NIN Now Compulsory For Business Registration – FG

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

This was disclosed by the Registrar-General of the Corporate Affairs Commission (CAC), Mr Garba Abubakar, in Abuja on Monday during the monthly reform seminar organised by the Bureau of Public Service Reform (BPSR).

Speaking at a lecture themed Current Reforms, Innovations, and Challenges of the Corporate Affairs Commission, and Their Impact on the Growth of Nigerian Economy, the CAC chief explained that the new policy was to verify the integrity of the data the agency is collecting for business registration.

He 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.

“We register an average of 2,000 companies every week. But it’s not just enough to register; you have to file your returns,” he added.

”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 fulfil legal requirements, but with CAMA, all that is in the past,” Mr Abubakar added.

He noted that the act has also introduced limited partnerships and limited liability partnerships, which now provide additional options for entrepreneurs and law firms, stating 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 the organisation had commenced a mailing system for customers to process their registration to reduce physical contact with staff.

“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,” he assured.