Flowerbud News

Tag: CAC

  • NITDA, CAC activate cybersecurity measures, direct MDAs to tighten controls

    NITDA, CAC activate cybersecurity measures, direct MDAs to tighten controls

     

     

    By Stellamaris Ashinze

    Lagos:   The National Information Technology Development Agency (NITDA) and the Corporate Affairs Commission (CAC) have activated coordinated cybersecurity measures following concerns affecting aspects of CAC’s digital systems.

    This was made known in a statement by Mrs Hadiza Umar, Director, Corporate Communications and Media Relations Department on Friday in Lagos.

    Umar said the measures were in line with national cybersecurity frameworks, aimed at safeguarding critical infrastructure and ensuring the integrity of government digital services.

    She reiterated the need for all Ministries, Departments and Agencies (MDAs) to adopt proactive cybersecurity measures in compliance with the National Cybersecurity Policy and Strategy (NCPS) 2021.

    Umar noted that MDAs had been directed to immediately review and strengthen their cybersecurity architecture to address emerging threats targeting government systems and sensitive data.

    According to her, MDAs are required to conduct comprehensive security assessments, identify and remediate vulnerabilities, and reinforce access control mechanisms across critical platforms.

    She added that government institutions must also enhance data protection measures, maintain effective backup and disaster recovery systems, and improve monitoring capabilities to detect and respond to suspicious activities.

    The spokesperson emphasised the need for functional incident response frameworks, including prompt reporting of cybersecurity breaches to enable coordinated intervention.

    Umar noted that detailed cybersecurity guidelines had already been issued to MDAs as part of ongoing efforts to strengthen resilience across public sector digital infrastructure.

    The director said the measures were aimed at improving the overall security posture of government institutions and ensuring the continued protection of national digital assets.

    She reaffirmed the commitment of the agency to supporting MDAs in safeguarding digital systems and advancing cybersecurity best practices across the public sector. (NAN)(www.nannews.ng)

     

  • Tinubu appoints CAC chairman, nominates 7 population commissioners

    Tinubu appoints CAC chairman, nominates 7 population commissioners

     

    By Muhyideen Jimoh

    Abuja:   President Bola Tinubu has appointed Sen. Ibrahim Ida as Chairman of the Corporate Affairs Commission (CAC) and nominated seven persons as Federal Commissioners.

    The nominations are to fill vacant positions at the National Population Commission (NPC), subject to confirmation by the National Assembly.

    This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Monday in Abuja.

    Ida holds an MSc in Banking and Finance from the University of Ibadan (1983) and an LLB from the University of Abuja (2003).

    Before his election to the Senate in 2017 to represent Katsina Central, he served as Commissioner of Finance for Katsina State and Permanent Secretary in the Federal Civil Service.

    The nominees as Federal Commissioners to represent their respective states in the NPC include Kolawole Alabi (Ekiti) and Nasiru Mu’azu (Zamfara).

    Others are Usman Tuggar (Bauchi), Dr Isaka Yahaya (Kwara), Prof. Sadiq Radda (Katsina),
    Suleiman Umar (Jigawa) and Hon. Chiso Dattijo (Sokoto).

    The appointments, which complement other Federal Commissioners already sworn in, are subject to confirmation by the National Assembly.

    The president also appointed Dr Yusuf Mohammed as Chairman of the Federal Polytechnic, Kaltungo, in Gombe.

    In a related development, Tinubu confirmed the appointment of Bala Bello as Special Adviser on Political Economy.

    Bello, from Taraba, holds a Bachelor’s degree in Accounting and an MBA from Ahmadu Bello University, Zaria.

    Before his appointment, he served as Deputy Governor of the Central Bank of Nigeria and as Executive Director (Corporate Services) at the Nigerian Export-Import Bank from 2017 to 2022.

    Tinubu expressed confidence in the capacity of the appointees to contribute meaningfully to governance and improve the welfare of Nigerians. (NAN)(www.nannews.ng)

  • CAC gives 6-week ultimatum to unregistered coys to comply

    CAC gives 6-week ultimatum to unregistered coys to comply

     

    Abuja:   – The Corporate Affairs Commission (CAC) has given six-week ultimatum to unregistered companies in Nigeria to comply with registration requirements or face prosecution and possible imprisonment.

