News

Six Steps To Keep Business Legally Active – CAC

Published

2 months ago

August 18, 2025

Editor

Nigerian business owners are increasingly at risk as the Corporate Affairs Commission intensifies efforts to delist inactive companies from its official register.

This action, known as ‘striking off,’ effectively removes a company’s legal status and renders it non-existent in the eyes of the law.

Many entrepreneurs remain unaware of the consequences until it’s too late—often discovering their company has been struck off during critical moments like applying for loans, seeking investment, or bidding for contracts.

To help businesses navigate the process and avoid being delisted, here are the six critical steps for correct company registration and post-incorporation compliance, based on the provisions of CAMA:

1. Choose a Unique Business Name:

Before anything else, select two distinct company names and verify their availability on the CAC online portal. To be approved, names must not be identical to existing companies, misleading, or prohibited under Section 30 of CAMA 2020. Once approved, the name can be reserved for 60 days for a fee of ₦500.

2. Prepare Key Governing Documents:

Businesses must draft a Memorandum of Association (outlining business objectives and share capital) and Articles of Association (detailing internal governance rules). These documents, which can be prepared using templates from the CAC portal, must comply with Sections 27 and 28 of CAMA 2020 and be signed by the company’s promoters.

3. Declare Share Capital:

The company’s authorized share capital must be specified, with a minimum of ₦100,000 for private companies. This is a statutory requirement under Section 27(2) of CAMA 2020, with higher share capital leading to increased filing fees and stamp duty.

4. Appoint Directors and Shareholders:

Provide the details of at least two directors (or one for small companies) and at least one shareholder. Directors must be at least 18 years old and of sound mind, as stipulated in Sections 20 and 271 of CAMA 2020. Required information includes names, addresses, occupations, and valid identification.

5. Submit Registration Documents:

All required documents, including CAC Form CAC1.1, the Memorandum and Articles of Association, and details of directors and shareholders, must be submitted via the CAC online portal. This is followed by the payment of statutory filing fees and stamp duty, which vary based on the company’s share capital.

6. Comply Post-Registration:

After receiving the Certificate of Incorporation, a company’s legal existence is confirmed. However, the work is not done. Businesses must register for a Tax Identification Number (TIN) with the Federal Inland Revenue Service (FIRS) and obtain any necessary permits. Most critically, they must file annual returns within 42 days of their company’s anniversary to avoid being delisted. This includes submitting yearly forms, declaring Persons with Significant Control (PSC), and paying all fees on schedule.

News

Boko Haram Once Nominated Muhammadu Buhari As Negotiator – Jonathan Revealed

Published

4 hours ago

October 3, 2025

Editor

Former President Goodluck Jonathan on Friday, disclosed that Boko Haram insurgents once nominated the late ex-President Muhammadu Buhari as their negotiator.

Jonathan said Boko Haram chose Buhari to negotiate with the Nigerian government on their behalf.

He made the disclosure while speaking at the public presentation of Scars, a book authored by former Chief of Defence Staff, Gen. Lucky Irabor (retd.), in Abuja.

Jonathan said the insurgents named Buhari after his then-administration set up several committees to explore dialogue with the group.

Jonathan said: “One of the committees we set up then, the Boko Haram nominated Buhari to lead their team to negotiate with the government.

“So I was feeling that, oh, if they nominated Buhari to represent them and had a discussion with the government committee, then when Buhari took over, it could have been an easy way to negotiate with them and they would have handed over their guns. But it was still there till today.”

Jonathan noted that the inability of Buhari to eradicate Boko Haram terrorists showed that the crisis was more complex than often portrayed.

News

Edo: Pandemonium As NDLEA Operatives Chase Escaping Driver With Shooting

Published

6 hours ago

October 3, 2025

Editor

There was pandemonium at Oka Market, Upper Sakponba Road, Benin City, Friday, as operatives of the State Command of Nigerian Drug Law Enforcement Agency (NDLEA) shot sporadically in chase of an escaping driver.

In the course of the commotion, traders and residents took to their heels, probably to avoid being hit by stray bullets, while others were confused, not sure of what caused the sporadic gunshots.

The sporadic gunshots which lasted more than five minutes at the gate of the NDLEA Head Office, by Oka Market, followed a hot chase of an articulated vehicle driver who was said to have brushed their (NDLEA) vehicle.

The driver, who reportedly brushed the NDLEA vehicle refused to stop for negation, which prompted officers at the scene to alert their colleagues who waited at the alert.

According to eyewitnesses, as the escaping articulated driver approached the NDLEA office, officers who were said to have been alerted by their colleagues pursuing the trailer began to shoot.

Seven of the tyres of the trailer were deflated by bullets of the NDLEA operatives yet the driver refused to stop.

The officers continued to shoot while pursuing him, until he was caught.

A source said that the driver brushed their vehicle on the way, and that every effort by the officers to stop him so they could settle the matter proved abortive; hence the gunshots and deflation of the tires.

“It was a simple thing; they jammed our men, but the officers tried to stop him so that they could settle, but the driver refused to stop. That is why the men have been shooting to stop him. Even after bursting about seven tires, he was still running, but we caught him and they are bringing him back to our office,” he concluded.

Calls and messages sent to the commander, Edo State NDLEA Command, Mr. Mitchell Ofoyeju, were not responded to as at when filing this.

News

JUST IN: Court Bars Police From Enforcing Tinted Glass Regulation

Published

8 hours ago

October 3, 2025

Editor

The Federal High Court sitting in Warri has issued an order directing the Nigeria Police Force and the Inspector-General of Police to maintain the status quo in the ongoing case concerning the controversial tinted glass permit.

The case, Suit No. FHC/WR/CS/103/2025: John Aikpokpo-Martins v. Inspector-General of Police & Nigeria Police Force, came up for hearing today.

Delivering the interim order, the Court directed the police authorities to respect judicial processes pending further proceedings in the matter.

Confirming the development, Kunle Edun, SAN, who led the legal team, noted that the directive is a major step in ensuring that the rule of law is upheld while the substantive issues in the case are being determined.

Details of the ruling and the next adjourned date are expected shortly.

Further updates coming soon…