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CAC outlines overseas expansion plans

16 August 2013, 14:34

Lagos -  Corporate Affairs Commission (CAC), the Nigerian company registration agency, announced plans to open three new offices abroad as part of restructuring exercise and enable ease of registration.

The company aims to open the outlets in Beijing (China), London (United Kingdom) and Washington (United States).

Funsho Lawal, Chairman of the CAC Board, said the move would enable the commission efficiently carry out its operations and become a “global”

“We have interacted with company registries in Singapore, London and South Africa, and what we have done is to pick some of their best practices and incorporate such practices into our own systems here to help us make sure that CAC is turned into a global brand and a world-class organization,” he said.

Lawal said CAC would offer online-registration services to ensure companies registered conveniently.

“We are going to be having an e-payment online system to ensure that name searches are done online within 24 hours. One of the decisions we have taken is to make sure that the 24-hour registration for business names is adhered to. I am happy to report to that locally, we now register companies within 24 hours. This is part of improvements that we have made since we came on board. We have also seen a tremendous improvement in revenue,” Lawal added.

CAC was established in 1990. An autonomous body charged with the responsibility to regulate the formation and management of companies in Nigeria, it carry out its functions through accredited members of Association of National Accountants of Nigeria, Institute of Chartered Accountants of Nigeria, Institute of Chartered Secretaries and Administrators of Nigeria and the Nigerian Bar Association.

 - CAJ News

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