Introduction

Corporate affairs Commission is the government body that is saddled with the responsibility of establishing and maintaining companies’ registry and offices in all the states of the Federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with the responsibility.
One of the  procedures that must be followed before a business name or a company can be registered is reservation of name.
The person that wants to register will reserve the name. However the corporate affairs commission can refuse to reserve a name or register a company based on certain

Reasons for Refusal of Registration by Corporate Affairs Commission

CAC can refuse to register a company or an association if

• is identical with that by which a company or limited liability partnership in existence is already registered, or so nearly resembles that name as to be calculated to deceive, except where the company or limited liability partnership in existence is in the course of being dissolved and signifies its consent in such manner as the Commission requires;

• contains the words “Chamber of Commerce” unless it is a company limited by guarantee;

• in the opinion of the Commission, is capable of misleading as to the nature or extent of its activities or is undesirable, offensive or otherwise contrary to public policy;

• in the opinion of the Commission, would violate or conflict with any existing trademark or business name registered in Nigeria or body corporate formed under this Act unless the consent of the owner of the trademark, business name or trustees of the body corporate has been obtained;

• contains any word which, in the opinion of the Commission is likely to mislead the public as to the nationality, race or religion of the persons by whom the business is wholly or mainly owned or controlled;

• is, in the opinion of the Commission, deceptive or objectionable in that it contains a reference or suggests association with any practice, institution, personage, foreign state or government, international organisation or international brand or is otherwise unsuitable; or

• is capable of undermining public peace and national security.
Any registration falls into any of the following will not be registered by CAC

Conclusion
The corporate affairs commission is empowered  by the law to refuse registration of a company  This was what happened in the recent news that was on the social media where CAC refused to register ” wicked association ”
It should however be noted that, CAC can be sued if they refuse to register a company without a valid reason in law. Company registration is done by accredited agents of CAC.

INTRODUCTION

Shortly after covid19 pandemic, there was an increase in the number of online digital lenders. It is not uncommon to receive unsolicited messages from these companies requiring you to borrow money in less that 5minutes with no collateral. This was very attractive and many Nigerians fell for this trick. The long-term effect of this is that the interest is always huge sometimes more than 50percent of the loan sum and to make the matter worse, the lenders have the contact numbers of the borrowers’ families and friends who they send messages to when the borrower defaults.
It is in light of this that the Federal Competition and Consumer Protection Commission (“FCCPC”) in August 2022 issued a guideline to all digital lending institutions to register with them before starting operations. By so doing, the FCCPC will be able to checkmate their unethical practices and high-interest rates.

Who should register with the FCCPC
All digital lending institutions must by this guideline register with the FCCPC before they can operate.
However, the registration does not apply to the banks and financial institutions that are licensed by the Central Bank of Nigeria. This is contained in section 65a of the Bank and Other Financial Institutions Act, 2020 (the “BOFIA”)

How to register with the FCCPC
1. Filling of form DGL 001:The form contains the following
a) address and website
b) identity and nationality of promoters, directors and initial key role players.
c) the source(s) of funding including equity, debt or otherwise
d) affiliations with any other companies, institutions or similar businesses, whether domestic, regional or global; consultants, agents, or any person assisting with the registration process, operations, or management and proposed interest rate regime and loan balance calculation including CBN or a state government) and a list of all Apps in operation or intended for operation.
2. Fill out a declaration (Form 002).

3) The lending platform will also provide the following
a)  a certified copy of the certificate of incorporation of the applicant;
b) a brief description of the business;

c) an organogram showing role players and the location of key role players;

d) name and address of a person within the business who is authorized to accept all correspondence and accept service on behalf of the businesses;

e) evidence of membership in any trade or professional associations;

f) any service level agreements with any service providers;

g) evidence of feedback and complaint resolution mechanism;

h) evidence of tax payments or tax waivers where applicable

(i) all applicable fees associated with service;

Conclusion
The digital lending guideline is a welcome development. The FCCPC will be able to check the unethical practices of this lending institution and there will no more harassment of the borrowers again.