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Home Blog Page 3958

Commencement of Striking off Company Names by Corporate Affairs Commission (CAC) Nigeria

By
Stanley Alieke
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0
CAC

The management of the Corporate Affairs Commission released a newsletter yesterday, 31/7/2023 notifying owners of companies and the general public that the corporate affairs commission has commenced the process of striking off companies that have consistently failed to file their annual returns with the commission. 

Company owners should know that owning a company does not stop at them incorporating or registering the name with the corporate affairs commission, you are expected as a matter of statutory requirement to file or mark attendance with the corporate affairs commission every year on the company, this is how the CAC is notified that the company is still carrying out operations and this process of marking a yearly attendance is called filing of annual returns. 

“We have compiled the first list of 100,000 companies, and they will be published on our website before the end of this week. They will be giving four weeks.

“Any company that is struck off will forfeit its properties to the government. But they are at liberty to apply and be relisted in the register. If they are not relisted in the next 10 years, whatever assets they have will be forfeited to the government.”

“We know that corruption and other illicit financial flows are carried out, using corporate bodies as vehicles. There is a limit to transactions an individual can carry out. So, most procurement and mining leases are issued or done using companies. The register provides information about the true owners and natural person that controls the companies, so it makes it easier for investigating agencies to search and know the true owners.

“If the company fails to provide the correct information about the ultimate individual that controls that company, at point of registration, that is criminal and attracts a two-year jail term. If they delay in providing the information, it attracts a daily default penalty, minimum of N10,000 per day.”

The corporate affairs commission has been empowered by the Company and allied matters act (CAMA) of 2020 in section 692 of the act to strike off any company which has become defunct or inactive for a number of years. 

There are companies that since its incorporation with the CAC for over 20 years now are yet to file their annual returns. How will the corporate affairs commission know that the company is still carrying out operations; the company will be deemed to no longer be in business hence why the commission has been empowered to strike off such companies from their register. 

The names of the defaulting companies have been published on the official CAC website for the owners of the company to do the needful within the space of 90 days, starting from the 1st of August, 2023 and after the exclusion of the 90 days and such companies still fails to update their records by filing their annual returns then the commission will rightly presume that the company is no longer in existence or the company is no longer in operation and it will then be struck off the register of the CAC 

The implication of a company getting struck off is that such a company becomes officially non-existent and for you to resuscitate the company you will have to re-incorporate it, that is if the name has not been taken by another fellow, if not you will have to choose another name for the re-incorporation. Secondly, If the name of a company is struck off, the directors or owners of the company will no longer be able to access their money in the company account because the company is now nonexistent. 

Consult a lawyer or a CAC agent today and file your annual returns.

 

Safaricom Gets Approval From Stakeholders to Invest Funds Into Kenya’s Tech Startup Ecosystem

By
Ojukwu Emmanuel
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0

Kenya’s top telecommunications company, Safaricom, has gotten approval from stakeholders to invest funds into Kenya’s robust tech startup ecosystem.

After a recent annual general meeting, reports disclosed that Safaricom was granted the license to push some funds into Kenya’s tech startup ecosystem.

Recall that the telecommunications giant had already established two venture capital firms, as it seeks a bigger share of Kenya’s tech startups, to fuel its growth in the years ahead, as part of its next frontier.

Safaricom’s subsidiaries will focus on seed-stage and growth-stage startups. The seed-stage subsidiary will complement Safaricom’s already existing million-dollar fund, Spark Fund, which launched in 2014 to invest in early-stage start-ups in Kenya.

The second, the growth-stage subsidiary, will invest in well-established start-ups that will be key to accelerating Safaricom’s journey toward becoming a “purpose-led tech company by 2025,” as per the telco’s CEO. The entity will also serve as the primary investment platform for all strategic investments carried out by Safaricom.

In a statement following Safaricom’s approval, the company’s CEO Peter Ndegwa said,

“We are committed to empowering the tech ecosystem in Kenya and beyond, and this strategic move will enable us to broaden our investments, embracing both seed-stage and growth-stage start-ups. Incorporating these subsidiaries is pivotal to realizing Safaricom’s purpose to become a purpose-led technology company.“

Safaricom’s new venture capital firms will have a clear mandate to invest in well-established startups that will be key to accelerating Safaricom’s journey toward becoming a ‘purpose-led tech company by 2025,’ according to the telco’s CEO. Not only that, it will also serve as the primary investment platform for all strategic investments carried out by Safaricom.

By investing in tech startups and initiatives, Safaricom aims to continue transforming lives by connecting people, opportunities, and information, while driving innovation, creating value, and leaving a lasting impact on society.

The telecommunications company has continued to provide significant support to startups in the East African country.

Check Out Some Other Ways Safaricom has Provided Support for Startups in Kenya

  1. Innovation Hubs and Incubation Programs: Safaricom has partnered with various innovation hubs and incubators in Kenya to support startups. These hubs provide a nurturing environment, mentorship, access to resources, and networking opportunities for startups to thrive.
  2. Developer Program: Safaricom has developer programs and APIs (Application Programming Interfaces) that allow startups and developers to integrate their services with Safaricom’s products. This provides startups with access to Safaricom’s vast customer base and services, fostering innovation and creating value-added solutions.
  3. Innovation Challenges and Competitions: Safaricom has organized various innovation challenges and competitions to encourage startups to come up with creative solutions to real-world problems. These challenges often come with cash prizes, mentorship opportunities, and exposure.
  4. Partnerships and Collaboration: Safaricom collaborates with startups on specific projects and ventures, providing them with access to their extensive resources, expertise, and market reach.

