![Corporate Affairs Commission (CAC) Head Office [PHOTO CREDIT: @cacnigeria1]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/11/1500x500-3.jpg?fit=1500%2C500&ssl=1)
The Corporate Affairs Commission (CAC) has announced that it will begin full enforcement of statutory requirements on information to be disclosed in company business letters, warning that companies that fail to comply will face sanctions.
The commission disclosed this in a public notice issued on Wednesday, stating that the enforcement would ensure the full application of the provisions of Sections 304(1), 304(2), and 729(1)(c) of the Companies and Allied Matters Act (CAMA) 2020.
|
|
The provisions mandate strict transparency by requiring companies to display their exact legal name, registration number, and director details on all official documentation and at their business premises.
The corporate regulator said the enforcement would take effect on 1 August, adding that non-compliant customers and companies would be subject to sanctions prescribed by law.
|
|
|
|---|
“The Commission wishes to inform the General Public, Esteemed Customers, and in particular, Companies registered under the Companies and Allied Matters Act 2020, that commencing the 1st day of August 2026, the Commission shall enforce the full application of the requirements of sections 304(1) & (2) and (1)(c) of the Act with respect to company business letters with attendant sanctions for non-compliance,” CAC said.
READ ALSO: NCC, CAC require approval for telecom share transfers
According to CAC, every company registered under the Act is required to include specific details in legible characters on its business letters.
These include the present forename or initials and surname of every director, any former forename and surname, the nationality of every non-Nigerian director, and the company’s registered name and registration number.
“Companies are to note that the Act requires every company so registered to state in legible characters on its business letters, the present forename or initials and surname; any former forename and surname; and nationality of every non-Nigerian director as well as the company’s name and registration number,” CAC said.
The agency reaffirmed its commitment to promoting transparency, accountability, and customer satisfaction, saying it remains focused on building a more resilient and responsive corporate regulatory environment.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
