CAC Registers 170,582 Firms In 10 Months

The Corporate Affairs Commission (CAC) has said it registered 170,582 companies between January and October 2012.

The Registrar-General of CAC, Mr. Mahmud Bello, announced this in Abuja while presenting a paper at a seminar on ‘Creating a friendlier environment for trade and investment to thrive: CAC’s role,’ according to The Tide source.

The figure, he said, consists of 74,641 companies, 87,640 business names and 8,291 incorporated trustees.

Bello put the revenue generated within the same period at more than N6bn.

He also said the commission would commence the incorporation of companies in its Kaduna, Kano and Enugu offices from January 2, 2013 without any recourse to the head office.

Bello said, “The CAC has taken practical steps to decentralise its operations by making the state offices more functional and at par with the head office.

“This is made possible by the adoption of fibre optic for the commission’s Wide Area Network as solutions to frequent downtime being experienced with the VISA system.”

He said incorporation of companies had commenced in the two offices in Lagos since November, adding that five state offices had been earmarked to also carry out start-to-finish services in 2013.