The Corporate Affairs Commission has issued a six-week ultimatum to all unregistered businesses in Nigeria to register with the Commission or face prosecution.
In a public notice released on Tuesday, the CAC warned that carrying on business without proper registration is a criminal offence under the Companies and Allied Matters Act 2020, and may attract a jail term of up to two years.
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The Commission also noted that businesses operating under unregistered names or acronyms are in breach of the law and risk daily fines if found guilty. It further reminded registered entities to display their names and registration numbers at all business locations as required by Section 729 of the Act.
The CAC stressed that at the end of the six-week period, enforcement actions will begin, including prosecution of defaulting individuals and entities.
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