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Tag: CAC

  • NAICOM, CAC move to fast-track insurance industry recapitalisation

    NAICOM, CAC move to fast-track insurance industry recapitalisation

    The National Insurance Commission (NAICOM) and the Corporate Affairs Commission (CAC) have agreed to deepen collaboration to ensure a seamless implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, particularly on the industry’s recapitalisation process.

    At a meeting between both agencies, the Registrar General of the CAC, Barr. Hussaini Magaji (SAN), pledged to work closely with NAICOM to issue guidelines that will facilitate the recapitalisation exercise, enhance data exchange between the two institutions, and provide concessions as well as expedited clearance where necessary.

    A statement from NAICOM said Magaji pledged the CAC’s commitment to aligning with President Bola Tinubu’s economic vision, adding that the CAC values its long-standing partnership with NAICOM in driving reforms that promote the growth of the Nigerian economy.

    Read Also: NAICOM moves against fake motor insurance

    On his part, the Commissioner for Insurance (CFI) Mr, Olusegun Ayo Omosehin drew attention to critical provisions of the NIIRA 2025, stressing the importance of the CAC’s role in meeting the 12-month timeline for recapitalisation stipulated in the Act.

    The meeting focused on how both regulators can strengthen coordination to ease the transition process and ensure that insurance operators comply with the new law without disruption to the market.

  • CAC leader Oladele clocks 70

    CAC leader Oladele clocks 70

    The President of Christ Apostolic Church, Nigeria and Overseas, Pastor Samuel Olusegun Oladele will clock 70 years on Saturday August 30, 2025.

    Activities lined up to mark the milestone begin on Tuesday, August 26, 2025 with a visit to his birth place, Alagbagba and Asaju, villages in Odeda Local Government Area of Ogun State.

    On Thursday, August 28, 2025, there will be an Evening of Worship and Hymns at the Christ Apostolic Church, All Saints Chapel, inside the CAC General Secretariat, Bashorun, Ibadan.

    The grand finale shall be a Thanksgiving Service to be held at the International Conference Centre (ICC), University of Ibadan on Saturday, August 30, 2025 by 9.30am.

    Read Also: CAC debunks Fatoyinbo’s claims on Babalola’s wealth, family

    Oladele was appointed as General Superintendent of Christ Apostolic Church in 2014 and he served diligently for six years before becoming the President of Christ Apostolic Church in January 2021. On assumption of office, Pastor Oladele unveiled the three-point agenda of his administration as follows: Unity of the Church, Human Capital Development and Structured Evangelism and Church Planting.

    He is the brain behind Pastors’ Leadership Retreat (PLR), which has had over 3000 Senior Pastors of the Church attending since its commencement in January 2022, though managed by the CAC Leadership Academy (CACLA) – the Training arm of the Church.

  • CAC debunks Fatoyinbo’s claims on Babalola’s wealth, family

    CAC debunks Fatoyinbo’s claims on Babalola’s wealth, family

    The Christ Apostolic Church (CAC) has dismissed the claims surrounding its founder, Apostle Babalola about his wealth and family.

    This reaction was posted, on Thursday, via Facebook, by the director of publicity, Christ Apostolic Church, Pastor Ade Alawode.

    In a trending video on YouTube, the Senior Pastor of Commonwealth of Zion Assembly (Coza), Biodun Fatoyinbo, allegedly made some public comments about the late cleric, during a sermon.

    Fatoyinbo described Babalola as “an anointed man”, citing instances where a python would cross his leg and dry up.

    He said: “So, all his grace just went like that? He didn’t have money,” reiterating, asked, “where are his children?”

    The religious institution described the question as “insensitive and ill-informed”, citing Luke 12: 15, to stress that “equating anointing and ministerial success was highly flawed.”

    Speaking on the cleric’s children, “Ethically speaking, Apostle Babalola had children. Simple arithmetic should help you understand that they would be advanced in age by now — possibly your grandparents’ age. What did you hope to achieve with the mocking question, “Where are the children of Babalola?”

