Business
CAC Issues 6-Week Deadline for Business Registration, Warns of Jail Term for Defaulters
The Corporate Affairs Commission (CAC) has given unregistered businesses in Nigeria six weeks to comply with registration requirements or face prosecution.
The Corporate Affairs Commission (CAC) has given unregistered businesses in Nigeria six weeks to comply with registration requirements or face prosecution.
Offenders risk up to two years’ imprisonment under the Companies and Allied Matters Act, 2020
The Corporate Affairs Commission (CAC) has issued a six-week ultimatum to all unregistered businesses in Nigeria, warning that failure to register will attract legal penalties, including imprisonment.
VerseNews reports that this was announced in a public statement released on Tuesday titled: “PUBLIC NOTICE: CARRYING ON BUSINESS IN NIGERIA UNDER AN UNREGISTERED NAME OR ACRONYM.”
According to the CAC, operating a business in Nigeria without proper registration is a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020.
“It is an offence to carry on business as a company, limited liability partnership, limited partnership, or under a business name without registration,” the statement read. “It is also illegal to operate under a name or acronym other than what is registered under the Act.”
The Commission further cited Section 729 of the Act, which mandates every registered business to display its registered name and registration number at all business locations and on all official documents including letterheads, signage, marketing, and publicity materials.
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The CAC stressed that non-compliance may lead to prosecution. “A conviction under the Act can result in a two-year jail term,” the statement warned.
It also referenced Section 862 (1), stating: “Any person who knowingly makes a false statement in any document required under the Act 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.”
The CAC concluded by urging all businesses—companies, partnerships, and proprietors—to comply within the six-week window or face enforcement actions.
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