CAC Registers 245,000 SMEs for Free

In a bid to encourage start-ups, the Corporate Affairs Commission (CAC) has registered more than 245,000 Small and Medium Enterprises business free of charge.

This was disclosed by the Registrar-General of the Corporate Affairs Commission, Alhaji Garba Abubakar, in Abuja, yesterday.

Abubakar noted that the Federal Government approved the free registration of 250,000 business names as part of its intervention to assuage the economic effect of COVID-19. According to him, the Federal Government paid 50 percent of the cost of registration to CAC and more than 245,000 business names were consequently registered.

Alhaji Abubakar explained that the process was electronic and applicants also got their certificates electronically. He added that the numbers were divided between the 36 states of the federation and the FCT noting that Lagos, Abia and Kano States had the largest numbers.

He further said free registration of 6, 606 business names were approved for 33 states while Abia, Lagos and Kano States would have 7, 906, 9,084 and 8,406 respectively.

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The CAC boss noted that aggregators were appointed and paid to collect SMEs information and submit the same to CAC.  He explained that the commission provided special access for the aggregators for effective service delivery since they were responsible for scanning and uploading of documents. He added that CAC had to take over from one of the aggregators appointed for two states but failed to deliver.

Abubakar said also that the intervention of CAC and appointment of substitute aggregators to take over in the two states sped up the process, already nearing completion.

“We are hoping that by end of September the exercise will come to an end,’’ He concluded