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Nigeria’s business registration agency to de-register 100,000 companies. Here’s why

Published

1 year ago

July 29, 2023

About 100,000 companies are set to be deregistered by Nigeria’s Corporate Affairs Commission (CAC), the body charged with registering businesses, according to the body’s Registrar-General and Chief Executive Officer, Alhaji Garba Abubakar.

Abubakar reiterated the commission’s aim to remove 100,000 registered firms from its database while speaking at a training on the “Use of the Beneficial Ownership Register” in Lagos.

“CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return,” Abubakar said.

The CAC chief said the companies affected were ones that failed to file annual returns in the last 10 years. He said the body intended to send notice of striking off to the affected companies before embarking on the action as enshrined in section 692 of the act setting it up, Nigeria’s Companies and Allied Matters Act (CAMA) 2020.

According to Abubakar, the companies had a legal right to be reinstated after settling outstanding debts and following a court decision. He also encouraged the companies to make sure they paid their annual returns on time to prevent being delisted.

CAMA requires that every business and trustee organization file annual returns on a yearly basis to the CAC. The only exemption in the Act is for companies with one member.

Related Topics:CAC Companies Featured Nigeria

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IMF mission concludes 4th loan program assessment in Egypt

Published

3 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

5 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.