cac Archives - Frontpageng

Kidnapped CAC worshippers rescued in Ekiti —Police

Agency Report — Sat, 04 Jul 2026 13:35:42 +0000

The Police Command in Ekiti has said that the victims abducted during an attack on the Christ Apostolic Church, CAC, Eda-Oniyo, on April 28 have been rescued.

The command disclosed this in a statement on Saturday in Ado-Ekiti by its Police Public Relations Officer, SP Sunday Abutu.

According to the statement, the victims were rescued through sustained intelligence-led operations and coordinated efforts involving the Nigeria Police Force, the military, other security agencies, the Amotekun Corps, local hunters and the Ekiti State government.

It stated that the rescued victims had been taken to a hospital for medical examination and treatment to ascertain their health condition and ensure they received adequate medical care.

The Commissioner of Police, CP Falade Adegoroye, commended the dedication, professionalism and synergy displayed by all security stakeholders, saying their collective efforts led to the successful rescue of the victims.

Falade also appreciated the Ekiti government, led by Governor Biodun Oyebanji, for its unwavering support to security agencies, which he said contributed significantly to the success of the operation.

He further thanked residents of the state for their continued cooperation, vigilance and timely provision of credible information to security agencies.

The police commissioner said efforts had been intensified to apprehend those responsible for the abduction.

He reaffirmed the command’s commitment to protecting lives and property across the state and urged residents to remain vigilant and continue supporting the police and other security agencies by reporting suspicious persons or activities to the nearest police station or through the command’s emergency number: 08062335577.

Source: NAN

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Alleged missing N210trn: No money missing –Ex-NNPCL officer

Agency Report — Thu, 11 Jun 2026 07:57:43 +0000

A former Chief Financial Officer, CFO, of Nigerian National Petroleum Company Limited, NNPCL, Umar Ajiya, has said no money is missing, contrary to reports that the company could not account for N210 trillion audit queries of the Auditor-General for the Federation.

Ajiya stated this on Wednesday in Abuja after presenting his report on the queries raised in the audit reports from 2017 to 2023.

“Mr Chairman and distinguished senators, I want to assure this committee and indeed, all Nigerians that no money is missing.

“Many of us appearing before this committee today have, over the past five or six years, consistently presented and defended the accounts and reports of the company.

“If any money had gone missing during our period of supervision, we would not have had the courage to publish our audited accounts.

“For over 44 years, the company’s accounts were either not prepared or, when prepared, were not made public. In many instances, they were not even made available to the auditor-general.

“We decided to change that culture by ensuring that the accounts were submitted to the auditor-general and published on our website for public scrutiny.

“We wanted Nigerians to examine them, ask questions and help restore trust in NNPC by moving away from the era of opacity.

“Having carefully reviewed the report, I observed that two key figures generated significant public concern.

“The first is the claim that N5.8 billion was spent to register the new company, NNPC Limited,” he said.

Ajiya described the claim as inaccurate, adding that the actual amount used for the registration was N2.9 billion, and was paid directly to two government agencies.

He said that the money was paid to the Corporate Affairs Commission, CAC, and Federal Inland Revenue Service, FIRS, now known as Nigeria Revenue Service, NRS.

“This can be independently verified with both agencies,” he stated.

Ajiya stated that someone might have misinterpreted the accounting records under the Petroleum Industry Act, PIA, or from the Federal Ministry of Finance.

“They are the shareholders representing the Nigerian people.

“Since MOFI did not provide the funds for the registration, NNPC paid the registration fees on behalf of the shareholders.

“Subsequently, the relevant entities recorded the transaction in their respective books, as required under standard accounting procedures.

“It appears that whoever advised the committee may have added the figures recorded in different books and mistakenly concluded that N5.8 billion was spent.

“No third party was paid to register the company. The funds were paid directly by NNPCL to government agencies, and that fact can be verified,” he said.

The former NNPCL chief said that unfounded claims had done real damage and harmed the reputations of individuals, the company and Nigeria in general.

“International rating agencies use public information to assess countries; negative, inaccurate reports can hurt Nigeria’s credit rating and our national interests.