Safaricom has continued to show that it is not just a regular telecommunications company, but a company geared towards enabling innovation and creating value in society.

Notably, the company holds the key to fintech innovation in one of Africa’s most recognized fintech ecosystems, with its fintech startup M-Pesa, doing remarkably well in the East African country and beyond.

Attend Tekedia AI in Business Masterclass

By
Ndubuisi Ekekwe
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0

The Tekedia Institute Artificial Intelligence (AI) in Business Masterclass is a comprehensive program that explores how AI will reshape the business world and revolutionize economies. It delves into the impact of AI on markets, communities, and organizations, equipping participants with the knowledge and skills necessary to integrate AI systems into their own organizations and advance their professional careers.

Coordinated by Prof Ndubuisi Ekekwe, an expert in electrical/computer engineering specializing in robotics and neuromorphic engineering, as well as banking and finance, the Masterclass spans over 8 weeks. Participants have the flexibility to enroll and start at any time, with one-on-one live Zoom sessions tailored to each learner’s schedule.

By enrolling in this Masterclass, individuals have the opportunity to immediately optimize and transform their businesses or careers by mastering the fundamental concepts required to effectively integrate AI. The program aims to provide participants with the confidence and capabilities to navigate the evolving landscape of AI in the business world.

The cost of the Masterclass is N200,000 naira (approximately $400) per participant. To register and access the program curriculum, as well as obtain further details on cost, curriculum, and other relevant information, please visit the website.

We have sent login details to all paid Learners. This is an AI masterclass for business and everyone is invited.

Tekedia Real Estate Business Model Training

By
Ndubuisi Ekekwe
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0

Join us today at Tekedia Mini-MBA Live as we discuss Emerging Real Estate Business Models. Our Faculty is Tunde Olasunkanmi, from Swan CRE. In every company, and in every sector, a key driver of success is the Business Model because a business model is that element which defines how a company will capture value as it serves customers.

In the real estate sector, what are the new business models which technology stacks have made possible? How can you participate in those opportunities? At Tekedia Institute, we bring a liberation on knowledge including real estate training; Zoom link in the Board.

The Tekedia Mini-MBA program is delivered entirely online, providing flexibility and convenience for participants to access the content at their own pace and schedule. It has a pre-recorded component and a LIVE Zoom component which typically takes place on Tuesdays, Thursdays, and Saturdays.  The Live sessions are recorded and archived for those unable to attend.

There are no specific prerequisites for joining the Tekedia Mini-MBA program. It is open to professionals from various backgrounds and industries who have a passion for learning and a drive to enhance their business skills. You just need a minimum of secondary school education.

Global North and Part of Global South in Africa:Closer Relationship or Reenactment of Scrambling for Partitioning?

By
Mutiu Iyanda
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0

In recent times, the global landscape has witnessed a surge in efforts by countries in the West and some in the global south to strengthen their relationship with Africa. These initiatives have elicited diverse reactions from stakeholders, who have voiced concerns about the importance of empowering Africa to control its resources for the betterment of its people and development. This situation has ignited debates reminiscent of the historical Scramble for Africa partitioning, prompting our analyst to ponder whether these developments are leading to a renewed era of exploitation or fostering genuine collaboration.

The history of Africa’s interactions with the European and other continents has been marked by colonization, exploitation, and uneven power dynamics. The Scramble for Africa in the late 19th century saw major Western powers dividing up the continent among themselves, leading to untold suffering and the disempowerment of African societies. Fast forward to the present, the lingering effects of this dark era continue to resonate in some of the perceptions surrounding Western engagement with Africa.

While there are legitimate concerns that some countries might repeat past mistakes in the pursuit of their interests, it is crucial to recognize that the current attempts at fostering closer ties hold potential for a transformative partnership. Africa is a continent blessed with abundant natural resources, a youthful demographic dividend, and immense economic potential. Genuine collaboration that respects sovereignty, promotes equitable trade, and supports sustainable development can be a catalyst for mutual growth and prosperity.

To ensure that this newfound relationship does not devolve into neo-colonialism, it is imperative for all stakeholders to prioritize certain key principles:
Empowerment through Collaboration: Western nations should prioritize empowering Africa to harness its resources sustainably. This entails creating a conducive environment for investments, technology transfer, and knowledge exchange, ensuring that Africa can leverage its resources for its own development.
Equality and Respect for Sovereignty: Any engagement must be grounded in respect for Africa’s sovereignty, recognizing that the continent’s destinies should be shaped by Africans themselves. Mutually beneficial agreements should be negotiated as equal partners, fostering a sense of ownership and agency.
Inclusive Development: Development initiatives should not focus solely on economic growth but also address social, environmental, and cultural factors. Efforts must be made to bridge the existing gaps in education, healthcare, and infrastructure to uplift communities.
Transparent Governance and Accountability: Both African governments and Western partners must prioritize transparency, accountability, and good governance to ensure that resources are utilized responsibly and for the greater benefit of society.
Climate and Environmental Stewardship: Collaboration should actively promote environmental protection and sustainable practices. By supporting Africa in its climate goals and green initiatives, we can collectively combat global challenges like climate change.

Our analyst notes that the question of whether the current drive for closer ties between Western countries and Africa will lead to genuine collaboration or a reenactment of past exploitative practices lies in the hands of the stakeholders involved.

By embracing a transformative and responsible approach to partnership, concerned stakeholders can pave the way for a new era of inclusive development, mutual understanding, and shared prosperity.

Our analyst stresses that together, we have the opportunity to transcend historical legacies and create a future built on trust, respect, and a shared commitment to a better world.

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