C.A.C GIVES ULTIMATUM FOR ACCOUNTS’ VALIDATION

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Companies who refuse to validate their accounts will be accredited and would face a rigorous process of revalidation after April 1.

The Registrar General, Corporate Affairs Commission (C.A.C), Garba Abubakar has given an ultimatum to the registered companies in the country to validate their bank accounts before March 31 or be sanctioned.

Abubakar made this known to Journalists at a press conference in Abuja, recently.

According to the registrar general, companies who refuse to validate their accounts will be accredited and would face a rigorous process of re-validation after April 1.

Abubakar said that it is necessary for companies to update their information as the Commission is considering an amnesty for a certain number of years on annual return filings. He however, said that the details have not been completely worked out.

He enjoined the Commission’s accredited Customers to strive to re-validate their accounts 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 locations without updating the database amongst others.

“Any account not re-validated by the deadline will be ceased to have an effect by April 1, 2021 until the Customer comes forward to re-validate.” He said.

According to him, the right of public Users ro register companies on their own remains sacrosanct as there’s an interface for account s by public users.

Abubakar disclosed that the interface for the registration of new legal entity types introduced by the CAMA, 20 namely: Limited Liability Partnership and Limited Partnership will be unveiled by 1st of April, 2021.