The Corporate Affairs Commission (CAC) has issued a six-week ultimatum to businesses across Nigeria to comply with the registration provisions of the Companies and Allied Matters Act (CAMA) 2020.
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In a circular released on Tuesday in Abuja, the CAC warned that operating under unregistered business names or without proper documentation contravenes Section 863 of the Act and constitutes a criminal offense. Entities found in violation risk legal action, including possible prosecution.
The Commission also reminded business owners of their obligations under Section 729 of CAMA, which mandates the display of their registered name and number at every business location as well as on all official documents and publications.
In addition, the CAC emphasized the consequences of submitting false information, citing Section 862(1) of the Act. Individuals found guilty of making false declarations may face imprisonment for up to two years and incur daily fines for each day the offense persists.
The regulatory body urged all business operators to act promptly to bring their operations in line with the law. It warned that it will not hesitate to take enforcement measures against defaulters once the six-week grace period elapses.
