Magic Result Consulting

CAC gives six-week ultimatum for business registration compliance

The Corporate Affairs Commission (CAC) has given all businesses operating in Nigeria a six-week ultimatum to comply with the registration requirements of the Companies and Allied Matters Act (CAMA), 2020.

The Commission, in a circular issued on Tuesday in Abuja, said that after the ultimatum, it would take necessary action against erring offenders who fail to comply.

“This includes legal action against any company, limited liability partnership, limited partnership or business name found operating without registration or under a name different from its registered identity.

“It is a criminal offence under Section 863 of CAMA to carry on business in Nigeria without proper registration or to use a name or acronym other than that under which the entity is legally registered,” it said.

According to the statement, Section 729 of the Act mandates all registered entities to display their registered name and number outside every business location.

It said that this should also be displayed on all official publications, including letterheads, signage, and marketing and publicity materials.

It also said that Section 862(1) of the Act imposed strict penalties on individuals who knowingly made false statements in any document required under the Act.

According to the CAC, such offenders risk a two-year prison term and a daily fine for each day the infraction continues.

The commission therefore advised all business owners to take immediate steps to regularise their operations, stating that non-compliance would be met with swift enforcement actions.

Magic Result Consulting Management Limited
Email: [email protected]
Mobile: 08066448860
WhatsApp: +2348066448860

TAX IDENTIFICATION NUMBER IN NIGERIA

TIN refers to Taxpayer Identification Number for anyone seeking to start their business in Nigeria, TIN is a very important things you must obtain.

On October 17, 2022, the Central Bank of Nigeria (CBN) which is the apex bank in Nigeria issued a draft guideline on contactless payment, stating that all bank account holders must link their Bank Verification Number (BVN) to contactless payment to ensure effective risk management process.

Every registered business in Nigeria is required to get a Tax Identification Number to open a corporate account and pay for taxes. In fact it is an offence for any corporate entity not to register and obtain a TIN from Federal Inland Revenue Services.

What is a Tax Identification Number?
Tax Identification Number is a unique number assigned to registered individuals or businesses for the purpose of paying taxes. The Federal Inland Revenue Service (FIRS) and Joint Tax Board (JTB) are the issuing body for TIN upon successful registration as a taxpayer.

Why is it Important to get TIN in Nigeria?

*It is a requirement for paying tax
*It is a requirement for getting tax clearance, waiver, and incentive
*It is a requirement for getting a government loan
*It is a requirement to open a personal and corporate account
*It is a requirement for import, export, or obtaining trade license

All corporate entities should endeavor to obtain Tax identification Number for their businesses because the benefits are just too numerous.

Magic Result Consulting Management Limited
Email: [email protected]
Mobile: 08066448860
WhatsApp: +2348066448860

Top 5 Business Grants Available for Registered Companies in Nigeria in 2025

If you are a Registered Business owner in Nigeria visit the link below for more information on how to access some business grants in 2025

https://www.goidara.com/blog/top-5-business-grants-available-for-registered-companies-in-nigeria-in-2025