The Corporate Affairs Commission (CAC) has threatened to sanction registered companies that fail to revalidate their bank accounts by March 31, 2021.
Garba Abubakar, Registrar General of the commission who issued the threat at a press conference in Abuja on Monday, 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.
He emphasised the need for 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 have not been completely worked out.
Garba spoke extensively on the workings of the upgraded CRP, 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 amongst others.”
He stressed that “any account not revalidated by the deadline will cease to have an effect by 1st of April, 2021 until the Customer comes forward to re-validate.”
Garba, however, said the right of public users to register companies on their own remains sacrosanct as there was an interface for accounts by public users.
The Registrar further revealed that the interface for the registration of new legal entity types introduced by the CAMA 20 namely: Limited Liability Partnership (LLP) and Limited Partnership will be unveiled by 1st of April 2021