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Tag: CAC

  • CAC shifts new fee implementation to Oct. 1

    CAC shifts new fee implementation to Oct. 1

    The Corporate Affairs Commission (CAC) has announced the deferment of the implementation of revised fees for its services to Oct. 1.

    The Commission, in a public notice issued on Saturday in Abuja, said the decision was taken to enable it prioritise full stabilisation of its new Company Registration Portal before mid-September.

    The revised fees were earlier scheduled to take effect on Sept. 1.

    This was after CAC had already postponed the initial deadline of Aug. 1, following technical hitches on the upgraded portal.

    The CAC said that the latest extension was aimed at delivering optimum value to customers and stakeholders, while ensuring a seamless transition into the new regime of services.

    According to the notice, the deferment demonstrates CAC’s strong determination to provide efficient and customer-centric services that meet global standards.

    The Commission expressed appreciation to its customers and stakeholders for their patience, understanding, and cooperation during what it described as a critical phase of transformation.

    It then reaffirmed its commitment to building an intelligent registry that supported Nigeria’s ease of doing business reforms.

  • CAC reacts to Fatoyinbo’s apology over Apostle Babalola died poor remark

    CAC reacts to Fatoyinbo’s apology over Apostle Babalola died poor remark

    The Christ Apostolic Church (CAC) has accepted the apology of Biodun Fatoyinbo, the Global Senior Pastor of the Commonwealth of Zion Assembly (COZA), after receiving backlash for his comments about Apostle Joseph Ayo Babalola, the late founder of the church.

    Fatoyinbo had stirred controversy during a sermon in which he praised Babalola’s anointing but questioned his material wealth and legacy. “He was anointed. So anointed. Anointed man. Heavy-duty grace, but no money. So, all the grace just went like that,” the COZA pastor said, while also asking, “Where are his children?”

    The comments drew criticism from CAC, which in a statement signed by its Director of Publicity, Pastor Aderinsoye Alawode, described Fatoyinbo’s views as biblically flawed.

    “To equate anointing or ministerial success with material wealth is biblically flawed. The words of Jesus are clear: Take heed and beware of covetousness, for one’s life does not consist in the abundance of the things he possesses, Luke 12:15,” the church stated.

    Deaconess Eunice Ogini, the first daughter of Apostle Babalola, dismissed Fatoyinbo’s claims, asserting that her father left behind a strong spiritual and family legacy.

    She emphasized that she and her siblings enjoyed comfortable lives shaped by his values of service and generosity. In response to the growing reactions, Fatoyinbo issued an apology on Thursday, August 14, clarifying that he meant no disrespect to Babalola or his children.

    “I would never in any way or manner take lightly the grace over Apostle Babalola, his children or his ministry for granted. I apologise if any statement made by me has caused any form of distress, hurt or discontentment to the CAC, the family of the late Apostle Babalola or his associates,” he said.

    In an interview, Alawode said the apology was received in good faith.

    “He realised that the statement he made evoked some feelings in some people, and he took steps to correct himself. That is what is needed; it means he has shown remorse,” he noted.

    Alawode clarified that CAC’s response was not to accuse Fatoyinbo of malice but to correct any misconceptions.

    “The children are alive and all of them are doing well in their various fields of endeavour. They have already retired from government service, and they are church leaders in their own right,” he added.

  • Pastor Fatoyinbo attacked over remark that Apostle Babalola died poor

    Pastor Fatoyinbo attacked over remark that Apostle Babalola died poor

    The Christ Apostolic Church (CAC) has criticised the lead Pastor of Commonwealth of Zion Assembly, Biodun Fatoyinbo, over his recent statement regarding late Apostle Joseph Ayo Babalola.

    TheNewsGuru.com(TNG) reports that Pastor Fatoyinbo, in one of his messages, reportedly said that despite the deluge of anointing by Apostle Babalola, he died poor while questioning the whereabouts of his children.

    Reacting to the remark, the Church’s Director of Publicity, Pastor Ade Alawode, in a statement on Thursday, described Fatoyinbo’s remark about Apostle Babalola as insensitive and ill-informed.

