In the dynamic and ever-evolving business landscape of Nigeria, the Corporate Affairs
Commission (CAC) has set an ambitious target for 2024: the registration of 20 million
companies. Simultaneously, Koss Nominees, a key player in facilitating ease of doing
business in Nigeria, is taking innovative strides to streamline the process and create a more efficient environment for entrepreneurs. This article explores the dual initiatives of CAC and Koss Nominees and proposes a unique hybrid solution that involves both delisting inactive companies and creating opportunities for the acquisition and registration of new entities.
CAC’s 20 Million Target: The Corporate Affairs Commission of Nigeria, responsible for the regulation and supervision of companies in the country, has set a monumental goal of registering 20 million companies by the end of 2024. This ambitious target reflects the government’s commitment to fostering economic growth, job creation, and entrepreneurship. As part of this initiative, CAC aims to identify and delist inactive
companies to ensure a more accurate representation of the active business landscape.
Koss Nominees’ Contribution to Ease of Doing Business: On the other hand, Koss Nominees has been a pioneer in promoting the ease of doing business in Nigeria. The company has introduced innovative solutions to simplify and expedite business processes, offering services such as company registration, compliance management,
and corporate advisory.
Koss Nominees plays a crucial role in supporting entrepreneurs and businesses, helping them navigate the complexities of regulatory requirements.
Developing a Hybrid Solution: To marry the objectives of CAC and the efforts of Koss
Nominees, a hybrid solution can be developed. This involves a dual approach of delisting
inactive companies and creating opportunities for the buying and selling of these entities
with distinct objective clauses.
Delisting Inactive Companies: Identifying and delisting inactive companies is a crucial
step in ensuring an accurate representation of the business landscape. CAC can employ
advanced data analytics and verification processes to identify companies that have
become dormant or ceased operations. Delisting these entities will clean up the registry,
providing a more reliable database for stakeholders.
Buying and Selling Inactive Companies: Rather than simply removing inactive companies from the records, a more innovative approach involves creating a marketplace for buying and selling inactive entities. Entrepreneurs looking to enter
specific industries or markets can acquire these dormant companies, saving time and resources compared to starting from scratch. The acquisition can come with the flexibility to amend the objective clauses, aligning them with the new owner’s business goals.
Registering New Companies with Different Objectives: Simultaneously, Koss Nominees
can facilitate the registration of new companies with unique objective clauses tailored to the evolving needs of the business community. This can be done in collaboration with industry experts and regulatory bodies to ensure that the new entities contribute meaningfully to economic development.
The synergy between CAC’s target of registering 20 million companies and Koss Nominees’ commitment to the ease of doing business in Nigeria presents an opportunity for a transformative hybrid solution. By delisting inactive companies and creating a marketplace for their acquisition, coupled with the streamlined registration of new entities with distinct objectives, Nigeria can foster a more dynamic and responsive business environment, ultimately contributing to sustainable economic growth.
Kayode Olatokun writes from Lagos.
Kayode.olatokun@kossnominees.com.ng
