Immediate Action Required: CAC Mandates New Information for All Business Name Updates
Table of Contents
The New Mandate: Required Information for Updates
Why the CAC is Demanding More Data
List of Mandatory Details
The “Why”: Enhancing Integrity and Combating Fraud
Improving Verification and Accuracy
Consequences of Non-Compliance
Wider Compliance Drive: What You Need to Know
The CAMA 2020 Enforcement
Tackling Fraud and Fake Registrations
The Digital Future: AI-Driven Registration.
1. The New Mandate: Required Information for Updates
The Corporate Affairs Commission (CAC) has announced that all online requests to update existing business names must now include additional personal and contact information. This is an immediate change designed to strengthen data verification across the registry.
List of Mandatory Details
Effective immediately, business proprietors submitting online updates must provide the following new details:
Date of Birth of the proprietor.
Registered Office Email.
Proprietor’s Email.
A Phone Number for either the registered address or the proprietor (if different).
A Valid Means of Identification.
2. The “Why”: Enhancing Integrity and Combating Fraud
The CAC’s move aligns with its ongoing effort to digitize processes and strengthen compliance nationwide.
Improving Verification and Accuracy
The commission’s primary goal is to enhance the integrity of the business registry. By collecting these details, the CAC aims to:
Ensure all business name records are accurate and verifiable.
Improve the CAC’s capacity to serve businesses efficiently.
Reduce errors or fraudulent filings.
Consequences of Non-Compliance
The CAC has made it clear that adherence is not optional. Failure to provide the newly required information may result in delays or outright rejection of the update requests.
3. Wider Compliance Drive: What You Need to Know
This new mandate is part of a much broader, aggressive campaign by the CAC to enforce registration rules under the Companies and Allied Matters Act 2020 (CAMA).
The CAMA 2020 Enforcement
The commission has been actively increasing pressure on businesses:
Deadline for Unregistered Businesses: In April, the CAC issued a public notice giving unregistered businesses a six-week deadline to regularise their status, warning that failure to do so could lead to prosecution.
Delisting Dormant Companies: The CAC also indicated its intent to delist dormant or non-compliant companies that have failed to file returns or update records for over a decade. This action is to sanitise the registry and ensure data integrity.
Tackling Fraud and Fake Registrations
The CAC has become proactive in exposing fraudulent activities to protect investors:
Fake Company Alert: The commission issued a public warning after discovering that 15 company names and registration numbers circulating in Nigeria were fake or forged, not registered in its official database.
Exposing False RC Numbers: In August, the CAC exposed 247 companies operating with false RC (Registration Code) numbers. These entities were never legally registered, and their RC numbers were removed from the official database.
Public Advice: The CAC strongly advises Nigerians, investors, and businesses to always verify company names and RC/BN numbers via the CAC online portal before engaging in any transactions, especially for high-value deals.
The Digital Future: AI-Driven Registration
As part of its digitization drive, the CAC launched an AI-driven registration portal. This platform aims to transform the business environment by simplifying company registration processes and accelerating approvals.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
