The Commission on Corporate Affairs (CAC) has given 90 extra days to micro, small and medium-sized enterprises (MSMEs) to register their business names at the reduced cost of N5,000.
The CAC said that for the next three months, the federal government has directed that the cost of registration for business categories be reduced by 50 %.
The agency said this is to give the opportunity to do so to those who could not register in the Business Incentive Strategy (BIS) first and second phases.
CAC’s Acting Registrar General, Azuka Azinge, said Vice President Yemi Osinbajo gave the guidance to encourage MSME ownership for the country’s economic growth and development.
Last year, the BIS CAC announced a three-month cut in the cost of registering business names from N10,000 to N5,000 until December 31, 2018.
The commission announced an extension until March 31 at the closing of the window. The extension followed state and other interest groups ‘ requests.
The CAC registrar said it was expected that the third extension will deepen the successes achieved during the exercise’s first and second phases. It’s going to run from 13 May to 13 August on Monday.
She instructed members of the public to take advantage of the additional extension.
In a related development, Ms. Azinge said the National Assembly passed the Companies and Allied Matters Amendment (CAM) Bill, awaiting presidential approval.
The amendment was aimed at enhancing the supervisory and regulatory powers of the commission, she said.
He listed the amendments to facilitate the start-up and growth of businesses in Nigeria ; to ensure more appropriate regulation for MSMEs ; to enhance transparency and shareholder engagement ; to align regulatory framework with international best practices ; and to make Nigeria a destination of choice for investment.
Given the importance of the CAM Amendment Bill and its importance to the business environment, the CAC boss expressed optimism that the president would give his assent soon.
