FG declares NIN mandatory for business registration

Nigerians would no longer be able to start businesses without the National Identification Number (NIN), according to the federal government.

This information was provided on Monday in Abuja during the monthly reform seminar hosted by the Bureau of Public Service Reform by Alhaji Garba Abubakar, the CAC's registrar (BPSR).

He stated that it is essential to check the accuracy of the data they are gathering.

The lecture's theme was "Current Reforms, Innovations, and Challenges of the Corporate Affairs Commission, and Their Impact on the Growth of the Nigerian Economy," and Abubakar spoke on that topic.

“As such, we register an average of 2,000 companies every week. But it’s not just enough to register, you have to file your returns,” he added.

”As it stands, one man can register and own a company and if he is dead his children can take over for as long as the company is surviving and there are interests.

“In fact, before now, many people were forced to register their companies with a second party just to fulfil legal requirements, but with CAMA, all that is in the past.”

He continued by saying that the act also created limited partnerships and limited liability partnerships, which now give businesspeople and legal firms more options.

He added that the CAC registration platform had been totally revamped after the act's implementation to enable businesses to do transactions there from anywhere.

The CAC manager announced that in order to minimize direct contact with employees, they have started a mailing system for clients to complete their registration.

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