The Corporate Affairs Commission (CAC) has issued a six-week deadline for all businesses operating in Nigeria to comply with the provisions of the Companies and Allied Matters Act (CAMA), 2020 warning of strict enforcement actions against defaulters.
In a circular released Tuesday in Abuja, the CAC stated that at the end of the grace period, it would initiate legal proceedings against any company, business name, limited liability partnership, or limited partnership found operating outside the bounds of the law.
“It is a criminal offence under Section 863 of CAMA for any entity to operate without proper registration or to use a name or acronym other than that under which it is legally registered,” the Commission emphasized.
The Commission further reminded business owners that Section 729 of the Act mandates the display of a company’s registered name and registration number at all places of business. This requirement extends to letterheads, promotional materials, signage, and all other official publications.
Additionally, the circular drew attention to Section 862(1), which prescribes penalties including up to two years in prison and daily fines for anyone who knowingly makes false statements in documents filed under the Act.
The CAC urged all non-compliant businesses to act swiftly and regularize their operations to avoid the impending enforcement actions.
“This is not just a procedural issue,” the Commission warned. “It’s a legal requirement, and failure to comply will be treated as a criminal offence.”
