The Corporate Affairs Commission (CAC) said it has not reduced the cost of Business Name registration.
The commission was reacting to a Daily Trust report credited to its official to have said that there were plans to lower the registration from N10, 500 to N5, 500.
“The cost of Business Name registration remains N10, 500 naira made up of N500 name reservation and Filing Fee of N10, 000 naira,” CAC said in a statement at the weekend.
“The registration can be done Online, at any time using the Company Registration Portal (CRP),” the commission added.
On Friday, the Commission’s Deputy Director Public Affairs Mr. Moses Adaguusu featured at a panel session during a Business Enhancement Roundtable organized by the Daily Trust Board of Economists and said: “Registration is the very basic thing if you want to do business because you need an identity. This registration is as cheap as N10, 500.”
Speaking further, he said: “The commission has gone a step forward for businesses that are very small. We are in the market now and there is a plan to step it further down to N5, 500 just to encourage people to register.”
Mr. Adaguusu, however, explained that he might have been misquoted.