    “Your statement reflects more on the kind of company you keep, but as a preacher of the Word, shouldn’t your conduct and utterances be guided by Scripture?”. 

    The Church recalled that Babalola was called into ministry at the age of 24, his donations to people even outside his family and the Queen Elisabeth II’s honour.

    Furthermore, his wealth was addressed, “He was no fundraiser, yet God supplied his needs. His diaries are filled with divine provisions like: “Ipese Olorun loni: £100.00, £50.00…. He lived in a befitting home, drove one of the best Ford Jeeps of his time, and funded weddings, education, and apprenticeship programs — all without exploiting the pulpit.”

    Read Also: Fatoyinbo celebrates excellence at COZA’s Kingdom dinner and award dinner

    Netizens further supported the approach the church gave in response to the controversy.

    “I love this response. Very constructive, detailed, spirit filled and scriptural. I don’t know when the anointing given by God becomes a thing that is measured by material things acquired in a dubious way.

    God bless Pst Ade Alawode.”, a Facebook user commented.

    An ex-member of CAC also reacted, “Although, I’m no more in CAC, but I love this response to the viral message. What level of wealth can be compared to the impact that the life and ministry of Apostle Ayo Babalola had, and still having till date? Was there any needs he couldn’t meet in his lifetime? People need to be matured before mounting the pulpit!!! One fold one shepherd!”

  • CAC rolls out programmes for annual ‘Eri’ Festival

    CAC rolls out programmes for annual ‘Eri’ Festival

    The annual Eri (Testimony) Festival of the Christ Apostolic Church Zonal Headquarters, Word and Life City, is fast approaching, as the church has rolled out build up programmes for the August 9 event.

    Prophet (Dr.) Peter Ademola J.P. (Baba Eri 1) is the chief host of the annual event, which is expected to be spirit-filled and soul-lifting at the Ado Odo Ota Local Government Secretariat, Ota.

    As part of the activities lined up, there will be a revival today at the headquarters in the morning, while tomorrow, there will be another revival programme scheduled to hold in the evening.

    Friday has, however, been set apart for evangelism, as members will embark on a rally to sensitise the public about the big programme.

    Read Also: CAC to delete more companies for non-compliance

    At the recent service at Olosun branch of the church, Pastor Mrs Susan Kadri noted that the forthcoming programe would be a big one for all the people of Ota.

    “The theme of this year’s event is ‘Grace and Mercy’, which we all seek from Almighty God on a daily basis. Our father in the Lord, Prophet Ademola, Baba Eri, will be there to bless us all and it will be powerful,” Mrs Kadiri said.

    Other ministers at CAC Olosun branch, Pastor Olajide Idowu and Evangelist Soole Oluniyi Samuel, stressed that preparations were in top gear for the annual event slated for Saturday.

  • CAC to delete more companies for non-compliance

    CAC to delete more companies for non-compliance

    Months after striking off names of companies not complying with the provision of Corporate Affairs Commission Companies (CAC) and Allied Matters Act, the commission has commenced another round of striking off company names.

    A statement signed by the management stated that the companies whose names are to be struck off have been published on the commission’s website. Companies and the general public are advised to check the list of the website for the affected companies.

    According to the statement, “Affected companies should note that any company that fails to comply with the provision of the Act by taking steps to file its annual returns and by extension persons with significant control beneficial ownership information up to date, is to note that within 90 days of this publication shall be struck off the register.”

    Read Also: Appeal Court orders CAC to deregister KPMG Professional Services

    The general public should note that it is unlawful for any company that has been struck off the register to carry on business, having lost right over identity. The notice is in pursuant to section 692 (3) and (4) of the company Allied Matters Act 2020.

    Recall that on 20 November, 2024 the Commission issued Notice of Intention to strike off names of Companies which the Commission has reasonable cause to believe are not carrying out business or are otherwise dormant by reason of not filing Annual Returns for a period of 10 years.

    Statutory Period of 90 days was given to such companies to file the requisite Annual Returns and send activation email to activation@cac.gov.ng. Companies that have complied with the advisory have been removed from the list. The Commission pursuant to its powers granted in Section 692 (4) of the Companies and Allied Matters Act No. 3 of 2020 has stricken-off the names of the companies that have failed or refused to update the Annual returns.

  • Appeal Court orders CAC to deregister KPMG Professional Services

    Appeal Court orders CAC to deregister KPMG Professional Services

    The Court of Appeal in Lagos has nullified the registration of the business name “KPMG Professional Services” by the Corporate Affairs Commission (CAC).

    It ruled in favour of KPMG Nigeria in a long-running legal battle over name rights.

    In a unanimous decision delivered by Justice Abdullahi Mahmud Bayero, the appellate court granted all four reliefs sought by KPMG Nigeria against the CAC (first respondent) and KPMG Professional Services (second respondent).

    The court held that the registration of the second respondent’s name was improper and misleading under Section 662(1)(d) of the Companies and Allied Matters Act (CAMA) 1990, now Section 852 of CAMA 2020.

    KPMG Nigeria, comprising its audit, tax, and consulting arms, had filed an originating summons in 2002 challenging the CAC’s registration of a new entity bearing the name “KPMG Professional Services”  a name it argued was deceptively similar to its long-established identity.

    The Federal High Court had dismissed KPMG Nigeria’s case in 2005, citing an alleged merger between KPMG Nigeria and Akintola Williams Deloitte as the reason the plaintiff could no longer assert rights to the name.

    The lower court also upheld the second respondent’s counterclaim, ordering KPMG Nigeria’s name to be struck off the register.

    However, the Court of Appeal rejected that reasoning, describing the evidence of a merger as “inadequate and unsubstantiated.”

    It ruled that newspaper articles relied on by the lower court were not sufficient proof of a legal merger, nor did they demonstrate that KPMG Nigeria had ceased to exist or relinquished its rights.

    Justice Bayero held: “It is only a merger agreement that can determine the nature and scope of the purported merger. What exists here at best is a functional collaboration or partial merger of only a component, KPMG Audit, and even that is not proven by binding legal documents.”

    Read Also: CAC denies claims of Poor AI portal performance, reaffirms commitment to service delivery

    The appellate court stressed that KPMG Nigeria remained the first in time to register its business entities, including KPMG Audit (1969), KPMG Tax Consultants (1990), and KPMG Consulting. It further ruled that the CAC acted contrary to CAMA by allowing a similar name to be registered without first removing the earlier existing names from the registry.

    “The Registrar cannot assign a business name already held by another entity. One cannot give what one does not have — nemo dat quod non habet,” the court held.

    Accordingly, the Court of Appeal declared that KPMG Professional Services was not entitled to be registered with that name.

    It ordered the CAC to remove it from its register and cancel the issued certificate.

    The appellate court issued a perpetual injunction restraining KPMG Professional Services from carrying out any business using the name; and

    It dismissed the second respondent’s counterclaim in its entirety and directed an inquiry into damages relating to profits earned under the contested name.

    The ruling reverses the earlier decision of the Federal High Court in Suit No. FHC/L/CS/776/2002 and reaffirms the primacy of statutory protection for existing business names under Nigerian corporate law.

    A.T. Oloyede represented KPMG Nigeria; Emmanuel Umoren appeared for CAC, while E.O. Sofunde (SAN), alongside M.O. Ajana and F.O. Salawu, appeared for the second respondent.

  • CAC denies claims of poor service delivery by AI

    CAC denies claims of poor service delivery by AI

    The Corporate Affairs Commission (CAC) has denied claims that the commission’s artificial intelligence (AI) portal service is very poor thereby crippling business.

    The Commission allayed the fears of customers, stakeholders and the general public, affirming  that service is intact.

    In a statement, CAC management stated that a publication of Premium Times titled: “Lawyers decry CAC’s AI portal, cite challenges” published on 19th July, 2025, was loaded with many unfounded claims insinuating poor service delivery thereby crippling ease of doing business in Nigeria.

