Fraud: NFIU to de-register shell companies from September


The Nigerian Financial Intelligence Unit (NFIU) says it would begin to de-register shell companies by September.

Modibbo Tukur the NFIU director, announced on Thursday.

He said the move would rid the system of shell companies that could potentially be used for fraud.

Shell companies are inactive entities or companies registered for future purposes.

Speaking further, Modibbo said the unit would publish the criteria for companies to keep their registration status, stressing that for companies to exist, they must have physical addresses.

The NFIU Director also announced that it has signed a memorandum of understanding with the Securities Exchange Commission to combat Ponzi schemes and fraud in the capital market.

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