (C) in 2018.

Azuka said the number of Annual Returns filed under the Parts A,B and C in the last three years was 190,078.

According to her, the major thrust in the present administration is to revamp the Nigerian economy though the support of Micro Small and Medium Enterprises (MSMEs).

She said the commission remained resolute in reviewing its processes regularly, in a bid to improve service delivery.

“In that regard, work is at advanced stage to amend it enabling law, the Companies and Allied Matters Act (CAMA) in collaboration with the National Assembly.

“This seeks to ease starting and growing businesses in Nigeria , ensure more appropriate regulation for MSMEs.

“Enhance transparency and shareholders engagement align regulate framework with International best practices and make Nigeria an investment destination of choice ,”she said.

It was reported that CAC was established by the Company and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria.