CAC gives deadline to companies to validate accounts or face sanction

 

The Corporate Affairs Commission (CAC) has given March 31 ultimatum to registered companies to validate their bank accounts otherwise they will sanctioned.

Speaking at press briefing in Abuja, the Registrar General of the commission, Garba Abubakar, threatened not to accredit firms that fail to validate their accounts before or latest on the March 31, 2021.

He also said forms that did not meet the deadline would have to go through a rigorous process of revalidation after April 1.

Stressing the need by firms to update their information, he said the commission is considering an amnesty for a certain number of years on annual return filings, though he said the details have not been completely worked out.

Also speaking extensively on the workings of the upgraded CRP, he enjoined the accredited Customers to strive to revalidate their account on the Commission’s Portal before the end of March 2021, saying “that was necessitated by the fact that some customers were now deceased, changed details or their location without updating the database amongst others.”

He stressed that “any account not revalidated by the deadline will cease to have an effect by 1st of April, 2020 until the Customer comes forward to re-validate.”

However, Abubakar, however, said the right of public users to register companies on their own remains sacrosanct as there’s an interface for accounts by public users.

Garba Abubakar further revealed that the interface for the Registration of new legal entity types introduced by the CAMA 20 namely: Limited Liability Partnership LLP and Limited Partnership will be unveiled by 1st of April, 2021.

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