By Ali Elias
According to News Agency of Nigeria (NAN), the Corporate Affairs Commission (CAC) has issued a six-week ultimatum to all businesses operating in Nigeria to comply with the registration requirements under the Companies and Allied Matters Act (CAMA), 2020.
In a circular released on Tuesday in Abuja, the commission warned that failure to comply within the grace period would attract legal consequences.
“This includes legal action against any company, limited liability partnership, limited partnership or business name found operating without registration or using a name different from its registered identity,” the statement read.
The CAC reminded business operators that under Section 863 of CAMA, it is a criminal offence to operate without proper registration or to use a name or acronym other than the one officially registered.
It also cited Section 729, which requires every registered entity to clearly display its registered name and number at all business locations, as well as on all official documents such as letterheads, signage, and marketing materials.
Further, Section 862(1) warns that individuals who knowingly make false statements in documents submitted under the Act risk a two-year prison sentence and a daily fine for each day the offence persists.
The commission urged businesses to take immediate steps to regularise their operations to avoid enforcement actions.
“Non-compliance will be met with swift enforcement actions,” the commission emphasized.