Validate your accounts or face sanction, CAC warns firms

By Idowu Bankole

The Corporate Affairs Commission (CAC) has given registered companies till March 31 to validate their bank accounts or get sanctioned. Its Registrar General, Garba Abubakar vowed 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 told reporters, at a press conference in Abuja, Where he stated the needs by firms to update their information as the commission is considering an amnesty for a certain number of years on annual return filings, even though the details have not been completely worked out.

Garba Abubakar 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,2020 until the Customer comes forward to re-validate.”

Garba 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. Garba Abubakar 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.