    It gave the directive on Tuesday through a statement titled, “Public Notice: Carry on Business in Nigeria Under an Unregistered Name or Acronym.”

    The statement read: “The Commission wishes to inform the General Public that it is a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020 to carry on business in Nigeria as a Company, Limited Liability Partnership, Limited Partnership or under a Business Name without registration under the Act or by a name (or acronym) other than the name (or acronym) by which the business was registered under the Act.

    “The General Public should note that Section 729 of the Act requires every Company registered under the Act to state its name as registered and its registration number outside every place where it carries on business. In addition, the Company is required to state its registered name and registration number on all its official publications, including its letterhead, signage(s), marketing and publicity materials.

     “In particular, the general public should note the provisions of Section 862 (1) of the Act, which state that any person who, in any document required under the Act (including the aforementioned official publications of a company), knowingly makes a false statement in any material respect commits an offence and is liable on conviction to imprisonment for a term of two years, in addition to a daily fine imposed on the company for every day the offence continues.

    “In view of the foregoing, every Company, Limited Liability Partnership, Limited Partnership and Business Name proprietor(s) is hereby required to ensure full compliance with the above requirements of the Act within six weeks of this notice failing which the Commission shall take all necessary steps (including prosecution) to enforce compliance.”

  • CAC to Promoters of NLS; We owe no apology for Insisting you Register Lawfully before Operating

    CAC to Promoters of NLS; We owe no apology for Insisting you Register Lawfully before Operating

     

    – I wish to reiterate ni very clear and unmistakable terms that nothing is displeasing, contemptuous, ridiculous, scandalous, spiteful, derogatory, offensive, and or disparaging about my letter dated 12/08/2024, for ti is a clear justification of CAC’s position – Magaji

     

    By Biola Lawal
    Abuja (Flowerbudnews): The Corporate Affairs Commission (CAC) has stated that it did not owe promoters of the unregistered Nigeria Law Society (NLS) any apology for insisting that they should register legally in accodance with existing laws before operating.

    The Registrar-General of CAC, Hussaini Ishaq Magaji, himself, a Senior Advocate of Nigeria (SAN), gave the clarification in response to a letter from the promoters of NLS demanding apology and a retraction from CAC over the Commission’s letter warning NLS that it may face prosecution if it continued to operate without legally registering.

    In the CAC response letter attentioned,
    Chief Bolaji Ayorinde SAN, CAC Boss, Magaji wrote:

    Dear Learned Silk,
    RE:PUBLICATION OF”PUBLIC NOTICE STATUS OF NIGERIA LAW SOCIETY” DATED THE 6 DAY OF AUGUST, 2024 BY THE MANAGEMENT O F CORPORATE AFFAIRS COMMISSION IN THE NATION, THISDAY, AND LEADERSHIP NEWSPAPERS

    I acknowledge the receipt of your letter dated 12/08/2024 but received on 16* August, 2024 wherein you alleged that i caused a publication to be made in connection to the Corporate Affairs Commission’s refusal to register “Nigerian Law Society” (herein referred to as NLS). A copy of this Letter is annexed herewith and marked as ANNEXURE “A” for ease of reference

    In furtherance to the said letter, you have construed the said publication in a defamatory sense and demanded a retraction of the said publication with an apology on a bouquet of print media outlets.

    As a starting point, the publication referred to your humble self in Annexure “A” was not attached to your letter to avail and give me a clearer picture of the contents.

    However, for good measure, I shall respond to your letter seriatim.
    Contrary to paragraph 2 of your letter, I am unaware that you are the Chairman of the Board of Trustees of the “Nigerian Law Society” as nobody with that name exists in law having not been registered by the Corporate Affairs Commission (CAC).

    The clear and incontestable fact within your knowledge is that Iam the head
    and Registrar General of the Corporate Affairs Commission (CAC); which is a body principally responsible for the registration and or incorporation of business organizations ni Nigeria.

