CAC registers 330,000 small enterprises

Bisola David
Bisola David
CAC registers 330,000 small enterprises

The Corporate Affairs Commission stated that it has begun the registeration of extra 330,000 small enterprises that were previously conducting business informally throughout the nation.

According to This Day, this happened just a week ago when, together with Moniepoint Microfinance Bank, the commission registered two million MSMEs in a single, unprecedented sweep.

Additionally, the commission instructed social media content providers to register their enterprises in compliance with the Companies and Allied Matters Act 2020, including Instagram and TikTok users with substantial followings.

Registrar-General/Chief Executive, Hussaini Ishaq Magaji, CAC, maintained that it was illegal to conduct business in the nation without a CAC registration.

He did point out, however, that “OPAY Services Limited had submitted 300,000 small businesses including agents and merchants for regularization in the most recent wave of bulk SMEs’ registration, while Kudimata Nigeria Limited had also submitted 30,000 SMEs for regularisation.”

Speaking at the commission’s presentation of SMEs’ data, the head of the CAC reaffirmed his commitment to registering 20 million enterprises by 2024 in keeping with President Bola Tinubu’s Renewed Hope plan, which calls for the creation of 50 million employment for young people.

“And we can give the young people jobs as a result of this. This is creating jobs for 300,000 small and medium-sized enterprises as having a business requires registration.”

Managing Director of OPAY Services Limited, Mr. Gotring Dauda, explained the commission’s efforts to bring startup businesses on-board to enable them fulfil the requirement of law as very commendable.

He declared, “We are giving the CAC access to our agents and merchants who have been registering under their individual names.

“We are pushing for regularization because it would broaden the tax base and, naturally, support SMEs, which will essentially boost the economy by generating jobs.”

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