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Registered Companies Now 2.8 Million as CAC Enlists 39,074 Entities

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Corporate Affairs Commission
  • Registered Companies Now 2.8 Million as CAC Enlists 39,074 Entities

The Corporate Affairs Commission has said that through the implementation of its Business Incentive Strategy, it registered 39,074 business Names between October and November 2018.

The CAC added that it registered 85,635 new companies in 2018.

It said the number of newly registered companies dropped by 2.57 per cent in 2018, compared to the 87,891 companies that were registered in 2017.

The commission also put the total number of entities it had registered since inception to date at 2,853,692.

A breakdown of the figure showed that 1,671,079 businesses were registered as limited liability companies, 1,115,429 entities were registered under business names while the remaining 67,185 were registered as incorporated trustees

The acting Registrar-General, CAC, Azuka Azinge, said these on Tuesday during a customers’/stakeholders’ forum.

The forum is a periodic interactive session between the management of the commission and its stakeholders to enhance service delivery.

The commission had under its Business Incentive Strategy reduced the cost of business name registration from N10,000 to N5,000 for a period of three months covering October 1 to December 31, 2018.

The BIS is aimed at creating a window for Micro, Small and Medium Enterprises to formalise their businesses so that they can own corporate accounts with banks, have access to loans, grants and other government interventions.

Azuka said upon the expiration of the initial three months window, the commission received several requests from states and other agencies seeking an extension of the 50 per cent fee reduction promo.

She said in view of the benefits of the BIS, coupled with the demand for extension by stakeholders, it became imperative to further extend the period to March 31 this year to enable more MSMEs to formalise their businesses.

She said, “Only recently, the commission extended the BIS to encourage small businesses to formalise their businesses by registering same with the commission.

“During the initial three months of the BIS registration, activities increased tremendously. For the months of October and November 2018, a total of 39,074 business names were registered.”

“The commission remains resolute in reviewing its processes regularly.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Stable Amid OPEC+ Anticipation and Global Economic Concerns

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Crude Oil - Investors King

Oil prices remained relatively unchanged on Thursday as investors awaited the outcome of an eagerly anticipated OPEC+ meeting, which could potentially result in deeper supply cuts in 2024.

Brent crude oil increased by 70 cents to $83.80 a barrel, while U.S. West Texas Intermediate crude inched up by 55 cents to settle at $78.41 a barrel.

The OPEC+ group, comprising the Organization of Petroleum Exporting Countries and allies like Russia, is scheduled to conduct virtual meetings on Thursday to discuss additional production cuts, potentially ranging from 1 million to 2 million barrels per day in early 2024.

Implementing these additional cuts may lead to an immediate surge in prices, but their long-term impact is viewed skeptically by industry experts.

Tamas Varga, an oil broker at PVM, expressed doubt about compliance and suggested that the global oil balance might be less tight than OPEC estimates.

Factors such as the latest U.S. commercial inventory data, revealing an unexpected increase of 1.6 million barrels, and persistently high interest rates in major economies could dampen oil demand.

Despite the surprise build in U.S. crude oil stocks reported by the Energy Information Administration on Wednesday, oil prices remained resilient, with investors focused on the OPEC+ meeting.

Adding to concerns about the demand side, China’s economic challenges persist, highlighted by recent factory data indicating contraction for the second consecutive month in November.

This economic backdrop adds a layer of uncertainty to the oil market, as China is a significant player in global oil consumption.

Investors are closely monitoring the OPEC+ decisions, and the outcome is expected to influence short-term oil prices, although underlying economic challenges continue to cast shadows on the broader outlook for the industry.

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Crude Oil

Oil Prices Hold Steady Ahead of Crucial OPEC+ Meeting Amidst Fed Rate Hike Signals

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markets energies crude oil

Oil prices maintained their significant gains as traders anticipate the outcome of a crucial OPEC+ meeting on supply while considering signals from the Federal Reserve regarding interest rate policies.

Global benchmark Brent hovered below $82 a barrel, having surged over 2% on Tuesday, while West Texas Intermediate traded under $77.

The OPEC+ meeting, scheduled for Thursday to set policies for 2024, is currently grappling with a dispute over output quotas for some African members.

The recent rise in crude prices is underpinned by a weakening dollar, with a Bloomberg gauge of the US currency reaching its lowest level since August.

Federal Reserve policymakers, including Governor Christopher Waller, have hinted at an impending pause in the series of rate hikes, contributing to the bullish sentiment in oil markets.

A softer dollar enhances the appeal of commodities for international buyers.

Yeap Jun Rong, a market strategist for IG Asia Pte in Singapore, commented on the interplay of factors, stating, “The US dollar was dragged lower on a build-up in dovish expectations, which was very much cheered on by oil prices.”

However, concerns persist about OPEC+’s ability to address the challenges in the oil market effectively.

Despite the recent gains, oil is on track for a consecutive monthly decline due to increased supply from non-OPEC countries, intensifying pressure on the cartel and its allies to consider more significant output cuts.

The International Energy Agency’s earlier assessment indicated a potential return to a global crude surplus in the coming year.

In the US, the American Petroleum Institute reported a 817,000-barrel decline in nationwide inventories last week, potentially marking the first drop in six weeks, pending confirmation from government data.

This development may add support to oil prices and impact the ongoing dynamics in the energy market.

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Crude Oil

Oil Prices Stabilize as OPEC+ Weighs Deeper Output Cuts Amid Global Supply Concerns

Market Evaluates OPEC+ Decision Amidst Bearish Sentiment and Global Supply Worries

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Crude Oil - Investors King

Oil prices steadied after a recent downward trend as the market assessed the possibility of OPEC+ implementing deeper output cuts to balance the scales against signs of a global supply surplus.

Brent crude hovered below $80 a barrel following a four-day decline, while West Texas Intermediate dipped below $75.

OPEC+’s leader, Saudi Arabia, has urged other member nations to reduce their production quotas to bolster markets, though resistance from some members complicates the decision.

Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank Ltd, cautioned oil bears against underestimating Saudi Arabia’s determination, although achieving unanimous support from member states could prove challenging.

The oil market has witnessed a roughly 20% decline since late September due to ample supplies and concerns about the global economic landscape.

This has spurred expectations for the 23-nation alliance to take corrective action at its upcoming online meeting.

A Bloomberg survey revealed that approximately half of respondents anticipate OPEC+ implementing additional measures to tighten the market.

Failure to announce an extra cut of around 1 million barrels per day on top of Saudi Arabia’s existing curbs might result in prices sinking to the low $70s per barrel, according to analysts at Eurasia Group led by Raad Alkadiri.

Reflecting this bearish sentiment, hedge funds have significantly reduced their combined net-long positions in Brent and WTI to the lowest levels since late June.

The International Energy Agency’s warning earlier this month of an impending surplus in markets next year due to a significant deceleration in demand growth has added urgency to OPEC+’s deliberations.

Meanwhile, disruptions caused by a storm in the Black Sea have halted commodity loadings, including crude, from key ports in Russia and Ukraine.

The storm is expected to persist throughout the week, according to Russia’s oil-pipeline operator Transneft PJSC.

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