    Iam certainly not oblivious of the decision of the Federal High Court in Suit No: FHC/ABJ/CS/482/2023 BETWEEN CHIEF BOLAJI AYORINDE, SAN, OFR & ORS (For themselves and as Promoters of “Nigerian Law Society”: or “Nigerian Lawyers Society”; or “Association of Legal Practitioners of Nigeria”) V. CORPORATE AFFAIRS in connection with the purported defamatory publication.

    Iam also very sure that you are aware of the seeming fact that CAC has filed an Appeal against the decision of the Federal High Court as indicated above which is now APPEAL NO: CA/ABJ/CV/102/2024 BETWEEN CORPORATE AFFAIRS COMMISSION V CHIEF BOLAJI AYORINDE, SAN, OFR &ORS.

    2. Pursuant to the above appeal, CAC filed a Motion on Notice for Stay of Execution, which motion is still pending before the Appellate Court.

    Furthermore, the Nigerian Bar Association (NBA) by leave of the Court of
    Appeal granted has filed a Notice of Appeal and also a Motion on Notice for
    Stay of Execution, which I believe have been served on you through your Counsel.


    Notwithstanding the pendency of the said appeals; like CAC, I am equally astonished by the act of doing business ni the unregistered name “NIGERIA LAW SOCIETY” which is a subject of appeals.

    As revealed by your letter of 12/08/2024 and as described by your humble self, am now in the knowledge of the fact you are the Chairman of the Board of Trustees of the said unregistered organization, the NLS.

    While I am a bit constrained to agree with your legal postulation which is to
    the effect that an appeal does not operate as a stay of execution, it is pertinent to note that this principle does not operate as a carte blanche.

    Specifically, it is long settled by the Apex Court that although an appeal does not operate as a stay. However, where the appeal is entered, it becomes most desirable for both parties and the trial Court to ensure that no fait accompli is thrust upon the appellate Court.

    See DAN-JUMBO & ORS V. DAN-JUMBO & ANOR (1999) LPELR- 920(SC) (PP. 14 PARAS. C) LPELR-8428(CA) (PP. 6-7 PARAS. B).

    My position is very firm; your continuous action of trading under an unregistered name is an infraction and a gross violation of S. 863 (1) and (2) of the Companies and Allied Matters Act 2020, which provides thus:

    3 ”S. 863 (1) A person or association of persons shall not carry on business in Nigeria as a company, limited liability partnership, limited partnership or under a business name without being registered under this Act.

    (2) If an individual, corporation, or association of persons required under this Act to be registered carries on business without registration or under a name registration of which has been refused or cancelled under this Act, the individual, corporation or every partner in the firm commits an offence and is liable on conviction to a fine prescribed in the Commission’s regulations from time to time, of N200.00 for every day during which the default continues, and the Court shall order a statement of the required particulars for the registration of the business to be furnished to the Commission for registration
    within such time as may be specified in the order”.

    As a senior member of the Nigerian Bar Association of the status and profile indicated ni your letter of 12/08/2024; a high expectation is placed on you to ensure that you uphold the sententia legis behind S. 863 (1) and (2) of the Companies and Allied Matters Act, 2020 as reproduced above and most fundamentally, having regard to the pendency of the appeals and motion for stay of execution on the matter.

    Although the publication you referred to in your letter did not specify any name neither, did ti mention your name, however, CAC is of the view that the NLS and its promoters which you have now clearly indicated to be the Chairman of the Board of Trustees have intentionally neglected and or refused to yield to this unmistakable legislation (CAMA). 4

    Paragraph 6 (sic) of your letter of 12/08/2024 is grossly misconceived. I wish to reiterate in very clear and unmistakable terms that nothing is displeasing, contemptuous, ridiculous, scandalous, spiteful, derogatory, offensive, and or disparaging about my letter dated 12/08/2024, for ti is a clear justification of CAC’s position.

    As a Senior member of the Legal Profession, I hold you ni high esteem and would not ordinarily make a statement defaming you.

    Contrary to paragraphs 7 and 8 of your letter, I still hold and maintain the position that I have not defamed you in any way thus, there exists no statement to retract or correct.

    Contrary to paragraph 9 of your letter, I have not caused and did not make or author any offensive publication; all I did was to make a solemn demand that your organization (The NLS) await the decision of the Court of Appeal on the matter by not engaging itself in any act that is contrary to the provisions of CAMA.
    Finally, as a Senior member of the Legal Profession, I hold you ni high esteem and would not ordinarily make a statement defaming you.

