Business
CAC Delists 44,000 Nigerian Firms From Database
About 44,000 companies have so far been delisted from the database of the Corporate Affairs Commission, CAC, while 1.5 million companies have been registered, according to the Economic Confidential.
The Registrar General of the CAC, Bello Mahmud, disclosed this in an interview with the Economic Confidential in Abuja.
He said the development was sequel to several breaches of the Companies and other Matters Act, CAMA, and other extant regulations of the commission, notably, late and outright refusal to file returns.
“So far there is an improvement and a current ratio of 45 percent. We are still checking on company records especially in terms of compliance for those who have not been filing.
If we discover you are not a going concern, the law establishing us gives us the power to delist from our database.” he said.
“If we discover and write you first, second and third letter without reply, we now deem it that you are not a going concern and we delist you from our database.
So far, the first batch we delisted were about nine thousand (9000) And in the second batch about thirty-five (35,000) totalling 44,000 firms delisted from our database and is still ongoing”, he said.
Mr. Mahmud noted that “unfortunately, these companies are “briefcase” companies because when you check on the addresses given, you won’t find them. We are still compiling the list and before the end of this year you will see more delisted companies”, he said.
He also stated that about 1.5 million firms have so far been registered by the commission.
Speaking on the clampdown on touts and illegal use of business names, the CAC boss said touts are no more in the premises of the commission “because if you can do it yourself you don’t even need to hire a lawyer and that is part of what the government has told us to do.
If you want to register your company now, you can do it yourself.”
“Just go to our portal and create an account for yourself. If you cannot do it on your own, then contact a lawyer, chartered Secretary or an Accountant. And these people can file documents on your behalf.
Only these categories can access our portal and your very self. Touts have been completely eliminated,” he disclosed.
He said as part of efforts by the government in instituting the Ease of Doing Business, the commission has reduced filing fees to make it easier for people.
“For anybody registering a company of one million to half a million, we have reduced such fees by fifty per cent. And from five million to any amount, we have reduced them by 25 per cent to encourage Ease of Doing Business”, he said.
He told the Economic Intelligence Magazine that the development had resulted in the loss of revenue to the commission, adding that “you know we don’t receive any allocation from the government. What we generate here is what we use for our operations.”
On the Commission’s feat in information technology to drive the registration process, Mr. Mahmud said the “trend now is information technology(IT). You can’t do any online registration now as I told you without the use of IT. Our operations are ICT-based.”
“As we speak, anybody can register in both United States and United Kingdom without necessarily coming to Nigeria. You can file from anywhere in the world and you cannot do that if we are not ICT-based.”
He disclosed that the only challenge the commission has now has to do with old records that have not been captured.
“If you want to make a search on old records, you have to come to us physically. But we are doing all we can to upload them so that you can search without coming to us, and that would be done gradually in the coming months.”
“If you ask us online, a Certified True Copy(CTC) would be made available to you and payment online.
He added that there are ongoing projects to make the operations run smoothly and that has to do with the online registration.
“We now have regulations and requirements which were not there before.
The regulations are now online and anybody can go there and see our requirements. And by the presidential order, our fees and procedures are all online.
If you go to our website you will know how long it will take you to register and get CTC when you apply for them.
That is where we are heading to. And even if we are not able to get you at the stipulated time frame, we will equally let you know”, he said.
Sedabuk Oil and Gas Industry Limited has been listed among the 100 Safe Companies to Do Business With in Africa for 2025 by Emerging Elites Magazine International, in recognition of the firm’s integrity-driven operations, strict compliance culture, and employee-focused policies.
The award was presented to the Managing Director of the company, Engr. Adunola Oseni, at a ceremony attended by members of Sedabuk’s management and staff, alongside the editorial board and team of Emerging Elites Magazine in Lagos.
Presenting the award, the Editor-in-Chief of Emerging Elites Magazine International, Princess Olivia Chukwuma, said Sedabuk emerged after a “thorough, transparent and merit-based selection process” designed to identify African businesses that exemplify excellence and ethical conduct.
According to her, the 100 Safe Companies to Do Business With in Africa Award is an international initiative created to recognise indigenous African companies with proven records of integrity, safety, and best business practices, noting that awardees are continuously monitored and recertified every three years if standards are sustained.
The MD of Sedabuk Oil and Gas Industry Limited, Engr. Adunola Oseni, poses with the Certificate of Award shortly after the company was recognised among Africa’s 100 safest companies to do business with.
Chukwuma said Sedabuk was selected for its employee-centric culture, stressing that the company has no record of unpaid salaries since inception, maintains fair wages, and prioritises staff welfare through initiatives such as its “One Nutritional Meal a Day” programme, which she described as “rare and commendable” in Nigeria’s oil and gas sector.
She also cited the firm’s zero-tolerance policy for fraud, recalling a June 2022 incident in which a pump attendant was sanctioned for under-dispensing fuel while affected customers were compensated, an action she said “clearly reflects Sedabuk’s philosophy of integrity in service delivery.”
Other factors that earned the company the award, she said, include its reputation for honouring contracts, absence of contract-related court cases, strict adherence to safety standards, and voluntary compliance with regulatory obligations, taxes, and statutory dues without coercion.
