The Corporate Affairs Commission (CAC) has given a six-week ultimatum for unregistered businesses to formalize their registration with the Commission.
In a public notice issued on Tuesday, the CAC stated that operating a business in Nigeria as a company, limited liability partnership, limited partnership, or under a business name without proper registration is a criminal offense under Section 863 of the Companies and Allied Matters Act, 2020.
Similarly, using a name or acronym different from the registered one is also an offense.
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The CAC also reminded registered companies of their obligation under Section 729 of the Act to prominently display their registered name and registration number at all business locations and on all official publications, including letterheads, signage, and marketing materials.
The Commission warned that failure to comply with these registration requirements within the six-week notice period could lead to prosecution and a conviction carrying a penalty of up to two years in prison.
Additionally, Section 862(1) of the Act specifies a two-year imprisonment term, along with a daily fine for the company, for knowingly making false statements in required documents, including official publications.
Therefore, the CAC urged all affected businesses to ensure compliance within the stipulated six weeks to avoid enforcement actions, including prosecution.
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