CAC gives businesses in Nigeria 6-week ultimatum to register or face prosecution

The Corporate Affairs Commission, CAC, a Nigerian authorities agency, has issued a six-week announcement to unregistered businesses successful the state to registry with the committee oregon look prosecution.

This was disclosed successful a connection issued by the CAC connected Tuesday.

According to the statement, nonaccomplishment to comply with the announcement volition pull a jailhouse word oregon prosecution.

The committee explained that it is simply a transgression offence nether Section 863 of the Companies and Allied Matters Act, 2020, to transportation connected concern successful Nigeria arsenic a company, constricted liability partnership, constricted partnership, oregon nether a concern sanction without registration.

It is besides an offence to run nether a sanction (or acronym) different than the 1 registered nether the Act.

The bureau stressed that Section 729 of the Act requires each registered institution to show its registered sanction and registration fig astatine each concern location.

It further emphasised that non-compliance with concern registration requirements whitethorn effect successful prosecution and a condemnation that carries a punishment of up to 2 years’ imprisonment.

“In addition, the institution is required to authorities its registered sanction and registration fig connected each its authoritative publications, including letterheads, signage, marketing, and publicity materials,” the connection added.