“With these attributes and more, Sedabuk Oil and Gas has become a beacon of hope—a new breed of Nigerian company that is trustworthy, valuable, and safe to do business with,” Chukwuma said, as she inducted the firm into the Hall of Fame of the 100 Businesses Safe to Do Business With in Africa 2025.
MD, Engr.Adunola Oseni and staff of Sedabuk Oil and Gas Industry Limited during the presentation of a Certificate of Award by The Emerging Elites Magazine International, honouring the company’s adherence to safety standards and best business practices.
Responding, the Managing Director, Engr. Adunola Oseni described the recognition as “a validation of our core values and a strong motivation to do more,” adding that the award belonged to the entire workforce of the company.
“We will continue to uphold integrity, safety, and transparency in all our operations, remain committed to staff welfare and regulatory compliance, and set standards that others in the industry can emulate,” the Sedabuk boss said.
Sedabuk Oil and Gas Industry on Tuesday reinforced its reputation as a people-centred organisation as it rewarded outstanding employees with cash prizes totalling over ₦10 million at its 2025 Employee Recognition and Awards ceremony held in Lagos.
The event, which attracted over 300 staff members alongside top management officials from across the company’s divisions and subsidiaries, was organised to celebrate excellence, dedication, and loyalty within the Sedabuk workforce.
Speaking at the ceremony, the Managing Director, Engr. Adunola Oseni, described the occasion as one of the proudest moments in the company’s journey, noting that Sedabuk’s steady growth has been deliberately anchored on staff welfare and well-being. She said the company, from inception, made a firm commitment to put its people first, stressing that no organisation can truly thrive if its workforce is neglected.
Oseni disclosed that Sedabuk has never owed or delayed salaries since it commenced operations, describing prompt payment as a mark of respect and responsibility. She added that the company reviewed and increased salaries twice in 2025, improved wages across the board, and sustained its seven-year-old One-Day-Meal Programme to ensure employees do not work hungry.
The managing director announced cash awards spanning retail operations, station-based roles, marts, laundromats, and group-wide excellence categories, explaining that the initiative was not just about financial rewards but about recognising hard work and reinforcing a culture of appreciation. According to her, a loyal and motivated workforce remains the company’s most valuable asset.
She assured staff that management is entering 2026 with stronger welfare policies, better incentives, and more opportunities, with the aim of positioning Sedabuk as one of the best organisations to work in Nigeria. Oseni further urged employees to raise the bar in the coming year by working harder, smarter, and together.
Several employees emerged winners across key categories, including Pump Attendant of the Year, Station Captain of the Year, Mart and Laundromat Excellence Awards, and Special Recognition honours.
The highlight of the ceremony was the Group Chairman’s Spirit of Excellence Award, where Adediran Segun Aderonke emerged Sedabuk Star of the Year with a ₦2 million prize, while Ibiloye Olayinka won the Most Outstanding Employee of the Year award with ₦1 million.
In his remarks, the Group Head, Human Resources and Administration, Mr. Adeleye Olusanjo, lauded the managing director for her consistent leadership and unwavering commitment to staff welfare, assuring employees that more incentives and improved support structures are already being planned for 2026.
The event was attended by senior executives, including the General Manager, Finance and Strategy, Mr. Aderoju Sola; the Group Head, Operations and Logistics, Mr. Rufus Enioshunwa; and the Group Head, Corporate Audit, Risks and Ethics, Mrs. Tolulope Omotola, among others.
Established in 2018, Sedabuk Oil & Gas Industry Ltd operates over 12 petrol stations across Lagos, Ogun, and Oyo states.
The Securities and Exchange Commission (SEC) has raised a red flag over two cryptocurrency products — Zugacoin and Samzuga GPT — warning the Nigerian public to steer clear of them.
In a strongly worded statement issued on Wednesday, the apex capital market regulator described the digital assets as unauthorised crypto schemes with no legal backing or regulatory approval in Nigeria.
According to the Commission, neither the promoters nor issuers of Zugacoin and Samzuga GPT are registered to operate in any capacity within the Nigerian capital market.
“Preliminary investigations revealed that Zugacoin and Samzuga GPT are meme coins,” the SEC said. “Meme coins generally have no use case, intrinsic value, or tangible projects backing them.”
The regulator added that the only perceived value of such coins often stems from aggressive promotion by their creators or community hype, making them prime candidates for “pump-and-dump” fraud — a deceptive scheme where promoters artificially inflate the price of a coin through misleading information before dumping it at peak value, leaving unsuspecting investors with massive losses.
“Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” the SEC warned.
The Commission urged members of the public to avoid engaging in the purchase or promotion of Zugacoin, Samzuga GPT, or any similar crypto assets, noting that anyone who chooses to invest in such schemes does so entirely at their own risk.
To further safeguard investors, the SEC advised the public to always verify the legitimacy of any virtual, crypto, or digital assets and their promoters through its official platforms:
https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/
www.sec.gov.ng/cmos
This warning is the latest in the SEC’s ongoing crackdown on fraudulent digital asset operations targeting unsuspecting Nigerians amid a rise in crypto-related scams.
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