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Okechukwu Nnodim, Abuja
The Corporate Affairs Commission on Monday announced a revenue generation of N19bn for its 2020 fiscal year.
It also announced a total remittance of N2.7bn to the consolidated revenue account of the Federal Government.
The Registrar-General, CAC, Garba Abubakar, told journalists in Abuja that the commission had also settled all its tax obligations, adding that the obligations were negotiated downwards by the commission’s management.
“We have settled all our tax obligations. The tax obligations were over N1.2bn when I took over and we were able to re-negotiate and have paid N700m and got a discount of about N500m to N600m,” he said.
13 min read
Overall, our budget does not focus on the Nigerian people. That is the problem. Like our police, our budget is focused on our elites and their usual enjoyments. It is something to be shared amongst them, in the hope that perhaps some crumbs will drop off their table to the poor masses. The budget is a tragedy. To compound our woes, the budget is deliberately darkened in different important areas, papered over and made opaque where it should be transparent.
In spite of apparent challenges around the funding of the 2021 budget, with Nigeria already cap-in-hand begging for loans from everywhere, I still believe the document should be thoroughly scrutinised for purpose, and if we do, we just may junk it altogether. Our budget, just like our nation, needs fundamental rethinking and rejigging. Some call it restructuring. I say it is a case of reimagining, so that we may make progress.
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The Oil and Gas sector serves as a major source of revenue in
Nigeria. Any person intending to start an oil and gas business in
Nigeria must comply with the certain legal requirements. This
write-up will give a breakdown of the step by step procedure
necessary to set up oil and gas business in Nigeria.
The following steps must be followed to start an oil and gas
company in Nigeria:
Registration of Company
Registration at Corporate Affairs Commission
This applies to all businesses owned by nationals, foreigners or
Introduction
In our article on the Companies and Allied
Matters Act (CAMA) 2020 (the Act ), we had highlighted
some of the key developments introduced by the Act. A significant
development was the introduction of a Limited Liability Partnership
(LLP) as an entity that can be set up in all states in Nigeria. At
the time the Act was signed into law, the procedure to be adopted
by the Corporate Affairs Commission (CAC) for the implementation of
the changes introduced by the Act (including the LLP) was yet to be
provided.
The Nigerian Ministry of Industry, Trade and Investment has now
published the Companies Regulation 2021 (the
The Registrar-General/Chief Executive, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, yesterday said all accredited customers must revalidate their accreditation with the commission before the end of March or have their respective accounts suspended.