330,000 MSMEs Formalise Operations With CAC

The Corporate Affairs Commission (CAC), said it has commenced the registration of an additional 330,000 small businesses which were hitherto operating informally in the country.

This came barely a week ago, when in a historic push, the commission registered two million MSMEs in one fell swoop in collaboration with Moniepoint Microfinance Bank.

The commission also directed social media content creators, including Instagram and TikTok users with large followership to register their businesses in accordance with the Companies and Allied Matters Act (CAMA) 2020.

Registrar-General/Chief Executive, CAC, Hussaini Ishaq Magaji, insisted that any business operation in the country without a CAC registration remained illegal.

However, he noted that in the latest wave of bulk SMEs’ registration, OPAY Services Limited had presented 300,000 small businesses, including agents and merchants under its management while Kudimata Nigeria Limited, also presented 30,000 SMEs for regularisation.

Speaking at the presentation of SMEs’ data to the commission, the CAC boss, reinforced his determination to register 20 million businesses in 2024, in line with the Renewed Hope agenda of President Bola Tinubu, who promised to provide 50 million jobs for the youths.

“And in the course of this, we are able to create jobs for the youths. This is job creation for 300,000 SMEs because for any person to have a business you must be registered.”

Managing Director, OPAY Services Limited, Mr. Gotring Dauda, described the commission’s efforts to bring startup business onboard to enable them fulfil the requirement of law as “very commendable”.

He said, “We are providing our agents and merchants that have been using their individual names to the CAC for proper registration.

“We are encouraging them to regularise because that would expand the tax net and of course, encourage SMEs which will create jobs and of course, stimulate the economy basically.”