The Corporate Affairs Commission (CAC) has given unregistered businesses in Nigeria a six-week deadline to register or face prosecution.
Failure to comply with the notice will attract penalties, including a possible jail term or prosecution, as it is a criminal offense under Section 863 of the Companies and Allied Matters Act, 2020, to operate a business without registration.
Operating under an unregistered name or acronym is also an offense under the Act.
Every registered company is required by Section 729 of the Act to display its registered name and registration number at all business locations.
Non-compliance may result in prosecution and a conviction carrying a penalty of up to two years’ imprisonment.
Additionally, companies must state their registered name and registration number on official publications, including letterheads, signage, and marketing materials.