CAC Partners Lagos State Govt To Formalise Unregistered Businesses

In a bid to facilitate the formalisation of tonnes of informal businesses in Nigeria’s commercial capital, the Corporate Affairs Commission and the Lagos State Government have agreed to partner.

The move also aims to engender integrity in the way businesses are conducted in accordance with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

This was revealed during a robust engagement between the Registrar-General/CEO Corporate Affairs Commission (CAC) Hussaini Ishaq Magaji, SAN, and the Lagos State Governor Babajide Sanwo-Olu, represented by his Deputy,Dr. Kadri Obafemi Hamzat.

Speaking during the meeting, the Registrar-General underscored the importance of formalisation of all businesses in the country, particularly the micro, small, and medium enterprises, to ensure economic growth.

To achieve the desired results, he said the Commission is already collaborating with relevant institutions and agencies both within the private and public sectors.

The Registrar-General maintained that the registration was being conducted seamlessly within the stipulated service delivery timelines.

While acknowledging the strategic nature of Lagos as Nigeria’s commercial nerve centre and economic hub , he stressed the need to collaborate with the Lagos State Government to realise the goal of formalisation of the businesses.

The CAC Boss therefore expressed the Commission’s readiness to provide bulk registration for the businesses presented by the Lagos State Government at 50% discount rates in accordance with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

To fast-track the process, the Registrar-General said API will be granted to the Lagos State Government to ensure interface with the Commission’s registration portal.

In his response, Lagos State Governor Babajide Sanwo-Olu, represented by the Deputy Governor, Dr. Kadri Obafemi Hamzat, applauded the gesture and suggested the establishment of a scheme where young graduates will not be financially burdened while registering their businesses.

He further suggested that young business owners operating for between 0 and 2 years be granted a discount on the cost of registration to serve as an incentive.

CAC News reports that the Registrar-General was accompanied on the visit by the Director, HR, Mrs. Olayemi Oyeniyi, Director BPRS, Mrs. Glory Essien, Head Lagos Office, Mrs. Tosan Mabuyaku, Assistant Director, Lagos, Mrs. Adedoyin Okeya, Sani Idris Lere (Protocol Officer to the RG), as well as Messrs. Babatunde Afolabi and Sesan Ogbolu.

The Lagos State Government team includes the Deputy Governor, Dr. Kadri Obafemi Hamzat; Attorney General/Commissioner for Justice, Mr. Lawal Pedro, SAN; Commissioner for Finance, Mr. Abayomi Oluyomi; Commissioner for Wealth Creation & Employment, Mr. Akinyemi Ajigbolate; Commissioner for Economy, Planning & Budget, Mosopefolu George; and Permanent Secretary, Ministry of Commerce, Dr. Aina Olugbemiga Ayoola.

The visit featured the exchange of gifts and sharing of pleasantries by teams from both sides.