    Alawode insisted that Fatoyinbo’s claim was inaccurate, stressing that Apostle Babalola lived a befitting lifestyle without exploiting the pulpit.

    According to him, Fatoyinbo’s message equating anointing or ministerial success with material wealth is biblically flawed, saying “The words of Jesus are clear: Take heed and beware of covetousness, for one’s life does not consist in the abundance of the things he possesses.” — Luke 12:15. Yet, your teachings suggest otherwise.”

    While berating Pastor Fatoyinbo for questioning the whereabouts of Apostle Babalola’s children, Alawode said his brand of preaching is encouraging greed, corruption and ungodliness.

    The statement read, “Ordinarily, we do not respond to social media commentaries or controversies. However, we consider it necessary to address your recent statements, which have been widely circulated on your social media platforms, for the following three reasons:

    “Clarification of Truth: To correct the misleading narrative you are promoting about ministry and wealth.

    “Defense of Legacy: To address the inaccurate claims you’ve made regarding the life and ministry of Apostle Joseph Ayo Babalola, the first General Evangelist of Christ Apostolic Church.

    “In one of your trending messages on YouTube, you acknowledged that Apostle Babalola was highly anointed but “had no money”, and then went on to ask sarcastically, “Where are his children?” a question that was both insensitive and ill-informed.

     “To equate anointing or ministerial success with material wealth is biblically flawed. The words of Jesus are clear: Take heed and beware of covetousness, for one’s life does not consist in the abundance of the things he possesses.” — Luke 12:15. Yet, your teachings suggest otherwise.

    “In doing so, you promote what the Bible refers to as Simony, the monetization of spiritual gifts (Acts 8:18–24). The Scriptures do not teach that money is a sign of anointing. Rather, “the love of money is the root of all kinds of evil” (1 Timothy 6:10). Which Bible do you read and preach from?

    “On the Question of Apostle Babalola’s Children. Ethically speaking, Apostle Babalola had children. Simple arithmetic should help you understand that they would be advanced in age by now possibly your grandparents’ age. What did you hope to achieve with the mocking question, “Where are the children of Babalola?

    “Your statement reflects more on the kind of company you keep, but as a preacher of the Word, shouldn’t your conduct and utterances be guided by Scripture?

    “Where in the Bible does your brand of prosperity theology originate one that demeans people for not being wealthy? Isn’t such a message encouraging greed, corruption, and godlessness, especially in a nation already struggling with moral decay?

    “For the sake of truth and posterity, let me correct the public misrepresentations you’ve made regarding Apostle Joseph Ayo Babalola:

    “Apostle Babalola was called by God on October 10, 1928, at the age of 24. His ministry spanned Western and Midwestern Nigeria, and extended to the Gold Coast (now Ghana), marked by undeniable signs and wonders.

    “He was blessed but not materialistic or greedy. He gave lands to the Church, supported the education of many, fed the poor, and lived sacrificially. He housed more people than just his biological children.

    “When Queen Elizabeth II visited Nigeria in February 1956, Apostle Babalola was among the honored guests. Would a man in rags be granted such recognition by a colonial government? Certainly not.

    “He was no fundraiser, yet God supplied his needs. His diaries are filled with divine provisions like: “Ipese Olorun loni: £100.00, £50.00.

    “He lived in a befitting home, drove one of the best Ford Jeeps of his time, and funded weddings, education, and apprenticeship programs all without exploiting the pulpit.

    ‘His children Mama Eunice Wuraola Ogini and Apeke Adeniyi are alive, blessed, fulfilled, and quietly serving the Lord in their respective churches. They are not loud, ostentatious, or greedy.

    “Apostle Babalola’s anointing impacted generations. More than 66 years after his passing, his legacy continues to inspire and bless countless lives and ministries. That is true impact.”

  • CAC set to hold memorial service for Late Pastor Oguntade of Surrey Docks, London on August 12th

    CAC set to hold memorial service for Late Pastor Oguntade of Surrey Docks, London on August 12th

    The Christ Apostolic Church (CAC) English Assembly District, Itire, Lagos is organising a Commendation Service in honour of Pastor Elijah Oguntade, who died in London, UK, on July 18, aged 73.

