The Corporate Affairs Commission (CAC) on Thursday disclosed that the Commission has registered over 2.5 million companies between January and February, 2024.
Speaking in Abuja while receiving a delegation from Palmpay, the Registrar General of the Commission, Hussaini Magaji said the aim of company registration is to formalized businesses in the country.
He explained that “in our drive to ensure compliance, we are able to force registration of small businesses, so far over 2.5 million companies has been registered this year alone.
“Today another company, Palmpay, is handing over 219 ,000 small businesses for registration. In other words, we are creating jobs for 219,000 youths.
“We agreed to regularise them in order to achieve the Renewed Hope Agenda of President Bola Tinubu, including job creation, financial inclusion, and access to wealth to the youths.
Magaji stated that the upsurge in the registration of small businesses is targeted at bringing these companies under a formalized system.
He further explained that government is also seeking to increase the tax net of the country as well as keep track on the activities of small businesses in Nigeria.
“The government will have the opportunity to track terrorism and money laundering. That’s the essence of the registration,” Magaji stated.
Aslo speaking, the Managing Director of Palmpay Chika Nwosu commended the CAC for formalizing the company and its agents.
“Our business is one of the largest in Nigeria, with over 30,000 employees and over 30 million Nigerians doing businesses and using our application to do various transactions”.
He therefore pledged that “we are ready to partner with the CAC and to support the government of Nigeria by introducing most of our agents who are doing businesses on our platform and using our POS.
“We have over 219,000 agents on our platform to hand over to CAC today,” the MD stated.
In the last few days, CAC has received close to 1 million companies for registration.
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