“We have seen this before, while seeking about 2.5 billion dollars in Chinese financing for the Ajaokuta-Kaduna-Kano gas pipeline.

“An unpatriotic petition was submitted to Chinese authorities. Despite a sovereign guarantee, the financing was disrupted and the project remains uncompleted.

“Actions like that discourage public servants. At times, it is frustrating.

“But as Nigerians, we remain committed to serving our country and contributing to its development.

“When people claim N210 trillion is missing, they should be asked: where exactly did it go? Agencies like the Nigerian Financial Intelligence Unit and the EFCC should investigate and establish the facts so Nigerians can trust the truth,” he said.

The committee consequently adjourned hearing and directed Ajiya and Dr Bala Wunti, who served as Chief Upstream Investment Officer during the period under review, to reappear before it in two weeks.

Source: NAN

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Tinubu appoints Ida as CAC chair, nominates NPC commissioners

Ezekiel Johnson — Tue, 31 Mar 2026 05:05:56 +0000

President Bola Ahmed Tinubu has appointed Dr. Ibrahim Ida as the chairman of the Corporate Affairs Commission, CAC, and nominated seven people to fill vacant commissioner positions at the National Population Commission, NPC.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, made the announcement in a statement on Tuesday.

Ida holds an MSc in Banking and Finance from the University of Ibadan (1983) and an LLB from the University of Abuja (2003).

Before being elected to the Senate in 2017 to represent Katsina Central, he served as the Commissioner for Finance, Katsina State, and as the Permanent Secretary of the Federal Civil Service.

The seven people nominated as federal commissioners to represent their respective states in the National Population Commission are:

Kolawole Oladipupo Alabi - Ekiti State
Nasiru Mu’azu - Zamfara State
Usman Abubakar Tuggar - Bauchi State
Dr Isaka Alada Yahaya – Kwara State
Prof. Sadiq Isah Radda – Katsina State
Suleiman Umar – Jigawa State and
Hon. Chiso Abdullahi Dattijo – Sokoto State.

The appointments, which complement other federal commissioners already sworn in, are subject to confirmation by the National Assembly:

The president also appointed Dr Yusuf Mohammed of Kano State as chairman of the Federal Polytechnic, Kaltungo.

President Tinubu confirmed the appointment of Bala Mohammed Bello as his Special Adviser on Political Economy.

Bello, from Taraba State, holds a Bachelor’s Degree in Accounting and an MBA from Ahmadu Bello University, Zaria.

Before this appointment, he was a Deputy Governor at the Central Bank of Nigeria, CBN.

He also served as Executive Director (Corporate Services) at the Nigerian Export-Import Bank from 2017 to 2022.

President Tinubu expressed strong belief in the capacities of the appointees to put in their best to further the administration’s commitment to a better lease of life for Nigerians.

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When your idea becomes a name, guard it before it becomes a ghost

frontpageng — Thu, 30 Oct 2025 05:19:25 +0000

In Lagos traffic jam, in Ikeja markets, in Yaba office blocks, many Nigerians hustle small businesses—tailoring, food delivery, tech start-ups, fashion lines. Some scale up, some remain informal. But far too many dreams crash not because of lack of skill, but because legal foundations were weak or non-existent. When someone else uses your business name, when banks refuse your account, when creditors come after your personal assets, the pain of informal structure hits hardest. Because in business, as in life, legitimacy begins with law.

At heart, the law of business registration under the Companies and Allied Matters Act, 2020 (CAMA 2020) transforms ideas into recognized entities. When you register a company or business name, you gain limited liability (if company), a recognized name, capacity to enter contracts, borrow, own property, and defend your rights in court more securely. Without this formal registration, you are vulnerable: personal liability looms, business disputes are murkier, growth is stunted. Business registration under CAMA 2020 is your doorway into the formal economy—and to protections many don’t understand until lawsuit knocks.

