FG says NIN mandatory for company registration

The federal government has revealed that without the National Identification Number (NIN), Nigerians would no longer be able to register businesses.

This was revealed by Corporate Affairs Commission (CAC) Registrar Alhaji Garba Abubakar on Monday in Abuja during the monthly reform seminar organized by the Bureau of Public Service Reform (BPSR).

He noted that the need is to verify the integrity of the data they are collecting.

Abubakar, at the conference, with the theme: ‘Reforms, Innovations and Current Challenges of the Corporate Affairs Commission, and their impact on the growth of the Nigerian economy’, said:

  • “If you do not have a NIN, it means that you cannot register your company. The essence is to verify the integrity of the data we are collecting.”

For security purposes: He added that the CAC opted for the NIN because its security cannot be compromised, unlike the identity card, passport and driver’s license, which can easily be cloned.

The news continues after this announcement.

  • “As such, we register an average of 2,000 companies every week. But it is not enough to register, you have to make the declaration ”, added.
  • “As it stands, a man can register and own a business and if he dies, his children can take over as long as the business survives and there is interest.
  • “In fact, before now, many people were forced to register their companies with a second just to comply with legal requirements, but with CAMA, all that is in the past.”

He added that the law has also introduced limited partnerships and limited liability partnerships, which now provide additional options for entrepreneurs and law firms.

He also noted that with the advent of the law, the CAC registration portal was completely rebuilt to allow businesses to transact from anywhere.

The head of CAC stated that they have started a mail system for customers to process their registration in order to reduce physical contact with staff.

The news continues after this announcement.

  • “Now from anywhere in the world, you can register your company; all you need is to create an account, either individual or corporate. After all the processes, we will send you your certificate”, assured.

For the record: Nairametrics previously reported that the Corporate Affairs Commission announced the launch of a Beneficial Ownership Registry (BOR) platform, which they said would be beneficial in strengthening the Buhari administration’s fight against corruption.

the acc explained that the platform will facilitate the search for information on persons with significant control (PSC).

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