    Oguntade was ordained a Pastor of CAC, while at the Christ Apostolic Church, English Assembly in 1999, and he diligently served the Lord in several capacities before relocating to London in 2003. He also served at a number of churches in London before settling at CAC, Surrey Docks DCC of Anosike Region in the UK.

    He was a highly revered man of God widely noted for his kindness, selflessness, humility, generosity and a burning passion for the work of God.

    The late Pastor was also an IT guru who co-founded the IT firm, Remsund Nigeria Limited, with his childhood friend and brother-in-law, Pastor Remi Collins.

    Before he relocated to the UK about two decades ago, they engineered the ASYCUDA software system deployed to the Lagos ports for use by the Nigerian Customs Service.

    Son of a Pastor, Oguntade was a foundation Elder of CAC’s first ever purely English-speaking assembly founded by the Itire District in Lagos, and was instrumental to its subsequent growth into a district with several branches after hosting the first branch at his personal house in Ikate area of Surulere, Lagos.

    He left Nigeria to settle in the UK with his entire family around 2003 and kept the fire of his service aglow through a productive partnership with Pastor Emmanuel Olusegun Medaiyese, pioneering Minister of the CAC at Surrey Docks, London, and foundation Chairman of the Anosike Region covering UK and Europe.

    He is survived by his wife, Funmilayo Oguntade, and their children and grandchildren.
    The CAC English District, Itire, Lagos, has rolled out plans for a commendation service in his honour, at 5pm, on Tuesday, August 12.

    Venue is the CAC English District Headquarters at 3, Adefimihan Street, Off Itire-Mushin Road, Lagos.

    An online posting by his family said: “Pastor Oguntade dedicated his life to the service of his community and faith, leaving behind a legacy of love, compassion, and spiritual guidance.

    “He was more than a Pastor; he was a beacon of hope and support for countless individuals and families. His commitment to his faith and his community was unwavering, fostering an environment of growth and understanding.

    He is remembered not only for his spiritual leadership but also for his kindness, integrity, and the gentle strength he provided to those around him.

    “While we reflect on his extraordinary journey, we also recognize the profound impact he had on the lives of those around him. Pastor Oguntade nurtured relationships that spanned generations, fostering a spirit of unity and resilience among his parishioners, friends, and family. His legacy will continue to inspire us to live with grace, generosity, and an unwavering commitment to our values.”
    PASTOR TAIWO SOKUNBI
    SECRETARY, CAC ENGLISH ASSEMBLY DISTRICT, ITIRE

  • CAC moves to strike off non-compliant companies

    CAC moves to strike off non-compliant companies

    The Corporate Affairs Commission (CAC) has commenced a new phase of striking off companies that have failed to comply with the provisions of the Companies and Allied Matters Act (CAMA), 2020.

    This was disclosed in a public notice issued by the Commission on Tuesday in Abuja.

    According to the notice, the names of affected companies have been published on the Commission’s official website.

    Companies found to be non-compliant must rectify their records within 90 days from the date of publication or risk being delisted.

    The commission emphasised that compliance includes filing Annual Returns and disclosing information on Persons with Significant Control or Beneficial Ownership.

    “The affected companies should note that any company that fails to comply with the provisions of the Act by filing its Annual Returns within 90 days of this publication shall be struck off the Register,” the notice stated.

    It added that updating information on Persons with Significant Control or Beneficial Ownership was also mandatory within the same period to avoid delisting.

    The CAC warned that any company removed from the register would lose its legal status and would no longer be permitted to operate in Nigeria.

    The action is being carried out in accordance with Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.

    The commission urged the public to visit its website to view the list of affected entities and encouraged all companies to ensure full compliance to avoid deregistration.

  • CAC postpones implementation of new fees, penalties

    CAC postpones implementation of new fees, penalties

    The Corporate Affairs Commission (CAC) has announced the postponement of the implementation of new fees and penalties for document downloads on its upgraded registration portal to September 1.

