A vast number of Nigerians are unemployed, however, securing a company in ones name is seen as a huge step to self employment.
The body in charge of registration of companies, the Corporate Affairs Commission, CAC, said it is considering an upward review of the fees required for registration of Limited Liability companies in the country.
The Commission soon enough will also enforce registration of business names for owners of small businesses scattered across the country.
While paying a visit to the management of the Nigerian Stock exchange, the newly appointed Chairman of the Commission, Otunba Funso Lawal, made the revelation.
He believes that this increment will assist in the growth of the commission, seeing that it will create revenue so as to pursue and enact certain plans in favour of customers.
He said, “We are improving our services; we are trying to provide more services and we want to ensure that we are more efficient. All these things come at a cost. So, even though with the Small and Medium Enterprises, SMEs, we will continue to encourage them, with some other companies like Limited Liability companies, they might see a slight increase, but it should not be significant.
“We are part of the Federal Government’s transformation agenda to ensure that we encourage small and medium scale enterprises, and we want to ensure that we encourage such companies to do business in Nigeria and as such, we will ensure that we do the necessary things to make sure that the cost of doing business is reduced,” he added.
On the Commission’s planned enforcement of registration for informal businesses, Lawal said, “Our Public Affairs Department will go out and appeal to them on the registration of their businesses. But the fact remains that they don’t have to register as limited liability companies, they can register just their business names.
“All around here, Idumonta, Oyingbo and Lagos Island, there are a lot of companies, but people are not ready to register, they just put their name and we are going out to talk to them and try to ensure that they are registered,” he Lawal.
Let’s just see how far this goes in reducing the amount of unemployed citizens in the country.