The Corporate Affairs Commission (CAC) has initiated a critical step toward enhancing the integrity and accuracy of its national registry. The Commission announced this week that all online requests submitted to update registered business names must now include a mandatory set of additional personal and contact information.
In a public notice released on Wednesday, the CAC emphasized that this new requirement is entirely driven by its need to improve verification standards and ensure the data integrity of every registered entity. This move is part of the Commission’s relentless drive to digitize its processes, align with best practices, and strengthen overall compliance across the business landscape.
New Requirements for Business Owners
Effective immediately, business proprietors submitting online updates must provide the following details:
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Date of Birth
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Registered Office Email
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Proprietor’s Email
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A phone number (for either the registered address or the proprietor, if different)
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A valid means of identification
The Commission stated clearly that these details are vital for fortifying the registry against errors and fraudulent filings. “The inclusion of these details will ensure that all business name records are accurate and verifiable, improving our capacity to serve businesses efficiently,” the notice stated. The CAC cautioned that any failure to provide this required information will inevitably result in delays or the outright rejection of the update request.
The Commission’s Broader Compliance Strategy
The CAC has significantly ramped up enforcement of the Companies and Allied Matters Act 2020 (CAMA) in recent months. In April, the Commission issued a forceful public notice giving unregistered businesses a strict six-week period to regularize their status, warning that failure to comply could lead to prosecution.
Simultaneously, the CAC has made its intent clear regarding the sanitization of its registry. The agency indicated plans to delist dormant or non-compliant companies—specifically those that have failed to file returns or update their records for over a decade—in a major effort to ensure the integrity of registered business names.
These measures come in the wake of significant challenges involving fraudulent entities. In a previous alert, the Commission warned the public after discovering that at least 15 company names and registration numbers circulating in Nigeria were not registered in its official database, meaning they were fake or forged. This public warning was necessitated by a rise in complaints regarding suspicious business activities tied to these entities. The CAC strongly advised Nigerian investors, businesses, and the public to always verify company names and their corresponding RC or BN numbers via the official CAC online portal before engaging in any transactions, especially those involving high-value deals.
Further reinforcing this, the agency exposed 247 companies operating with false RC numbers in August. The affected entities were never legally registered, and the false RC numbers were immediately removed from the official database. This stringent focus on accuracy is part of the Commission’s broader digitization drive, which recently saw the launch of an AI-driven registration portal aimed at transforming the business environment by simplifying company registration processes and accelerating approvals.