Real-life stories abound. In Abuja, Primetech Design & Engineering Nigeria Ltd., incorporated under CAMA 1990 with two shareholders, transferred all shares of one shareholder to Julius Berger Nigeria Plc in 2022. When they asked CAC to update its records to show Julius Berger as sole shareholder, CAC balked, saying pre-2020 companies cannot have single shareholders under CAMA 2020. The Federal High Court disagreed in Primetech Design & Engineering Nig. Ltd. & Julius Berger Nigeria Plc v. Corporate Affairs Commission (Suit No: FHC/ABJ/CS/665/2023), ruling that the single-shareholder provision under Section 18(2) of CAMA 2020 applies to all private companies, including those incorporated before the Act. That judgment means if your company started long ago, you can still benefit from modern flexibility.

Another classical lesson comes from land transactions, but its principle translates: Savannah Bank of Nigeria Ltd. v. Ammel O. Ajilo (1989) Supreme Court. There, a mortgage deed was executed without the required consent of the Military Governor under Section 22 of the Land Use Act, rendering the transaction void. Though not a business law case per se, it shows that required legal formalities are not optional—whether doing land business or registering a company or transfers. Businesses in Lagos often flout small formalities, then suffer consequences.

Also relevant is Sunmonu Olohunde & Anor v. Professor S. K. Adeyoju (2000) Supreme Court, where ownership claims faded because chain of title, registry entries, and possession acts were not fully proven. For business registration, that is like failing to produce clear incorporation documents or showing your registered directors; gaps invite challenges.).

Under CAMA 2020, you have statutory provisions that matter: Section 18(2) allows a private company to have just one shareholder. Section 22(1) deals with the minimum share capital requirements and issued share capital. The Act also mandates that companies maintain proper registers, file annual returns, keep accounting records, and ensure directors fulfill fiduciary duties. Failure to comply with CAMA’s requirements can lead to sanctions, inability to enforce contracts, or being declared defunct. CAMA 2020 abolished “authorised share capital” and replaced it with “minimum issued share capital,” saving many entrepreneurs from paying fees for shares never issued.

For new entrepreneurs in Lagos: always choose a business form intentionally. Do you need a limited liability company? Or is a business name (sole proprietor) enough for what you intend? A business name is cheaper, simpler, but does not offer liability protection: your personal assets are at risk. If you expect growth, investment, or loan taking, company form with registration is better.

Don’t let your business be a whisper in courts, let it be a name known, respected, and secure.

When registering, ensure name availability via CAC’s portal; reserve your preferred name; prepare and file the correct forms; appoint at least one director; issue share capital where needed; file your Articles and Memorandum (if company); ensure your registered address is valid and accessible; and maintain all statutory registers (shareholders, directors, minutes). Lagos entrepreneurs know horror stories where CAC rejected filings because addresses were invalid or shareholders not properly documented.

Also, protect your business by getting trademarks or business name registrations early—your logo, your brand identity are valuable. Ensure you understand liability: in companies limited by shares, liability binds unpaid amount of shares; in limited liability partnerships or companies limited by guarantee, rules differ. If you operate as sole proprietor under a business name, you are personally liable for debts.

In Lagos, local government, taxes, permit requirements matter. You may fill CAC registration, but for your business to operate wholly you may need Lagos State permits, health permits, environmental approvals (for food, waste), fire department clearance, city planning approval. Ignoring them buys you court notices, closure orders, steep fines.

Also ensure good contracts: with suppliers, clients, employees. Even as a registered company, weak or vague contracts leave you exposed. If someone sues you, or you sue, having written contracts, emails, receipts, payment records will matter. Women entrepreneurs, artisans, tech startup founders should keep records, digitize them, back them up.

In Primetech v CAC, when the valid instruments of share transfer were properly executed (board approval, documents in order, share capital paid, proper notification) the Court ordered CAC to update records. That teaches: follow steps, don’t skip board resolutions, don’t skip formal notices.

For business owners, also beware agents or “consultants” who promise fast CAC registration but ignore or fail to file; or plots (for estate businesses) where ground rent is unpaid, or testators left, or property developer has no title—such informal risks spill into business names with addresses on disputed land. Location matters: if your registered address is tied to property whose title is questioned, your business records can be attacked.

