Tag Archives: CAC

MoniePoint, trade ministry, CAC partner to strengthen SME businesses

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MoniePoint Inc. says it is collaborating with the Ministry of Industry, Trade and Investment and the Corporate Affairs Commission (CAC) to make it easier for informal businesses to formalise their dealings.

Mr Tosin Eniolorunda, the Group Chief Executive Officer (CEO) and co-founder, Moniepoint Incorporated, said this in the company’s Informal Economy Report, 2025, unveiled in Abuja.

Eniolorunda said the company had helped four times more businesses become formalised thereby gaining access to a better range of tools and services that could help them grow.

He said the report was geared towards fostering collaboration across all sectors to create sustainable solutions for the informal economy that would positively impact the country’s economy.

”We have spent years building the kind of products and solutions that these informal businesses could rely on.

”Now, we had also shed light on them for everyone to understand their unique challenges. Beyond Moniepoint, everyone could get involved in understanding them and solving their problems.

”At Moniepoint, we strongly believe in the importance of the informal economy and its role in Nigeria’s economy.

”Beyond this, however, we also realise that there is a lot of access and support that becomes available to them when they become formalised,” he said.

He said the businesses in the informal economy had potential for growth when adequately supported.

Read Also: CAC to delist 100,000 dormant companies over non-compliance

According to him, this is why we have built systems and services that take their unique situations into account, and work with that context to match their needs.

Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment, said the informal economy was central to Nigeria’s story of resilience and enterprise.

Oduwole said million of citizens sustain livelihoods and drove commerce in ways that often remained unseen.

According to her, this report provides an important window into their realities—the opportunities they create, the challenges they navigate, and the scale of their contribution to national development.

”By documenting their experiences with data and context, it deepens our understanding of the sector and offers a stronger foundation for inclusive policymaking,” she said.

Mr Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said the informal sector remained the backbone of the economy, vibrant and deeply embedded in the fabric of daily life.

”From market vendors to artisans, millions of Nigerians depend on it for their livelihoods, and as a nation, we collectively rely on their resilience and resourcefulness.

”Ensuring their survival and catalysing their growth is crucial for poverty elimination, rural industrialisation, and the enhancement of livelihood, all three core mandates of SMEDAN,” the director-general said in the report.

The News Agency of Nigeria (NAN) reports that the report was unveiled Oct. 17 to help policymakers and other stakeholders to make informed decisions.

(NAN)

CAC to delist 100,000 dormant companies over non-compliance

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The Corporate Affairs Commission (CAC) has announced its decision to delist over 100,000 companies from its register due to prolonged inactivity and failure to comply with statutory requirements under the Companies and Allied Matters Act (CAMA) 2020.

According to the Commission, the affected companies have 90 days from the date of publication to regularise their status or risk being struck off permanently. The full list of companies slated for delisting has been made publicly available.

To avoid being removed from the official register, the CAC urged the affected businesses to promptly file all outstanding annual returns and, where applicable, send activation emails to activation@cac.gov.ng.

In an official statement, the Commission warned, “It shall be unlawful for any company struck off the Register of Companies to continue carrying on business unless it is restored by an order of the Federal High Court.”

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The notice follows a similar directive issued by the CAC in July 2023, which led to the delisting of several companies in November 2024.

The Commission cited Section 692(4) of CAMA 2020 as the legal basis for this action, granting it the power to strike off any company that fails to submit annual returns for a period of 10 years or more. Companies removed from the register are deemed dissolved from the date of publication.

The CAC stressed that any transactions conducted with delisted companies are considered illegal. “It is illegal to enter into any transaction or deal with a company that has been dissolved,” the Commission stated.

Annual returns are a mandatory filing requirement for all registered companies in Nigeria. For incorporated companies, the return must be filed within 42 days after each anniversary of incorporation. Business names must submit their annual return before June 30 every year.

Failure to comply attracts late filing penalties in addition to the outstanding fees. Continued non-compliance could ultimately result in deregistration.