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Over 40m small, medium enterprises unregistered – CAC

By Victoria Ojeme & Fortune Eromosele

The Acting Registrar General, Corporate Affairs Commission (CAC), Lady Azuka Azinge has said  that over 40 million small and medium enterprises are left unregistered.

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Azuka Azinge who disclosed this during the Media chat in Abuja, noted that within two months more than 69,000 companies have registered –  from October 1st to date and Companies de-listed are 40,000.

According to her, one of the major thrust of the present administration was to revamp the Nigerian economy through support to Micro Small and Medium Enterprises (MSME’S) whose activities contribute in no small measure to the development of MSMEs.  The commission, recently, launched the Business Incentive Strategy (BIS) to encourage small businesses formalize their business by registering same with the commission.

She said, “Under the strategy, the cost of business registration has been reduced from N10, 000 to N5, 000 for a period of three months (1st October – December, 2018) to enable people register their businesses.”

She stated that the deployment of user-friendly Company Registration Portal (CRP) afforded customers on-line and real-time access to the services of the commission from the comfort of their offices and homes using different e-payment platforms.

“To encourage the use of the CRP, the Commission stopped manual submission of documents nationwide.”

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