Ease of doing business in Nigeria: CAC extends business name registration discount

THE NEWSGHOST, NIGERIA – Last year October, Nigeria’s Corporate Affairs Commission (CAC), the government agency responsible for registration and regulation of businesses in the country, announced a 50% reduction in the fee for registration of business names till the end of the year.

Instead of paying a registration fee of ₦10,000, you can now pay a fee of ₦5,000 for a business name registration with CAC.

In a tweet on October 3, 2018, the commission announced that this rebate will be open between October 1 to December 31, 2018.

But just as year 2018 came to an end and the window for the initial concession elapsed on December 31, 2018, CAC declared again in a tweet on January 3, 2019, that it was extending it till March 31, 2019. It had published this notice earlier on its website too.

In its statement, the commission explained that:

‘The Business Incentive Strategy is aimed at creating a window for Micro, Small and Medium Enterprises (MSMEs) to formalize their businesses, which will enable them own corporate account with Banks, have access to Loans, grants and other government interventions.

Members of the public are enjoined to take advantage of this window, to register their Business Names at the reduced cost of ₦5,000 after the Name Reservation of ₦500.’

Last five years, Nigeria was cited in several news reports as one of the worst places in Africa to start business.

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Top choice for next Nigerian president: Babatunde Fashola, Oluremi Sonaiya

Recently, we ran a 7-day poll to find out who Nigerians will endorse for Nigerian president in 2019 or 2013. The poll recorded 24 votes and Nigeria’s Minister of Power, Works and Housing Babatunde Fashola scored the highest vote.

Nigerian playwright and poet Wole Soyinka, Governor of Ekiti Ayodele Fayose and former professor of French Language and Applied Linguistics Oluremi Sonaiya were among the candidates in the poll.

Oluremi Sonaiya scored the second highest vote.

Although the number of votes recorded in the poll is too small to be relied on for accurate analysis and judgement, but it gives us a rough view of who Nigerians will likely endorse for president in the next row of elections without the unhealthy political influence usually exerted by political parties on nomination of election candidates.

Ayodele Fayose recorded the least endorsement in the poll. Given his controversial political dossier, this is no surprise. Even,if the total number of votes collected in the poll was larger than what we have, Fayose will most likely get the least endorsement.

Here is a shot of the poll results:

If you missed this poll, you can still let us know who you will endorse as next Nigerian president among these candidates by leaving a comment here or on Twitter (add the hashtag #NextNGPresident in your tweet).