    Accept the assurance of my highest esteem.

    Hussaini Ishaq Magaji, SAN Registrar-General

  • Breaking: Promoters of Nigeria Law Society Face Prosecution for Operating without CAC Registration 

    Breaking: Promoters of Nigeria Law Society Face Prosecution for Operating without CAC Registration 

     

    By Biola Lawal

    Abuja (Flowerbudnews): •The Corporate Affairs Commission has requested the Attorney General of Federation’s Fiat to Prosecute promoters of Nigeria Law Society.

    In a letter sighted by Flowerbudnews, the CAC sought the AGF’s consent as provided by section 174 of the 1999 constitution pursuant to section 104 sub-section 2 of the criminal justice act 2015.

    In the letter signed by the Registrar-General/CEO CAC, Hussaini Ishaq Magaji, (SAN), the Commission requested for formal consent to generally prosecute criminal offences committed under the Companies and Allied Matters Act No. 3 of 2020.

    It added that the request was coming under Section 104 sub section 2 of the Administration of Justice Act, 2015.

    The CAC expressly stated that the Trustees of the Nigeria Law Society commenced operational activities without registration in direct violation of section 863 (2) of the Companies and Allied Matter Act, 2020.

    Attaching ample evidence of such violations, the Commission maintained that prosecuting promoters of the NLS would check high level of forgeries and frauds committed in corporate administration. (Flowerbudnews)

  • CAC advises BDCs whose licences were revoked to change name

    CAC advises BDCs whose licences were revoked to change name

     

    Flowerbudnews

    Abuja:   The Corporate Affairs Commission (CAC) has advised Bureaux De Change whose licences were revoked by CBN this year to change the names.

    The CBN, had in February, revoked licences of 4,173 Bureau De Change operators for failure to meet regulatory guidelines.

    CAC said it would cancel such licences if the affected companies failed to change the names and objects of their companies within three weeks.

    The CAC gave the directive in a notice posted on its website.

    The notice reads: “The general public is hereby informed that following the revocation of the operational licenses of 4,173 Bureau De Change companies by the Central Bank of Nigeria vide a Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37 of February 27, 2024 for noncompliance with Regulatory Standards, the Corporate Affairs Commission in the exercise of its powers under section 8(1)(e ) of the Companies and Allied Matters Act, 2020 advises these companies to within three months from the date of this publication, change the names and objects of such companies.

    “Failure to change the names and objects within the stipulated time frame shall result in cancellation of certificate of incorporation and dissolution.

    ”It is to be noted that it is unlawful for a company whose certificate has been deemed dissolved to carry on business.” (Flowerbudnews)

  • Coy delisting: CAC advises public on business registration

    Coy delisting: CAC advises public on business registration

     

     

     

    By Lucy Ogalue

    Abuja:  The Corporate Affairs Commission (CAC), has advised the general public to desist from opening /registering businesses that they had no immediate intention of translating into action.

    The Director of Compliance, CAC, Mr Justine Nidia, gave the advise in an interview with the News Agency of Nigeria (NAN) on Sunday.

    Nidia said the commission does not encourage people to go ahead and register companies when they had not developed any business idea that would translate into action.

    “It is not advisable to register a company and keep it in your briefcase because that is not helpful to the economy,” he said.

    According to the director, such companies are termed shelf companies and are discouraged from being kept in the register of companies of CAC; thus, they are delisted.

    “The idea of delisting companies is that we should not be seen encouraging shelf companies.

    “By shelf companies, we mean registered companies that are redundant or dormant; they are not doing anything.

    “So they do not have to be on the register of companies. The appropriate thing to do is to remove them or strike them off the register,” Nidia said.

    He said the commission had published an initial list of about 100,000 companies to be delisted.

    “We gave an initial period of 90 days, which has elapsed, to those who think they will still be in business to file annual returns for them not to be delisted.

    “After the initial publication, about 5,000 companies responded to file their annual returns, with the remaining approximately 95,000 to be delisted.

    “What we have done recently is to issue another publication, requesting companies that have filed their returns, and their names are still on the list to get back to us with evidence.