    “On NIN verification, the Commission had on 30th June,2025 clearly stated that instant registration with just NIN of Directors and within shortest possible time shall be subject to viability of other Stockholders during the Registration process.

    “However, in view of certain glitches experienced by the NIMC portal which hindered the arrangement, the Commission in its continued efforts to deliver service in line with global best practices explored an alternative technology solution to verify the myriad of data submitted along with applications.

    “On the payment gateway, to ensure  payments are done onl time without obstacles that will hinder the registration processes, the CAC has since forwarded a request for additional payment gateways to the appropriate authority which is receiving due attention. It is imperative to also note that the Commission has a collaboration, integration on its portal with other stakeholders for the payment of services like Remita and Stamp duty payments.

    To safeguard personal security,

    In accordance with provisions of Data Protection Act,2023 the Commission in its newly deployed Intelligent Companies Registration Portal (ICRP), introduced additional security checks to amongst others prevent users from surrendering their access to third parties or operate multiple suspicious accounts. The ICRP requires that for each transaction with the CAC a One Time Passcode, OTP must be generated, and it goes straight to the email or phone number of the original account holder.

    Read Also: IGP orders tight security over planned protest by retired police officers

    The management added that the newly deployed ICRP is no doubt a cost effective system for its valued customers as they no longer lose money on checking availability. The innovation has ensured that customers only proceed to payment after securing the name and on service delivery, the ICRP has so far been speedily responding to applications as it now

    treats over 11,000 cases per day.

    It states that , on Friday 16thJuly,2025, 8,000 Name Reservation requests were received and processed. This is no doubt a feat that hitherto requires a minimum of 2weeks to complete. Worthy of note is that the Commission receives a minimum of 3000 emails necessitating her automation to deliver quality service to itsesteemed customers.

    The Commission is not unmindful of the fact that transition comes with Challenges. With valuable feedback from stakeholders, “we are sure of delivering a better-quality service”. The CAC therefore wish to state its unalloyed commitment to soon make  the portal perform optimally as a champion of service delivery to the commendation of customers and stakeholders.

    The CAC had continuously pursued reforms that are customer-centric by emplacing processes and frameworks that would stand the test of time in service delivery.

  • CAC unveils AI-powered registration portal

    CAC unveils AI-powered registration portal

    The Corporate Affairs Commission (CAC) has announced a complete overhaul of the Company Registration Portal (CRP) and introduced a new Artificial Intelligence (AI)-powered registration portal, which is part of the commission’s transformative initiative.

    The Registrar-General/CEO of the Commission, Hussaini Ishaq Magaji, made this announcement at the 2025 stakeholders’ forum, stating that name reservation will now be as easy as opening an email account where instant approvals are granted for available names.

    He said: “The AI system is intelligently built to suggest alternatives for selection and immediate approval. Other features introduced are allowing business registration with only NIN for a director or proprietor. The target time for business registration will be 30 minutes on generation of certificate and delivering to customers email just like real-time NIN verification.

    “The CAC while acknowledging possibilities of some occasional delays due to external validation from NIMC, however maintained that a contingency solution is developed using AI-powered photo ID matching to surmount the anticipated challenge. On partnership with super agents such as the Nigerian Inter-Bank Settlement System (NIBSS), the commission has studied over hundred requests from Super Agents both within and outside the country, and is working on it.”

    READ ALSO; ROLL CALL: Atiku, El-Rufai, Malami, Tambuwal, others attend ADC coalition unveiling

    He added that the Commission will soon provide Authentication and OTP Verification for all transactions, this is to ensure no changes are made to any company record without the full knowledge and consent of the registered directors, a CAC Mobile App will be provided by the last quarter of this year to ensure seamless transactions and tracking on the go.

    Magaji said there will be upward review of service fees effective 1st August 2025. This he said is to maintain quality service delivery and the implementation of some vital reforms in the Commission.

  • CAC announces overhaul of CRP, unveils AI-powered registration portal

    CAC announces overhaul of CRP, unveils AI-powered registration portal

    The Corporate Affairs Commission (CAC) has announced a complete overhaul of the Company Registration Portal (CRP) and introduced a new Artificial Intelligence (AI)-powered registration portal, which is part of the commission’s transformative initiative.

