Abuja: – The Corporate Affairs Commission (CAC) has given six-week ultimatum to unregistered companies in Nigeria to comply with registration requirements or face prosecution and possible imprisonment.
It gave the directive on Tuesday through a statement titled, “Public Notice: Carry on Business in Nigeria Under an Unregistered Name or Acronym.”
The statement read: “The Commission wishes to inform the General Public that it is a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020 to carry on business in Nigeria as a Company, Limited Liability Partnership, Limited Partnership or under a Business Name without registration under the Act or by a name (or acronym) other than the name (or acronym) by which the business was registered under the Act.
“The General Public should note that Section 729 of the Act requires every Company registered under the Act to state its name as registered and its registration number outside every place where it carries on business. In addition, the Company is required to state its registered name and registration number on all its official publications, including its letterhead, signage(s), marketing and publicity materials.
“In particular, the general public should note the provisions of Section 862 (1) of the Act, which state that any person who, in any document required under the Act (including the aforementioned official publications of a company), knowingly makes a false statement in any material respect commits an offence and is liable on conviction to imprisonment for a term of two years, in addition to a daily fine imposed on the company for every day the offence continues.
“In view of the foregoing, every Company, Limited Liability Partnership, Limited Partnership and Business Name proprietor(s) is hereby required to ensure full compliance with the above requirements of the Act within six weeks of this notice failing which the Commission shall take all necessary steps (including prosecution) to enforce compliance.”
