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 vowed 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 April 1.
Abubakar explained to reporters at a press conference in Abuja, the need by firms to update their information as the commission was considering an amnesty for a certain number of years on annual return filings, even though the details had not been completely worked out.
Speaking on the workings of the upgraded CRP, Abubakar enjoined the Commission’s accredited customers “to 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 among 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.”
Abubakar, however, said the right of public users to register companies on their own remains sacrosanct as there’s an interface for accounts by public users.
He further revealed that the interface for the registration of new legal entity types introduced by the CAMA 2020 namely: Limited Liability Partnership LLP and Limited Partnership would be unveiled by 1st of April, 2021.
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