All About CAC Certificate Of Incorporation
Corporate Affairs Commission (CAC) is the body that sees the management, regulation, and incorporation of companies and businesses in Nigeria.
The body, in line with the provisions of CAMA, oversees the registration of companies and businesses in Nigeria.
Although CAC is the one spearheading the management and regulation of companies, their regulations are, however, in line with the provisions of CAMA.
CAMA, being the short form for Companies and Allied Matters Act, is a body of regulations that ensures a better business climate and enhances Micro, Small, and Medium Scale Enterprises (MSMEs).
In essence, it is essential for all business owners, whether large scaled, small-scale, or medium-scale, to register their business name with the Corporate Affairs Commission (CAC) for smooth running.
CAC Registration certification is one of the important documents needed for your startup company. Having it will prevent you from unnecessary harassment when running your business.
Corporate Affairs Commission History
The Corporate Affairs Commission (CAC) is a body of the Nigerian Government introduced in 1990 in line with the Companies and Allied Matters Act to regulate the formation and management of companies in the thirty-six states of Nigeria.
With its headquarters located in Abuja, Plot 420, T|igris Crescent, off Aguiyi Ironsi Street, Maitama, its leadership structure, a Chairman governs the body alongside the Registrar General or CEO.
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CAC Board Members
The body has up to forty-four members in their management team with Alhaji Garba Abubakar as the Registrar General.
Like any other corporate body, the Corporate Affairs Commission (CAC) has its own board members including Ademola Seriki as the Chairman. He was appointed by the President of the Federal Republic of Nigeria.
He is followed by A.G. Abubakar who is the Registrar General.
Other members of the board include:
1. Alhaji Ali S. |Madugu, mni, the representative of the Manufacturers Association of Nigeria (MAN);
2. Mazi Nnamdi Anthony Okwuadigbo, the representative of the Institute of Chartered Accountants of Nigeria (ICAN);
3. Bello Aminu Abdullahi, the representative of the Nigerian Bar Association (NBA);
4. Haliya Saratu Iya Aliyu, the representative of the Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA);
5. Muhammad Danjuma Alhassan, the representative of the Federal Ministry of Industry, Trade and Investment (FMTI);
6. Mrs Franca Chukwuogor, the representative of the Securities and Exchange Commission (SEC); and
7. Mrs Antoinette Ifeanyi Oche-Obe, the representative of the Federal Ministry of Justice (FMJ).
It is no longer news that the Corporate Affairs Commission is an autonomous body. Its establishment as an autonomous body was a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry.
Which was a department within the Federal Ministry of Commerce and Tourism, saddled with the responsibility of registering and administrating repealed Companies Act of 1968.
The failure of the Company Registry to effectively carry out her responsibility was what led to the establishment of another body known as the Corporate Affairs Commission (CAC).
Despite their independent and sovereign nature, their core values still include courtesy, integrity, dedication, and efficiency.
However, their ambition is to be a world-class business registry that delivers great registration and regulatory services, their objective is to provide registration and regulatory services that fulfil the expectations of stakeholders for the benefit of the company.
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Responsibilities of the CAC
In accordance with the provisions in section 7 of the Companies and Allied Matters Act, Corporate Affairs Commission (CAC) has been saddled with the following responsibilities:
1. Administration of the Act to include the regulation and supervision of the formation alongside the incorporation, management, and winding up of companies.
2. Establishment and maintenance of companies’ registry and offices in all the states of the Federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with the responsibility.
3. Arrangement and conducting of an investigation into the affairs of any company where the interests of the shareholders and the public demand.
4. The undertaking of other activities that are necessary or expedient for giving full effect to the provisions of the Act.
5. Registration of Business names and incorporated Trustees.
6. Provision of a wide variety of ancillary services. Such services include financial services or consulting services on topics such as health care, finances, education, and the environment.
Following the provisions above, the body renders the following services to Nigerian citizens:
1. Step-by-step registration of the company either private or public.
2. Step-by-step registration of a Limited by Guarantee.
3. Conversion and re-registration of private companies as public.
4. Re-registration of a company limited by shares of an unlimited company.
5. Change of name.
6. Re-registration of unlimited company as limited by shares.
7. Registration of mortgages, debentures, and charges.
8. Increase in share capital.
9. Company searches.
10. Obtaining Certified True Copies (CTC) of filed documents.
11. Issuing of Certified True Copies (CTC) of certificates.
12. Statutory filings.
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Offices in CAC (Corporate Affairs Commission)
Against what many will think that CAC is a body and does not have many offices, CAC has over fifteen offices with each office having its own director and assistant director.
No doubt, each office handles different administrative functions. A few of them include the following:
1. Business names office: responsible for checking the availability of business names.
2. Registrar General’s office: responsible for the processing of registration requests.
3. Public Affairs: responsible for building and maintaining common ground with the company’s stakeholders.
4. Record management office: responsible for efficiently controlling the creation, receipt, maintenance, use, and disposition of records.
5. Commission’s secretariat: manages and coordinates the activities of the board and management team.
6. Compliance and Litigation office: monitors and reports on the effectiveness of controls in the commission management.
7. Human resources: responsible for recruitment, workplace safety, employee relations, compensation planning, labour law compliance, and training.
8. Customer service: helps customers with complaints and questions.
9. Finance and account department: ensures efficient financial management and financial controls necessary.
10. Budget, planning, research, and statistics: prepare the commission’s development plans, and annual budget, and monitor and evaluate the plans and programs of the commission.
11. General services: provides leadership and best practices in managing facilities, supplies, security and resource conservation, maintenance, and other support services.
12. Registry: keeps official records of items, events, and activities.
13. Internal audit: provides independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively.
14. Procurement Office: manages internal processes such as buying products or services and ensures suppliers comply with legal and company policies.
Other Corporate Affairs Commission offices (CAC) offices include Nodal and State operations, Incorporated trustee, Information Communication Technology, and Training schools.
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Importance of knowing about the Corporate Affairs Commission (CAC)
I know you are wondering what you stand to gain by knowing this much about CAC. This information is provided for you to be able to make the decision to register your company. This will afford you the privilege of:
- Knowing if the name you have in mind for your business/company is still available;
- Opening a corporate account with any bank;
- Applying for loans and grants;
- Attracting confident and comfortable clients;
- Better access to investors;
- Enhanced reputation and perception;
Interested now? All you need do is visit their website at https://www.cac.gov.ng and follow the instruction. You will thank me later!