    The Registrar-General/CEO of the Corporate Affairs Commission, Hussaini Ishaq Magaji, made this announcement at the 2025 stakeholders’ forum, stating that name reservation will now be as easy as opening an email account, with instant approvals granted for available names.

    He said, “The AI system is intelligently built to suggest alternatives for selection and immediate approval. Other features introduced are allowing business registration with only a NIN for a director or proprietor. The target time for business registration will be 30 minutes from the generation of the certificate and delivery to the customer’s email, just like real-time NIN verification.

    Read Also: CAC unveils AI-powered business registration portal

    “The CAC, while acknowledging the possibilities of some occasional delays due to external validation from NIMC, however, maintained that a contingency solution is developed using AI-powered photo ID matching to surmount the anticipated challenge. In partnership with super agents such as the Nigerian Inter-Bank Settlement System (NIBSS), the commission has studied over a hundred requests from Super Agents both within and outside the country, and is working on it”.

    He added that, the commission will soon provide Authentication & OTP Verification for all transactions, this is to ensure no changes are made to any company record without the full knowledge and consent of the registered directors, a CAC Mobile App will be provided by the last quarter of this year to ensure seamless transactions and tracking on the go.

    Magaji announced that there will be an upward review of service fees effective 1st August 2025. This, he said, is to maintain quality service delivery and the implementation of some vital reforms in the commission. 

  • CAC unveils AI-powered business registration portal

    CAC unveils AI-powered business registration portal

    The Corporate Affairs Commission (CAC) has announced the pilot take-off of its new Artificial Intelligence (AI)-powered registration portal.

    The Registrar-General of the CAC, Malam Hussaini Magaji, in a statement, made the announcement said during the 2025 Stakeholders Forum held in Port Harcourt.

    Magaji described the initiative as a major milestone in Nigeria’s business facilitation drive.

    He said the upgraded portal marks a complete overhaul of the Company Registration Portal (CRP), with advanced features designed to simplify and speed up business registration.

    According to him, the new system allows for instant name reservation approvals, likening the ease to creating an email account.

    The registrar-general said that the AI-powered platform could suggest available alternatives to business names and approve them immediately.

    “Another innovation, is the ability to register a business using only the National Identification Number (NIN) of a director or proprietor.

    ” With an ambitious target of completing business registration and certificate generation within 30 minutes, subject to real-time NIN validation,” he said.

    Magaji acknowledged the possibility of occasional delays due to external data confirmation from the National Identity Management Commission (NIMC).

    He assured that a contingency solution using AI-powered photo ID matching had been developed to address such challenges.

    Read Also: Why we are increasing charges, by CAC

    Speaking on CAC’s expanding partnership with private sector actors, the registrar-general said the Commission was reviewing over 100 Super Agent applications, including requests from outside the country.

    He specifically mentioned the Nigerian Inter-Bank Settlement System (NIBSS) as one of the strategic collaborators under consideration.

    Magaji also hinted at upcoming digital features, including Two-Factor Authentication and OTP Verification for all transactions to prevent unauthorised changes to company records.

    He further said that a CAC Mobile App would be launched in the last quarter of 2025 to enable users to carry out transactions and track progress on the go.

    On service reforms, Magaji said that the Commission would implement a review of certain service fees effective August 1, to sustain quality service delivery and support ongoing digital transformation.

    The event was attended by key stakeholders, including Cordelia Eke, Chairman of the Nigerian Bar Association (NBA), Port Harcourt Branch and Mr Sebastian Essien, Chairman of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

    Mr Dogala Sakpege, Chairman of the Nigerian Association of Small and Medium Enterprises (NASME), Dr Mechi Brown, Director of Industry at the Rivers State Ministry of Commerce and Industry, among others were also present .

    During the interactive session, a technical team from CAC was present to address customers’ complaints and provide real-time solutions to registration and compliance challenges.

    (NAN)