The Corporate Affairs Commission (CAC) has issued a six-week notice to all unregistered businesses, urging them to complete their registration with the Commission. In an official statement, the CAC warned that failure to comply with this directive could result in prosecution or a prison sentence.
The Commission emphasized that engaging in business in Nigeria as a company, limited liability partnership, limited partnership, or under a business name without proper registration is deemed a criminal offense under Section 863 of the Companies and Allied Matters Act, 2020. Additionally, operating under a name or acronym that is not officially registered under the Act is also illegal.
The CAC’s announcement serves as a crucial reminder for business operators to ensure their compliance with legal requirements, aimed at fostering transparency and accountability in the Nigerian business landscape.
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