Let me leave you with this: in Lagos, a seamstress named Ada registered her boutique under a business name, saved her receipts, registered the name, but never registered a trademark. Another competitor copied her brand, opened another boutique next door with similar name, customers confused. Because Ada lacked trademark registration, cost to fight was high. Her business was legally registered, but brand identity was not protected.

The law gives you tools. CAMA 2020 is one. The Primetech case is proof that reforms favour those who obey the law. Savannah Bank case is proof that for land or property or registration, missing formal requirements crush dreams. Olohunde case teaches that chain of title and documentation—not sentiment—wins in courts.

Start your business right: register under CAMA, get good legal help, keep your documents, protect your brand, stay compliant, respect your filings. Don’t let your business be a whisper in courts, let it be a name known, respected, and secure. Because when business is built on law, it weathers storms—not collapse under them.

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CAC shifts new fee implementation to Oct 1

Agency Report — Sun, 31 Aug 2025 06:47:30 +0000

The Corporate Affairs Commission, CAC, has announced the deferment of the implementation of revised fees for its services to October 1.

The commission, in a public notice issued on Saturday in Abuja, said the decision was taken to enable it prioritise full stabilisation of its new Company Registration Portal before mid-September.

The revised fees were earlier scheduled to take effect on September 1.

This was after CAC had already postponed the initial deadline of August 1, following technical hitches on the upgraded portal.

The CAC said that the latest extension was aimed at delivering optimum value to customers and stakeholders, while ensuring a seamless transition into the new regime of services.

According to the notice, the deferment demonstrates CAC’s strong determination to provide efficient and customer-centric services that meet global standards.

The commission expressed appreciation to its customers and stakeholders for their patience, understanding, and cooperation during what it described as a critical phase of transformation.

It then reaffirmed its commitment to building an intelligent registry that supported Nigeria’s ease of doing business reforms.

Source: NAN

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CAC set to hold memorial service for Pastor Oguntade

David Adenekan — Wed, 06 Aug 2025 20:39:34 +0000

The Christ Apostolic Church, CAC, English Assembly District, Itire, Lagos is organising a commendation service in honour of Pastor Elijah Oguntade, who died in London, UK, on July 18, aged 73.

Oguntade was ordained a pastor of CAC while at the Christ Apostolic Church, English Assembly in 1999, and he diligently served the Lord in several capacities before relocating to London in 2003.

He also served at a number of churches in London before settling at CAC, Surrey Docks DCC of Anosike Region in the UK.

He was a highly revered man of God widely noted for his kindness, selflessness, humility, generosity and a burning passion for the work of God.

The late pastor was also an IT guru who co-founded the IT firm, Remsund Nigeria Limited, with his childhood friend and brother-in-law, Pastor Remi Collins.

Before he relocated to the UK about two decades ago, they engineered the ASYCUDA software system deployed to the Lagos ports for use by the Nigerian Customs Service.

Son of a pastor, Oguntade was a foundation Elder of CAC’s first ever purely English-speaking assembly founded by the Itire District in Lagos, and was instrumental to its subsequent growth into a district with several branches after hosting the first branch at his personal house in Ikate area of Surulere, Lagos.

He left Nigeria to settle in the UK with his entire family around 2003 and kept the fire of his service aglow through a productive partnership with Pastor Emmanuel Olusegun Medaiyese, pioneering Minister of the CAC at Surrey Docks, London, and foundation Chairman of the Anosike Region covering UK and Europe.

He is survived by his wife, Funmilayo Oguntade, and their children and grandchildren.

The CAC English District, Itire, Lagos, has rolled out plans for a commendation service in his honour, at 5 p.m., on Tuesday, August 12.

Venue is the CAC English District Headquarters at 3, Adefimihan Street, Off Itire-Mushin Road, Lagos.

An online posting by his family said: “Pastor Oguntade dedicated his life to the service of his community and faith, leaving behind a legacy of love, compassion, and spiritual guidance.

