The Corporate Affairs Commission (CAC) has given unregistered businesses a six-week deadline to comply with registration requirements or face legal consequences.
This was disclosed in a public notice issued on Tuesday, titled: “PUBLIC NOTICE: CARRYING ON BUSINESS IN NIGERIA UNDER AN UNREGISTERED NAME OR ACRONYM.”
According to the notice, operating a business in Nigeria without proper registration is a criminal offence under Section 863 of the Companies and Allied Matters Act (CAMA), 2020. This includes operating as a company, limited liability partnership, limited partnership, or under a business name without registration. It is also illegal to conduct business using a name or acronym not registered with the Commission.
The CAC further referenced Section 729 of the Act, which mandates all registered entities to display their registered name and number at every business location, and to include the same information on all official documents, including letterheads, signage, and marketing materials.
Non-compliance may lead to prosecution, with penalties including imprisonment for up to two years.
The Commission also cited Section 862(1) of the Act, which stipulates that knowingly making false statements in required documents is a criminal offence punishable by a two-year jail term and additional daily fines for continued violations.
In light of these provisions, the CAC urged all companies, partnerships, and business name proprietors to regularize their registration status within six weeks.
Failure to comply, the Commission warned, will attract enforcement actions, including prosecution.