    The CAC, in a public notice released on Monday in Abuja, said the decision to delay the rollout followed transitional challenges being experienced by users on the portal.

    The enforcement, which was initially scheduled to commence on Aug. 1, affects charges for documents not downloaded within seven days of approval.

    The Commission listed some encountered problems by users included difficulties with downloading documents, payment processing, post-incorporation filings for business names, and uploading of certain required documents.

    “We are working tirelessly, alongside our technical partners and stakeholders, to stabilise the system without shutting down the entire portal,” the commission said.

    According to CAC, the shift in date is a temporary relief aimed at supporting businesses and ensuring a seamless user experience during the transition to its Artificial Intelligence-powered platform.

    The commission said the adjustment was also in response to feedback received from customers and stakeholders across the country.

    “We appreciate your patience and understanding,” it stated.

    CAC inaugurated the new digital portal on June 30 to improve service delivery and reduce the turnaround time for business registration processes.

  • CAC hikes fees, increments take effect from August 1

    CAC hikes fees, increments take effect from August 1

    The Corporate Affairs Commission (CAC) says it has reviewed some of its service fees to enhance service quality, improve efficiency, and sustain digital transformation in its operations.

    The commission said this in a public notice it issued in Abuja on Tuesday.

    It said the increment which will take effect from Aug. 1, reflected prevailing economic realities and rising operational costs.

    It said the adjustment followed engagements with key stakeholders.

    The commission added that the review was to sustain prompt and technology-driven service delivery for Nigerians.

    “The review of fees is crucial to ensuring that the commission continues to provide prompt, efficient, and technology-driven services that meet the expectations of its stakeholders for the benefit of the Nigerian economy,” it said.

    The CAC described the reviewed fees as modest and competitive.

    It said the changes would support its ongoing reforms to enhance transparency, accountability, and customer satisfaction.

    “The schedule of the revised fees has been published on the commission’s official website: www.cac.gov.ng, including a direct link to its resource section for easy access,” the notice said.

    The commission assured the public of its continued commitment to delivering high-quality services and maintaining the integrity of Nigeria’s corporate registry.

    It urged the public, business owners, and corporate stakeholders to visit its website for full details of the reviewed service charges and other resources.

  • CAC to deploy AI for business registration

    CAC to deploy AI for business registration

    The Corporate Affairs Commission (CAC), says it is set to deploy Artificial Intelligence (AI) in its operations beginning with a pilot project covering availability, registration of business names and incorporation of limited liability companies.

    Hussaini Magaji, the Registrar-General of the CAC, made this announcement on Tuesday during the commission’s Stakeholders’ Customers Forum in Lagos.

    The forum, which is the first in the year, was organised to obtain feedback from customers regarding the CAC’s current performance.

    Represented by Mr Justine Nidiya, Special Adviser to the registrar-general, Magaji noted that additional operational processes would be introduced following the pilot project.

    He underscored the necessity of adopting AI, citing predictions that by 2030, 80 per cent of current jobs could be automated.

    “The commission is therefore embracing the future by adopting AI,” he said.

    He also mentioned plans to deploy additional Value-Added Services (VAS), which were customised services designed to meet the specific needs of various stakeholder segments.

    “Under the VAS, organisations with robust APIs will be licensed to extract data or information in formats beyond the standard options currently available.”

    According to Magaji, every human endeavour faces challenges, and it is wise to view these challenges as disguised opportunities.

    He pointed out that the liberalisation of foreign exchange and the rising prices of petroleum products had posed significant challenges for the commission and the broader economy.

    “The resulting inflation has made procurement more expensive, yet the commission has managed to sustain its operations despite these difficulties.

    Looking ahead, Magaji indicated that it might be necessary to increase filing fees to ensure the commission’s survival and optimal performance.

    He urged stakeholders to collaborate with the CAC to ensure the successful implementation of the new AI-driven Company Registration Portal (Intelligent CRP 3.0) and other reforms.

    According to him,  this will benefit all stakeholders and the country as a whole.

