FG says NIN compulsory for business registration
The Federal government has said that without the NIN registration (National Identification Number), Nigerians will no longer be able to register their businesses.
This was disclosed by the registrar of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, during the monthly reform seminar by BPSR.
BPSR (Bureau of Public Service) captures reforms implemented by the Federal Government of Nigeria through its authorized Agency BPSR. Its goal is to be interactive as possible with Nigerians online.
Why Is The NIN Registration Important?
According to Abubakar, the NIN registration is to verify the integrity of the data they are collecting. Speaking further, 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 also added that the CAC chose this option because its security cannot be compromised. This is unlike the National Identity card, passport, and driver’s license, which can be easily manipulated.
Speaking about the actions that have been carried out, he said,
“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. 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.”
He however revealed that many people were forced to register their companies with a second party just to fulfill legal requirements with CAMA.
Bureau of Public Service (BPSR) act has introduced limited partnerships and limited liability partnerships. This is will now provide additional options for entrepreneurs and law firms.