Nigerians with unregistered businesses have been handed a six-week notice to register with the Corporate Affairs Commission (CAC)
In a statement issued earlier today, the CAC reminded Nigerians 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 also warned that any person who, in any document required under the Act knowingly makes a false statement in any material commits an offence and is liable on conviction to imprisonment.
The CAC 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
