CAC: N19bn generated in 2020 from registration fees

Nigeria’s Corporate Affairs Commission earned more than N19bn as internally-generated revenue last year.

The Registrar-General, Garba Abubakar, disclosed this to the News Agency of Nigeria, pointing out that the commission recorded an increase in the registration of businesses and other corporate entities.

“The year 2020 was one of our best years in terms of revenue generation as we recorded a surge in registration above the previous year. We had a revenue target of N18.2bn, but we closed here with over N19bn.

“For the first time in the last 10 years, we are able to give more money to the federal government in terms of operation surplus.

“We are hoping that we will meet our target for 2021 because where there is increased compliance by customers, there will be an increase in the revenue for [the] government.

“Transactions are now easily carried out with the electronic system, as you pay through the remittal on our portal, without paper works,” Abubakar said.

However, he noted, “The challenges we had last year were inherited liabilities (as I took over with over N6bn liabilities) and service delivery because of the COVID-19 restrictions.

“Before the COVID-19 pandemic, we were registering company and business names within 24 hours, but the pandemic and the various restrictions to curb the spread of the disease affected our service delivery.”

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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