“He was more than a Pastor; he was a beacon of hope and support for countless individuals and families. His commitment to his faith and his community was unwavering, fostering an environment of growth and understanding. He is remembered not only for his spiritual leadership but also for his kindness, integrity, and the gentle strength he provided to those around him.

“While we reflect on his extraordinary journey, we also recognize the profound impact he had on the lives of those around him. Pastor Oguntade nurtured relationships that spanned generations, fostering a spirit of unity and resilience among his parishioners, friends, and family. His legacy will continue to inspire us to live with grace, generosity, and an unwavering commitment to our values.”

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PoS agents speak on CAC’s registration mandate, effects

Agency Report — Wed, 08 May 2024 13:24:28 +0000

Some Point of Sale, PoS, agents in the Federal Capital Territory, FCT, have frowned at the new directive of the Corporate Affairs Commission, CAC, for them to register with the commission.

CAC had on Monday issued a two-month registration deadline to PoS operators to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria, CBN.

The agents, who spoke to the News Agency of Nigeria, NAN, in Abuja on Wednesday, said the registration which would require money would impact on transaction cost paid by customers.

Mr Kofi Kolawole, a PoS agent, said the registration would deplete the profits in the business.

Kolawole said the registration would also discourage people from entering the business.

“I know that this registration, when actualised by our operators will increase the amount they charge us.

“This means that the cost we charge on each transaction will increase, so our customers will bear the cost,’’ he said.

Another PoS agent, Mr Clement Agbasi, said the directive negated the financial inclusion initiative of the CBN.

Agbasi said that directive would cause many customers to save their cash at home rather than being charged heavily for their online transactions.

“The PoS business was geared toward bringing the banks closer to the unbanked and making it easier for them.

“With all these charges including the 0.5 per cent cyber-security levy on customers, many people will be discouraged from putting their monies in banks,’’ he said.

Miss Loretta Ubong, another PoS agent, said that although the registration was a welcome development, it must be done in a way that would not be detrimental to businesses.

Ubong appealed to CAC to conduct the registration in line with best practices.

“I am a student and I use the proceed from this business to pay my bills.

“The commission should not do the registration in a way that will kill my business,’’ she said.

However, Mrs. Ndidiamaka Ibe, a customer said the registration would help to check financial frauds and sharp practices perpetrated with PoS.

“I was a victim of one-chance and my over two million naira was withdrawn from a PoS.

“When I got to my bank, they could not trace the owner of the PoS.

“I think that what the Federal Government is trying to do is to check things like this so that when fraud is perpetrated by a PoS agent, he or she can be easily traced,’’ she said.

CAC had said that the registration was aimed at safeguarding businesses of Fintech’s customers and strengthening the economy.

The commission had given July 7 as deadline for the registration.

Source: NAN

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Osun Amotekun arrests 51-year-old man over alleged N1.5m fraud

Agency Report — Sun, 05 May 2024 19:53:21 +0000

The Osun Amotekun Corps has arrested a 51-years-old man for allegedly defrauding nine people of N1,597,000 on the pretext of processing a Corporate Affairs Commission, CAC, registration and international passports for them.

This is contained in a statement by the Osun Amotekun Corps Commander, retired Brig.-Gen. Bashir Adewinmbi, on Sunday in Osogbo.

Adewinmbi said the suspect, who had been on the run, was arrested in Gbongan area of the state on Tuesday.

He disclosed that Akinola, who is an indigene of Igbara Odo in Ekiti State, collected N1,597,000 at the Oluyole area of Ibadan, Oyo State, from victims under the guise of processing CAC registration and passport, and absconded.

“The suspect was arrested by the Amotekun intelligence operatives in Gbongan after a complaint was lodged at our Ayedaade Local Government Command by one of the victims he collected money from at Oluyole area in Ibadan.

“Our operatives swung into action immediately and were able to detect that the suspect, who had ran away from Ibadan, was in his hometown in Igbara-Odo of Ekiti State, using different telephone numbers to evade arrest.

“We were, however, able to arrest him after a tip-off from his girlfriend, who knows his hotline, and who also helped us invite him to Gbongan for a business deal.

