CAC Gives Companies Six-Week Deadline to Adhere to Provisions of CAMA
Sunday 4th May 2025
I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.
The Corporate Affairs Commission (CAC) instructs all companies doing business in Nigeria have a six-week deadline to to adhere to the Companies and Allied Matters Act (CAMA), 2020 registration requirements.
In a circular released Tuesday in Abuja, the Commission stated it would take the appropriate measures against noncompliant errant offenders following the ultimatum.
The Corporate Affairs Commission stated;
”This includes legal action against any Company, Limited Liability Partnership, Limited Partnership or Business Name found operating without registration or under a name different from its registered identity.
“It is a criminal offence under Section 863 of CAMA to carry on business in Nigeria without proper registration, or to use a name or acronym other than that under which the entity is legally registered.”
The statement states that all registered entities are required by Section 729 of the Act to post their registered name and number outside of each place of business.
It said it should also be displayed on all official publications, including letterheads, signage, marketing and publicity materials.
Additionally, it stated that anyone who intentionally made false statements in any document required by the Act would face severe penalties under Section 862(1) of the Act. According to the CAC, such offenders face a two-year prison sentence and a daily fine for each day the violation persists.
Therefore, the commission warned that non-compliance would result in prompt enforcement actions and advised all business owners to take immediate action to regularise their operations.
Nigerian Stock Market: Investors Traded N75 Billion Last Week
The Nigerian Exchange Ltd (NGX) had investors in the trading week carry out 70,329 transactions involving 2.2 billion shares valued at N75 billion.
A week prior, the NGX recorded 51,386 transactions involving 1.854 billion shares valued at N56.025 billion.
As a result, investors gained N19.384 billion on the Exchange, and the transaction value increased by 34.6%.
The market operated for four days this week, as Thursday, 1 May, was a public holiday for Workers’ Day.
Activity was highest in the Financial Services sector, with 33,095 transactions involving 1.432 billion shares valued at N30.908 billion.
It represented 40.99% of the total value and 65.09% of the total volume.
Air Peace Replies Regulators Amidst Flight Delays and Cancellations
Following air safety regulations, Air Peace stated on Saturday that it had no regrets about postponing or cancelling flights to protect human lives.
The revelation came from Ejike Ndiulo, Head of Corporate Communications at Air Peace in Lagos.
Air Peace expressed sympathy to travellers inconvenienced by its flight delays and cancellations, but claimed that safety concerns were the reason for the disruptions.
The airline claims that the flight would not operate if the weather, technical specifications, or operational standards don't meet safety requirements.
It expressed gratitude for the Nigerian Civil Aviation Authority's (NCAA) request to enhance its domestic operations.
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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.