Corporate Affairs Commission


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The Corporate Affairs Commission (CAC) of Nigeria was established in 1990 vide Companies and Allied Matters Act no 1 (CAMA) 1990 as amended, now on Act cap C20 Laws of federation of Nigeria. It is an autonomous body charged with the responsibility to regulate the formation and management of companies in Nigeria. It carry out its functions through accredited members of Association of National Accountants of Nigeria, Institute of Chartered Accountants of Nigeria, Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Nigerian Bar Association (NBA). It is headed by a Registrar-General. Prior to the enactment of CAMA, these activities were carried on under the Companies Act 1968.(CA 1948)


Membership   
The commission is made up of 10 members each representing the respective stakeholders,like the accountancy profession, the legal profession and the business community.

Services
Corporate Affairs Commission(CAC) Services are categorized in parts:

PART A - Registry PART B - Registration of Business Names PART C - Registration of Incorporated Trustees (NGO’s)

These categories covers the following services:

Incorporation of Companies (Private or Public Company, Limited by guarantee)
Registration of Business Name
Registration of Incorporated Trustees
Same Day Incorporation Services under which companies are registered within one day
Conducting searches
Issuance of Certified True Copies of filed documents
Registration of share capital increases, mortgages, etc.
Processing the statutory filings of Annual Returns, increase, changes in the memo and articles, addresses, etc.
Arrange or conduct investigations into the affairs of any company where the interests of the shareholders and the public so demand.
Management and winding-up of companies.
Monitoring the Compliance with the CAMA by companies.
Sale of all statutory forms and publications of the Commission
Responding to enquiries and complaints in respect of the services of the Commission.
Handling preliminary process of accreditation of Lawyers, Chartered Accountants and Chartered Secretaries who are the recognized professionals and direct users of the Companies Registry.

Types of services   

Four(4) types of companies are recognized for business ventures in Nigeria, namely:

Private Limited Company (LTD)
Public Limited Company (PLC)
Companies limited by guarantee and
Unlimited Companies.
The minimum membership for each of these companies is two and the maximum for private companies is fifty members while there is no upper limit for public companies. A minimum share capital of ten thousand Naira is prescribed for private companies and five hundred thousand Naira for public companies with a minimum subscription of 25% of the shares.

ABOUT THE CORPORATE AFFAIRS COMMISSION              

The Corporate Affairs Commission was established by the Companies and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria .

The establishment of the Corporate Affairs Commission as an autonomous body was as a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism which was then responsible for the registration and administration of the repealed Companies Act of 1968.

OUR VISION

To be a world class company’s registry providing excellent registration and regulatory services.


OUR MISSION

We are committed to providing registration and regulatory services that meet the expectations of stakeholders for the benefit of the economy.


CORE VALUES

Courtesy
Integrity
Dedication
Efficiency

FUNCTION OF THE COMMISSION

The functions of the Commission as set out in section 7 of the Companies and Allied Matters Act, includes the following:

To administer the Act, including the regulation and supervision of the formation, incorporation, management and winding up of companies
To establish and maintain 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 responsibility
Arrange and conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand
To undertake such other activities as are necessary or expedient for giving full effect to the provisions of the Act.
The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of ancillary services


STRUCTURE OF THE COMMISSION

The Governing Board of the Commission consists of the following:

The Chairman who is appointed by the President of the Federal Republic of Nigeria;
A representative of the Legal Profession;
A representative of the Accounting Profession
A representative of the Nigeria Chamber of Commerce, Industries Mines and Agriculture.
A representative of Securities and Exchange Commission
A representative of the Manufacturers Association of Nigeria
A representative of the Federal Ministry of Commerce
A representative of the Federal Ministry of Industries
A representative of the Federal Ministry of Justice and
The Registrar-General who is the Chief Executive officer of the Commission and in charge of its day-to-day management.


References :


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