“He was promptly arrested after getting to Gbongan and during investigation, we discovered that the suspect goes by different other names such as Ayodeji Harry-young and Samuel Ayodeji with multiple phone numbers and ATM cards bearing different names.

“He also confessed to joining a fraud crime syndicate, a.k.a. 4-1-9 gang, in 2003 in Ekiti State,” Adewinmbi said.

The commander said the suspect had been handed over to Amotekun Oyo State Command for further interrogation and prosecution.

Adewinmbi said the arrest underscored the commitment and dedication of the Osun Amotekun Corps to combating crimes, and ensuring the safety and security of lives and property in the state.

Source: NAN

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EFCC nabs pastor over alleged N3.9m fraud in Ilorin

Agency Report — Sun, 07 Apr 2024 07:13:40 +0000

The Economic and Financial Crimes Commission, EFCC, has arrested an Ilorin-based clergyman, Prophet Adeniyi James, for allegedly defrauding a member of his church of N3.9 million.

James is the General Overseer of Christ Apostolic Church, CAC, Freedom City Prophetic and Deliverance Ministry in Ilorin.

In a statement in Ilorin on Saturday, the commission’s Head of Media and Publicity, Dele Oyewale, said the Ilorin Zonal Command of the EFCC arrested James on April 2, over the said offence.

Oyewale quoted the victim, Oluwole Babarinsa, as saying in a petition to the commission, that James called him out during a church programme sometime in 2021, and claimed that he had a revelation that he (victim) would travel abroad.

“The petitioner said the cleric, in the course of giving the revelation, asked him about his preferred country, which he replied ‘Canada’ and they agreed to talk later in order to perfect arrangements for the trip.

“The petitioner said James later told him that he had a friend in Lagos who could help him facilitate his relocation to Canada, but at a cost of N1.7 million and N2.5 million for processing of flight ticket and travel documents, respectively.

“Babarinsa added that he had to sell some of his properties and took some loans before he could raise N3,980,000 which he gave the prophet to facilitate his quick relocation to Canada.

“After prolonged waiting with no result, the petitioner became agitated and began to query the prophet’s vision, prompting him to ask for a refund of his money.

“He said that all efforts and entreaties to the suspect to refund his money yielded no positive result,” EFCC spokesman said.

He said the suspect would be arraigned in court after the conclusion of the investigations.

Source: NAN

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Annual returns: CAC extends penalty deadline

Agency Report — Fri, 29 Dec 2023 07:07:32 +0000

The Corporate Affairs Commission, CAC, has extended the deadline for the commencement of penalties against companies that failed to file annual returns, from January 1 2024 to April 1, 2024.

A statement issued in Abuja on Thursday by the commission’s Director of Press, Mr Dominic Inyang, said management decided to extend the penalty date following glitches experienced on the Company Registration Portal, CRP.

He stated that date was also extended due to appeals from the Micro, Small and Medium Enterprise, MSME, sector.

“Further to its earlier notice published on Nov. 2, informing the general public that it shall commence. It would be recalled that the full application of the penalties was prescribed by the Companies and Allied Matters Act (CAMA) 2020 and the Companies Regulations 2021 against companies and their directors or officers for who failed to file annual returns.

“CAC at this moment extends the commencement date from Jan. 1 to April 1, 2024.

“This extension has become necessary given the glitches presently experienced on the CRP and in deference to appeals from the MSME sector,” Inyang quoted CAC management as saying.

He enjoined all registered entities under the CAMA to take advantage of the window provided by this extension to file their annual returns to date with the commission.

“The entities included Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees.

“The general public should please note that this extension of time does not affect the striking-off proceedings commenced by the commission prior to the publication of Nov. 2.

“Companies, their directors, and their officers should note that the Commission shall henceforth proceed against the directors and officers of struck-off companies to recover undischarged penalties against them.

“For more information and inquiries, kindly visit our website: www.cac.gov.ng or contact us at service@cac.gov.ng; helpdesk@cac.gov.ng; +234 708 062 9000.”

Source: NAN

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