The University of Lagos (UNILAG) recently celebrated an important milestone as several entrepreneurial students received their Corporate Affairs Commission (CAC) business certificates, marking the formal registration of their enterprises.
The initiative, facilitated by the Non-Governmental Organisation ‘Ignite Career Initiative’ (ICI), aims to empower students by providing them with the necessary tools to thrive in the business world.
During the certificate presentation ceremony, UNILAG’s Vice-Chancellor, Prof. Folasade Ogunsola, offered valuable advice to the new business owners.
She emphasized that failure is an inevitable part of any business journey and should be viewed as a critical learning opportunity.
“Failure will always occur in any human endeavor,” Ogunsola remarked, encouraging the students to “embrace failure as a friend, rather than a foe.”
Prof. Ogunsola further advised the student entrepreneurs to uphold honesty, ethics, and integrity as they embark on their business ventures.
“Approach every business ethically. What is in your mind is what you express. Guard your mind, as it shapes your actions and character,” she said, highlighting the importance of maintaining strong moral principles in business operations.
Chief Bashir Fakorede, founder of the Aare Bashir Fakorede Foundation, also addressed the students, reiterating the importance of ethics and integrity in business.
Represented by his wife, Mrs. Tayo Fakorede, he encouraged the students to accept and learn from failure whenever it comes, assuring them of his continued support for student-led businesses. “I believe in the potential of the youths and pledge to continually support your business endeavors,” he affirmed.
The event was not only a moment of recognition for the students but also a powerful reminder of the resilience and ethical conduct required to succeed in the competitive world of business.
CAC certificates
The acquisition of the Corporate Affairs Commission (CAC) certificates is a pivotal step for the UNILAG students as they venture into the business world. This certification provides legal recognition for their businesses, officially establishing them as legitimate entities within Nigeria’s corporate landscape.
With the CAC registration, these students can now operate their businesses under a registered name, enhancing their credibility and opening up opportunities for growth and expansion.
One of the key benefits of having a CAC certificate is the ability to open a corporate bank account, which is essential for managing business finances professionally.
This not only helps in keeping personal and business finances separate but also instills confidence in clients and investors who prefer dealing with registered businesses.
Moreover, a CAC-registered business can easily access loans and grants from financial institutions and government programs designed to support small and medium-sized enterprises (SMEs), thereby facilitating business development and sustainability.
Additionally, the CAC certificate allows these student entrepreneurs to enter into contracts and agreements in the name of their business, protecting their personal assets from business liabilities.
This legal protection is crucial as it reduces the personal risk involved in business transactions and provides a framework for dispute resolution if conflicts arise.
In essence, obtaining the CAC certificate marks the beginning of a structured and formalized approach to business, paving the way for long-term success and resilience in the competitive market.
With their newly acquired CAC certificates, these young entrepreneurs are now better equipped to navigate the challenges ahead, with the backing of supportive mentors and a strong ethical foundation.
For information on Press Releases, Photos, Promotional Events and Adverts, Please message us on WhatsApp via (+234) 09052129258, 08124662170 or send an email to: info@educeleb.com.
