Businesses that are operating in Nigeria have been given a six-week ultimatum by the Corporate Affairs Commission to comply with the registration requirements of the Companies and Allied Matters Act 2020.
This is contained in a circular issued by the CAC on Tuesday in Abuja.
The Commission also said that after the expiration of the ultimatum, it would take necessary action, including legal action, against erring offenders who fail to comply.
According to the statement, “This includes legal action against any company, limited liability partnership, limited partnership or business name found operating without registration or under a name different from its registered identity.
“It is a criminal offence under Section 863 of CAMA to carry on business in Nigeria without proper registration or to use a name or acronym other than that under which the entity is legally registered.”
The statement by CAC also reminded businesses that Section 729 of the Act mandates all registered entities to display their registered name and number outside every business location in the country.
It also highlighted the importance of businesses doing the same thing on all official publications, including letterheads, signage, marketing as well as publicity materials.
As for individuals who knowingly make false statements in any document required under the Act, CAC stated that Section 862(1) of the Act imposes a two-year prison term and a daily fine for each day the infraction continues.
The Commission, therefore, advised all business owners to regularize their operations in the country.
CAC warned further that non-compliance would be met with swift enforcement actions.