    “So we do not delist a company that already filed its return. So we have given an additional period of one month, after which we will gazette the final list,” Nidia said.

    The CAC director commended the efforts of the present government led by President Bola Tinubu for ensuring a conducive atmosphere for businesses to thrive in the country.

    Nidia said the commission in line with Tinubu’s mandate, developed a four-point agenda to drive the affairs of CAC.

    ”The strategic direction contained in the renewed hope agenda informed the need to formulate my four-point agenda aimed at repositioning the commission for greater productivity.

    “The four-point agenda is diversification of revenue base, enforcement of compliance, promotion of industrial harmony, and improvement of human capital,” he said. (NAN)(www.nannews.ng)/ Flowerbudnews

  • CAC Emerges 2023 Best MDA In Digital Initiatives

    CAC Emerges 2023 Best MDA In Digital Initiatives

     

    By Biola Lawal

    Abuja: (Flowerbudnews): The Corporate Affairs Commission (CAC) has bagged the award of “Best Federal MDA in Digital Initiatives for Ease of Doing Business “.

    The award followed a nationwide nomination and online voting process initiated on radio, television, and newspaper publications sponsored by the Bureau of Public Service Reforms (BPSR),

    The BPSR presented the award to the Commission during the Nigerian Govtech Public Service Awards held on October 13, 2023, at the International Conference Centre, Abuja.

    Duke Ukaga, Director Customer Service of the Commission, presented the award to the Registrar-General/CEO CAC, Hussaini Ishaq Magaji, SAN, in his office.

    Receiving the award, the CAC boss thanked the BPSR for finding the commission worthy of the award and pledged to build on the successes recorded. (Flowerbudnews)

  • CAC RG uncovers 189 fake coys defrauding Nigerians

    CAC RG uncovers 189 fake coys defrauding Nigerians

    By Lucy Ogalue

    The new Corporate Affairs Commission (CAC) Registrar-General Hussaini Magaji says he uncovered 189 fake companies positioned to defraud well-meaning Nigerians within one week after assuming office.
    .
    Magaji told newsmen on Tuesday in Abuja that a syndicate of criminals which specialised in operating numerous unregistered companies was arrested by the commission.
    ”One of the milestone achievement upon my assumption of duty is our ability to burst a ring of criminals that are creating havoc in the commission.
    ”About 189 fake companies have been identified to be used by these group of persons to secure lands.
    ”We discovered that these non existing entities collaborate with lawyers who claim to be accredited agents with the commission.
    ”They collaborate with some staff of the Abuja Geographical Information System, (AGIS), manage their way to make applications at the AGIS and take priority over existing applications.
    ”With the collaboration of security agents we arrested the suspect who have volunteered some informations,” he said.
    He said the suspect was arrested due a complain from the FCTA asking the commission to verify some applications made by  some entities.
    He said upon findings, the commission discovered that the companies were not even in existence.
    ”The nature of their crime is that they create a fake entity and apply for land at the FCTA and maneover their way to have a priority application over an existing application.
    ”To take over the land and they have succeeded severally in the past.
    The CAC scribe then reiterated his commitment to deter others from engaging in such act.
    On plans for the Commission,  Magaji said more efforts would be geared towards increasing revenue for the Commission.
    The registrar- general said upon his assumption to duty,  he came up with some agendas among which is the human capital development.
    ”I think this is essential to the discharge of the responsibilities of any staff in the commission and we are taking it seriously.
    ”Followed by the welfare of staff; this is one of the issues we met in the commission that is lingering and creating havoc in the commission.
    ”So we have plans to address it as soon as possible; we have set agenda and will discuss it in our next management meeting,” he said.
    The CAC boss however enjoined the staff to also ensure to play their part towards moving the organisation forward even as the management was making moves to do theirs.
    On ease of doing business, he said itvwas one of the priorities of the President Bola Tinubu’s administration and the Commission would work at ensuring that.
    ”That is one of the reasons why we are not talking about reviewing charges. One of the key things we will also do is to further simplify the process if registration,”he said.
    The News Agency of Nigeria (NAN) reports that Magaji was appointed as the registrar-General of the Commission on Oct. 13.
    NAN