CAC Speaks on Viral Message on Free Company Registration, Gives Deadline for Report Submission

CAC Speaks on Viral Message on Free Company Registration, Gives Deadline for Report Submission

  • The CAC has told Nigerians to disregard messages via SMS or social media on free registration
  • The commission however issued a notice for Companies to submit annual returns with the Commission
  • It said that their will be penalties for erring companies provided by the Companies Regulations 2021.

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market

The Corporate Affairs Commission (CAC) has denied sponsoring social media message on free registration of business names and companies.

It disclosed this on it X page, formerly known as Twitter. It noted

“Please, disregard any SMS or WhatsApp message asking you to enrol for free CAC registration, as it is not from us! Thank you,” CAC posted
CAC addresses viral message on free registration
CAC denied sponsoring social media message on free registration of business names and companies. Photo credit: Boonchai wedmakawand
Source: Getty Images

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Companies to submit annual report

The commission, on its website recently, issued a notice for Companies operating in Nigeria, their Directors and Officers to submit their annual returns with the Commission.

It noted that there's been a large scale non-compliance with this requirement by Companies.

From 1st January 2024, the company said the commission will commence the full application of the penalties provided by the Companies Regulations 2021.

It noted,

“As from that date, the penalties prescribed by the Companies Regulations against a Company and each of its Directors or Officers shall be applied fully by the Commission for failure to file annual returns.”

It encourages directors and officers to take advantage of the window by promptly filing their annual returns with the Commission.

Earlier the company revealed that it will remove 100,000 registered companies from its records soon.

It stated:

"CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return."

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He added that the Commission would notify the companies before delisting, according to Section 692 of the CAMA 2020.

FG Announces a New Rule on the Use of NIN Numbers to Replace Signatures for Business Registration

The Corporate Affairs Commission (CAC) has stated that National Identification Number (NIN) would replace signatures required by applicants for business and company registration, Legit.ng reported.

This was disclosed by Alhaji Garba Abubakar, the Registrar-General of CAC. He revealed CAC’s partnership with the National Identity Management Commission (NIMC).

He stated that the CACs with NIMC has reached an advanced stage as part of its reform initiatives for effective service delivery, Newsdaily reports.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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