corporate affairs commission

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:

CodeItemAmount
11020403INCORPORATED TRUSTEES REGISTRATION966,279,000.00
11020407INCREASE IN SHARE CAPITAL2,010,000,000.00
11020451INTEREST RECEIVED – HOUSING LOAN2,925,600.00
11020453INTEREST RECEIVED – MOTOR CYCLE LOAN116,000.00
11020452INTEREST RECEIVED – VEHICLE LOAN1,953,900.00
11020304LIMITED LIABILITY PARTNERSHIP INC FEES6,000,000.00
11020405LIMITED PARTNERSHIP REGISTRATION FEES3,000,000.00
11020430LIQUIDATION OF COMPANIES25,125,000.00
11020437MISCELLANEOUS BUSINESS NAME INCOME7,824,500.00
11020478MISCELLANEOUS INCOME LP0.00
11020441MISCELLANEOUS INCORPORATED TRUSTEE INCOME7,627,500.00
11020432MISCELLANEOUS INCORPORATION INCOME1,447,572,000.00
11020479MISCELLANEOUS LLP INCOME0.00
11020444NOTARIZATION INCOME0.00
OTHER REVENUE0.000.00
11020461PARTICULARS OF SECRETARIES7,330,000.00
11020455PAYMENT – IN – LIEU OF NOTICE0.00
11020435PENALTIES – BUSINESS NAME100,000,000.00
11020440PENALTIES – INCORPORATED TRUSTEE50,000,000.00
11020429PENALTIES – INCORPORATION500,000,000.00
11020480PENALTIES – LP0.00
11020481PROCEED ON DISPOSAL OF NON-CURRENT ASSETS0.00
11020458PROCEED-SALE OF FIXED ASSET0.00
11020406REGISTRATION OF CHARGES3,200,000,000.00
11020482REGISTRATION OF CHARGES – LLP0.00
11020450RENTAL EARNINGS4,200,000.00
11020464REPLACEMENT OF STAFF ID CARD8,000.00
11020439RESERVATION OF NAME – BUSINESS NAME250,000,000.00
11020443RESERVATION OF NAME – INCORPORATED TRUSTEE230,000,000.00
11020434RESERVATION OF NAME – INCORPORATION410,000,000.00
11020456RESERVATION OF NAME – LLP300,000.00
11020483RESERVATION OF NAME – LP200,000.00
11020484RESTRICTION OF PARTNER’S RESIDENTIAL ADDRESS – LLP0.00
11020485RESTRICTION OF PARTNER’S RESIDENTIAL ADDRESS – LP0.00
11020457SALE OF E-PAYMENT CARD0.00
11020454SALE OF SUNDRY SCRAP100,000.00
11020448SALES OF COMMISSION PUBLICATION0.00
11020486SAME DAY POST INCORPORATION FILING – LP200,000.00
11020487STATUS REPORT/GOOD STANDING – LLP0.00
11020488STATUS REPORT/GOOD STANDING – LP0.00
11020465SUNDRY INCOME7,500,000.00
11020466TENDERS FEES84,000.00
11020467WEBSITE SEARCH30,000,000.00

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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