The Corporate Affairs Commission, CAC, a Nigerian government agency, has issued a six-week notice to unregistered businesses in the country to register with the commission or face prosecution.
This was disclosed in a statement issued by the CAC on Tuesday.
According to the statement, failure to comply with the notice will attract a jail term or prosecution.
The commission explained that it is a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020, to carry on business in Nigeria as a company, limited liability partnership, limited partnership, or under a business name without registration.
It is also an offence to operate under a name (or acronym) other than the one registered under the Act.
The agency stressed that Section 729 of the Act requires every registered company to display its registered name and registration number at every business location.
It further emphasised that non-compliance with business registration requirements may result in prosecution and a conviction that carries a penalty of up to two years’ imprisonment.
“In addition, the company is required to state its registered name and registration number on all its official publications, including letterheads, signage, marketing, and publicity materials,”; the statement added.
