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CAC Sets March 31 Deadline For Registered Firms’ Account Validation

The Corporate Affairs Commission (CAC) has given registered companies up till March 31 to validate their bank accounts or get sanctioned.

The Its Registrar General of the commission, Mr. Garba Abubakar, threatened that any company that failed to comply with the directive would not be accredited and would have to go through a rigorous process of revalidation, after April 1.

Abubakar, who disclosed this during a media chat in Abuja, said the need by firms to update their information had become imperative based on the fact that some customers were now deceased, changed details or their location without updating the database, amongst other reasons.

This is even as he hinted that the commission was also considering granting of annual return filing waivers to some entities, even though the details have not been completely worked out.

The Registrar General also spoke elaborately on the workings of the upgraded CRP and urged the Commission’s accredited customers to strive to revalidate their account on the portal before the end of March 2021.

He maintained: “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.”

Similarly, he explained that public users had the right to register companies on their own remained sacrosanct as there’s an interface for accounts by public users, adding that the interface for the registration of new companies introduced by the CAMA2020, including the Limited Liability Partnership LLP and Limited Partnership will be unveiled by 1st of April,2021.

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