News
Use of common seal by companies no more mandatory but optional – CAC boss
The Registrar-General, Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, has said the use of a common seal by companies is no longer mandatory.
Abubakar said this in a statement issued on Thursday in Abuja, signed by Mr Rasheed Mahe, CAC’s Media Head, after declaring open a one-day Customers’ Stakeholders Forum.
Abubakar was represented by Mr Abdulhakeem Mohammed, Director Compliance.
He enumerated a series of reform initiatives embarked upon by the commission, according to CAMA, 2020.
Abubakar said that notable features of the new law included the dispensation of the appointment of company secretary by private companies in pursuant of Section 330 of the new law.
According to him, while electronic signature has been introduced by the new law, one man is allowed to register a private company, adding that incorporated trustees amalgamation with similar objectives is now possible under Section 849.
The Registrar-General also said that the minimum share capital for private companies was increased to N100,000 and two million for public liability companies.
He said it was upgraded to two million respectively under Section 27 sub-section 2 of the act.
Abubakar said that small companies and one-man companies were now permitted to hold statutory and annual general meetings abroad.
He said the provisions of Sections 705 and 707 which introduced the registration of accredited insolvency practitioner, liquidator, receiver or receiver-manager stated that such professionals could only practice upon obtaining due accreditation from the CAC.
Abubakar said key reforms contained in the new law also stated that there was the prohibition of the combination of the office of the chairman and chief executive officer in the same person for public companies.
He said the commission, in collaboration with its software provider, was making strenuous efforts to fine-tune its processes in line with global best practices.
Abubakar reiterated its resolve to continue to initiate and implement enduring institutional reforms tailored not only for the demands of ease of doing business but to establish a registry that would rank as one of the best 10 in the world.
He said the commission had resolved to ensure complete digitisation of its operations to further provide efficient and effective services in 2022.
In their separate goodwill messages, Dr Balogun Abdulrasheed, Chairman, Institute of Chartered Accountants of Nigeria (ICAN) and the Acting Managing Director, Abuja Enterprise Agency, Mr Shehu Abdulkadir, represented by Aisha Yusuf, applauded the initiatives and urged the commission to sustain the tempo.
Speaking in the same vein, representatives of the Nigerian Bar Association (NBA), Mr Folarinwa Aluko, Mr Tony Idoko and Mr Clement Owowo, applauded the CAC for the engagement and stressed the need for more frequent engagements.
They restated their commitment to partnering with the commission and described it as world-class, the ability of a customer to register and download a CAC registration certificate anywhere in the world.
The stakeholders, however, implored the commission to review its post-incorporation processes, as well as enhance its customer engagement mechanism to become real-time.
Other speakers, who similarly applauded the commission’s reform initiatives and charged it to sustain the tempo, included the representative of the Chairman of the Institute of Chartered Secretaries & Administrators of Nigeria (ICSAN).
The News Agency of Nigeria (NAN) reports that in addition to the Abuja Forum, the commission has held Customers’/Stakeholders forum in Kano, Port Harcourt, Lagos (Ikeja and Ikoyi) and Enugu where it has Nodal offices.
He said the draft guidelines had gone through different stages of review, hence the stakeholder’s review for validating.
Ominyi said that it would also guide Infection Prevention and Control in all healthcare facilities.
The Stakeholders Validation Meeting also featured the signing of a communiqué on the implementation of the guideline, which was signed by representatives of 12 organizations. (NAN)
Headlines
Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja
Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment
The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes
Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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