BUSINESS NEWS WEEKLY

Hello ladies and gentlemen, welcome to our round up of business news in Nigeria and more importantly we tell you how the small business owner can tap into the possibilities offered by these news events. Its part of our re-organisation to ensure you; our ardent and new readers know what’s going on in the business and finance world around them!

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THE Corporate Affairs Commission (CAC) may introduce new regulations to strengthen the process of registration of new businesses in Nigeria to check fraud.

For instance, prospective directors of new firms seeking registration would be required to submit two passport photographs of each of the directors.

Besides, efforts are on to facilitate online registration of business in all the states, and upgrading of its website for easy access to information are gaining due attention.

The Chairman of the Commission, Otunba Lawal said by repositioning and putting a new regulation’s in place are necessary to ensure that unfit and improper people do not register firms or use such for fraudulent and terrorist purposes rather to achieve better service delivery.

According to him, efforts are being made to facilitate online registration of businesses in all the states in Nigeria and across the globe.

He said,  “Nigerians must take advantage of the present position of CAC to register their businesses and equally operate legal businesses as the commission would soon sanction unregistered operators and make them face the law.

“We are doing everything possible to ensure that violent and financial crimes are checked from inception. We will do this by evolving various strategies. For instance, very soon, the board will make it a key requirement that prospective directors of new firms seeking registration with CAC affix and submit two passport photographs of directors. At least, two of the directors of a new firm will have to comply with this” he said.

He added that it is our responsibility to ensure that it companies are properly registered according to the rules and regulations of the commission

He noted that the commission had been doing a lot in terms of making it an investment-attracting agency, especially in line with the transformation agenda of the Federal Government.

He also disclosed that the agency was already exploring the possibility of making offshore company registration a reality. For instance, arrangements are already in top gear to have an office in London, which would be dedicated to registering new firms.

According to him, with the London office, there would be no need for Nigerians abroad to come to Nigeria to register companies. The London office of CAC. may have to serve as a hub for the whole of Europe. he said.

By Faith Oparaugo (culled from http://www.ngrguardiannews.com)

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