Senator Walid Jibrin, the former Chairman of the Textile Manufacturers Association of Nigeria, expressed concern over the decline of Nigeria’s textile industry, revealing that there are currently only 20 operational textile factories in the country.

Just a few years ago, there were over 175 functional textile industries. Jibrin attributed the industry’s collapse to challenges such as erratic power supply, water scarcity, and security issues….CONTINUE READING

Despite the current state, he remains hopeful that the textile sector will make a comeback.

CAC to Remove 100,000 Non-Compliant Companies from Its Database

The Corporate Affairs Commission (CAC) is set to delist 100,000 companies from its register due to their failure to submit annual returns.

The Registrar-General and CEO of CAC, Alhaji Garba Abubakar, announced this plan during a training event in Lagos on utilizing the beneficial ownership register.

He clarified that the companies had not filed their annual returns in the past decade and would be notified before removal in accordance with the Companies and Allied Matters Act (CAMA) 2020.

The CAC’s first Beneficial Ownership Register in Africa aims to combat corruption, money laundering, and terrorism financing.