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The Corporate Affairs Commission (CAC) has given registered companies till March 31 to validate their bank accounts or get sanctioned.
CAC Registrar General, Garba Abubakar warned that firms who have refused to validate their accounts will not be accredited and would have to go through a rigorous process of revalidation, after 1 April 2021.
Abubakar said this while speaking to reporters, at a press conference in Abuja. According to him, there is need for firms to update their information as the commission is considering an amnesty for a certain number of years on annual return filings, even though the details have not been completely worked out.
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Abubakar said that companies should “strive to revalidate their account on the Portal before the end of March 2021 as 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.”
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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Speaking on the purported threat by CAC workers to embark on strike on Tuesday following a disagreement with the management, the CAC boss said the union that issued the strike is no longer in existence and cannot carry out such action.
By: Ifunanya Ikueze
