General News
How Corporate Affairs Commission Plans to Generate Over N28Billion in 2024
Secrets Reporters
The Corporate Affairs Commission (CAC) has outlined plans to contribute N28,518,447,500.00 to the federal government’s revenue in the current year.
As one of the 48 Government-Owned Enterprises (GOEs), collectively aiming to generate N2.9 trillion in internally generated revenue for the 2024 fiscal year, CAC allocated a projected expenditure of N14,259,223,750.00.
GOEs are entities established and overseen by the government to engage in commercial activities. In Nigeria, they are often referred to as “Super Agencies” due to the significant financial resources under their control.
The detailed revenue projection of CAC is included in a budget proposal submitted to the federal government, as disclosed by the Ministry of Budget and National Planning and accessed by SecretsReporters.
On December 30, 2023, the National Assembly approved the 2024 appropriation bill, increasing the budget size from the initially proposed N27.5 trillion by President Bola Tinubu to N28.7 trillion. This adjustment, amounting to an increase of N1.2 trillion, was attributed to the heightened revenue projections from entities such as CAC and other agencies.
CAC projected earning money from a series of activities, including accreditation fees, business name registration, change of company information, company incorporation fees, filing of annual returns (incorporation), and others.
Registration of Charges: N3,200,000,000.00
Rental Earnings: N4,200,000.00
Miscellaneous Income: N1,447,572,000.00
Sundry Income: N7,500,000.00
Tenders Fees
Below is a breakdown of CAC’s revenue sources and anticipated expenditures for the year 2024:
| Code | Item | Amount | ||
| 11020403 | INCORPORATED TRUSTEES REGISTRATION | 966,279,000.00 | ||
| 11020407 | INCREASE IN SHARE CAPITAL | 2,010,000,000.00 | ||
| 11020451 | INTEREST RECEIVED – HOUSING LOAN | 2,925,600.00 | ||
| 11020453 | INTEREST RECEIVED – MOTOR CYCLE LOAN | 116,000.00 | ||
| 11020452 | INTEREST RECEIVED – VEHICLE LOAN | 1,953,900.00 | ||
| 11020304 | LIMITED LIABILITY PARTNERSHIP INC FEES | 6,000,000.00 | ||
| 11020405 | LIMITED PARTNERSHIP REGISTRATION FEES | 3,000,000.00 | ||
| 11020430 | LIQUIDATION OF COMPANIES | 25,125,000.00 | ||
| 11020437 | MISCELLANEOUS BUSINESS NAME INCOME | 7,824,500.00 | ||
| 11020478 | MISCELLANEOUS INCOME LP | 0.00 | ||
| 11020441 | MISCELLANEOUS INCORPORATED TRUSTEE INCOME | 7,627,500.00 | ||
| 11020432 | MISCELLANEOUS INCORPORATION INCOME | 1,447,572,000.00 | ||
| 11020479 | MISCELLANEOUS LLP INCOME | 0.00 | ||
| 11020444 | NOTARIZATION INCOME | 0.00 | ||
| OTHER REVENUE | 0.00 | 0.00 | ||
| 11020461 | PARTICULARS OF SECRETARIES | 7,330,000.00 | ||
| 11020455 | PAYMENT – IN – LIEU OF NOTICE | 0.00 | ||
| 11020435 | PENALTIES – BUSINESS NAME | 100,000,000.00 | ||
| 11020440 | PENALTIES – INCORPORATED TRUSTEE | 50,000,000.00 | ||
| 11020429 | PENALTIES – INCORPORATION | 500,000,000.00 | ||
| 11020480 | PENALTIES – LP | 0.00 | ||
| 11020481 | PROCEED ON DISPOSAL OF NON-CURRENT ASSETS | 0.00 | ||
| 11020458 | PROCEED-SALE OF FIXED ASSET | 0.00 | ||
| 11020406 | REGISTRATION OF CHARGES | 3,200,000,000.00 | ||
| 11020482 | REGISTRATION OF CHARGES – LLP | 0.00 | ||
| 11020450 | RENTAL EARNINGS | 4,200,000.00 | ||
| 11020464 | REPLACEMENT OF STAFF ID CARD | 8,000.00 | ||
| 11020439 | RESERVATION OF NAME – BUSINESS NAME | 250,000,000.00 | ||
| 11020443 | RESERVATION OF NAME – INCORPORATED TRUSTEE | 230,000,000.00 | ||
| 11020434 | RESERVATION OF NAME – INCORPORATION | 410,000,000.00 | ||
| 11020456 | RESERVATION OF NAME – LLP | 300,000.00 | ||
| 11020483 | RESERVATION OF NAME – LP | 200,000.00 | ||
| 11020484 | RESTRICTION OF PARTNER’S RESIDENTIAL ADDRESS – LLP | 0.00 | ||
| 11020485 | RESTRICTION OF PARTNER’S RESIDENTIAL ADDRESS – LP | 0.00 | ||
| 11020457 | SALE OF E-PAYMENT CARD | 0.00 | ||
| 11020454 | SALE OF SUNDRY SCRAP | 100,000.00 | ||
| 11020448 | SALES OF COMMISSION PUBLICATION | 0.00 | ||
| 11020486 | SAME DAY POST INCORPORATION FILING – LP | 200,000.00 | ||
| 11020487 | STATUS REPORT/GOOD STANDING – LLP | 0.00 | ||
| 11020488 | STATUS REPORT/GOOD STANDING – LP | 0.00 | ||
| 11020465 | SUNDRY INCOME | 7,500,000.00 | ||
| 11020466 | TENDERS FEES | 84,000.00 | ||
| 11020467 | WEBSITE SEARCH | 30,000,000.00 | ||
Top of Form
Meanwhile, the CAC whose sole purpose is registration of businesses and companies in Nigeria puts is expenditures as below:
Personnel Cost: N14,259,223,750.00
Salaries and Wages: N7,409,645,548.00
Allowances: N6,399,703,603.61
Social Benefits (Pension): N449,874,598.39
Then a total of N11,407,379,000.00 will be transferred to CRF (Consolidated Revenue Fund).
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