    He also appealed to the business community to view the business formalisation project as a national priority.

    According to the registrar general, meaningful development can not occur while 90 per cent of the national Micro, Small, and Medium Enterprises operate outside the formal sector.

    Mrs Ozofu Ogiemudia, Chair of the Section on Business Law of the Nigeria Bar Association, praised the CAC for its proactive engagement and timely issue resolution.

    She stressed the importance of leveraging AI to enhance efficiency.

    Ms Efosa Ewere, Chairperson of the Lagos State Chapter of the Institute of Chartered Secretaries and Administrators of Nigeria, also expressed gratitude to the commission for introducing the AI tool.

    Ewere said that it would facilitate smooth and efficient communication on their portal.

    NAN

  • RE VEALED! Only 100,000 POS operators registered in Nigeria , Says CAC

    RE VEALED! Only 100,000 POS operators registered in Nigeria , Says CAC

    The Registrar General of the Corporate Affairs Commission, Hussaini Ishaq Magaji has revealed that only 100,000 Point of Sale (POS) operators have officially registered their businesses with the commission as part of its POS formalization project.

    Magaji said this during the in-house enforcement and compliance training for state offices on Monday in Abuja,

    Magaji said that the training, with the themed “Re-engineering the Commission for Compliance and Enforcement Mandates” would ensure efficient management of corporate entities.

    He called for a paradigm shift in the commission’s operations, emphasising the importance of compliance and enforcement functions beyond the routine registration of businesses.

    “One of the key priorities I identified upon assuming duty in 2023, was the need to bring the commission’s regulatory and management functions to the forefront.

    “This led to the inclusion of compliance enforcement as a key component of my four-point agenda,” he said.

    The registrar-general said that advancements in Artificial Intelligence (AI) could handle routine operational tasks like business registration, freeing resources for more complex compliance and enforcement activities.

    He reiterated the success of the PoS Formalisation Project, which had registered about 100,000 Point-of-Sale operators under the requirements of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.

    According to him, the project aims to formalise at least 250,000 operators in the sector as part of broader efforts to regulate the estimated 40 million micro, small, and medium enterprises (MSMEs) in Nigeria.

    “Formalisation is the first step for legitimate business operations and access to government interventions.

  • After deadline: CAC vows to arrest PoS operators who failed to register

    After deadline: CAC vows to arrest PoS operators who failed to register

    The Corporate Affairs Commission has vowe to clampdown on PoS who failed to register after its deadline expired on September 5.

    The regulatory body reminded Point of Sale operators across Nigeria that the deadline for business registration, initially announced on July 7, 2024, expired on September 5, 2024.

    TheNewsGuru.com reports this was contained in a statement released on Friday, the CAC expressed concerns over inadequate compliance with the directive, despite the large number of PoS operators in the country.

    However, CAC commended operators who have taken steps to formalize their businesses, praising their “positive attitudes” towards compliance.

    The Commission noted with concern the significant number of operators who have not adhered to the directive.

    The statement read, “Recalcitrant operators have refused to adhere to the advice for formalization due possibly to engagements in unwholesome activities or for some reasons best known to them.”

    The CAC emphasised that it is working in collaboration with law enforcement agencies and other relevant stakeholders to implement a comprehensive enforcement and sanction framework.

    The measures may include the shutdown of non-compliant businesses and other severe legal consequences.

    “We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal consequences,” the statement read.

    The Federal Government, through the Corporate Affairs Commission, had previously set a two-month deadline for POS operators to register their agents, merchants, and individuals with the commission in compliance with legal requirements and the directives of the Central Bank of Nigeria.

    This directive was issued in response to a rise in fraud incidents involving POS terminals and CBN’s plans to prohibit trading in cryptocurrencies and other virtual currencies.

    A report from the Nigeria Inter-Bank Settlement System Plc revealed that POS terminals were involved in 26.37 per cent of fraud incidents in 2023.

    The CAC stated that the registration initiative aims to reduce fraud within the system, as well as combat kidnapping and the payment of ransoms.