Still on business, the Corporate Affairs Commission (CAC) has warned commercial banks to stop permitting inactive and non-compliant companies to carry out financial transactions.
The commission disclosed that it has submitted 263 illegally registered companies to the Economic and Financial Crimes Commission (EFCC) for investigation and possible prosecution.
The Registrar-General and Chief Executive Officer of the CAC, Hussaini Ishaq Magaji, SAN, made the disclosure at an ongoing event marking the Commission’s 35th anniversary celebration in Abuja
Magaji revealed that 248 of the illegal entities were fraudulently inserted into the CAC system, while an additional 15 companies were later identified and forwarded to the EFCC for further investigation.
Also Read: CAC Delists Over 400,000 Inactive Companies in 2025
According to him, the companies were operating within the Nigerian system without traceable corporate identities and without contributing to national revenue through taxation.
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