6 hours Ago By NewsDirect
By Matthew DenisThe Corporate Affairs Commission (CAC) has issued a six-week deadline for unregistered businesses to complete their registration with the Commission.In a public notice released on Tuesday, titled “Public Notice: Carrying on Business in Nigeria Under an Unregistered Name or Acronym,” the CAC warned that failure to comply could lead to criminal charges, including imprisonment.The notice clarified that under Section 863 of the Companies and Allied Matters Act (CAMA), 2020, it is a criminal offence to operate a business in Nigeria as a company, limited liability partnership, limited partnership, or under a business name without proper registration.
It is also an offence to use a name (or acronym) that has not been registered under the Act.The CAC further reminded the public that Section 729 of CAMA requires all registered companies to display their registered name and number at every business location. In addition, businesses must include their registered name and registration number on all official publications, including letterheads, signage, and marketing materials.
Non-compliance with these regulations may lead to prosecution, with a potential penalty of up to two years’ imprisonment. The CAC also pointed out that Section 862 (1) of the Act stipulates that anyone who knowingly makes a false statement in official documents or publications required under the Act could face a two-year prison sentence, in addition to daily fines imposed on the company for each day the offence continues.The Commission strongly urged all companies, limited liability partnerships, limited partnerships, and business name proprietors to ensure they meet the legal requirements within the next six weeks.
Failure to do so will result in enforcement actions, including prosecution.The post CAC issues six-week ultimatum for unregistered businesses to comply with registration laws appeared first on Nigerian NewsDirect..
