FG Compulsory NIN for Business Registration

The federal government has announced that Nigerians would no longer be able to register businesses without having the National Identification Number (NIN ).

This was disclosed on Monday by the registrar of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, in Abuja during the monthly reform seminar organized by the Bureau of Public Service Reform (BPSR). He noted that the necessity is to verify the integrity of the data they are collecting.

Abubakar, at the lecture, themed: ‘Current Reforms, Innovations, and Challenges of the Corporate Affairs Commission, and Their Impact on the Growth of Nigerian Economy’ said, “If you don’t have a NIN, it means you can’t register your company, The essence is to verify the integrity of the data we are collecting.”

He added that the CAC opted for NIN because its security can’t be compromised, unlike the National Identity card, passport, and driver’s license, which could easily be cloned.

Also Read: Buhari Signs Approval of N80bn for Reconstruction of Sapele-Benin, Amukpe-Agbor Roads

“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.

”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 fulfill legal requirements, but with CAMA, all that is in the past.”

He added that the act has also introduced limited partnerships and limited liability partnerships, which now provide additional options for entrepreneurs and law firms.

He also noted that with the coming of the act, the CAC registration portal was completely rebuilt to allow companies to transact on it from anywhere.

The CAC boss stated that they have commenced a mailing system for customers to process their registration in order to reduce physical contact with staff.

He assured that “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”.