By Ifeoluwa Odunayo
In the wake of the ₦1.3 trillion CBEX crypto collapse, the Corporate Affairs Commission has issued a stern ultimatum to all unregistered business operators in Nigeria: register within six weeks or face legal consequences.
The commission’s warning, issued through a public notice, targets individuals and entities trading under informal names or acronyms without proper registration as required by the Companies and Allied Matters Act of 2020.
Failure to comply, the notice states, is a criminal offence that could attract up to two years in prison.
“All business premises and official documents must display the registered name and number,” the CAC stressed, adding that enforcement actions, including prosecution, will begin once the grace period lapses.
The clampdown follows revelations that CBEX, though CAC certified, operated outside the regulatory scope of the Securities and Exchange Commission.
The Economic and Financial Crimes Commission confirmed that the promoter only possessed a SCUML certificate — a document that does not authorize investment operations.
The commission says the move is part of a broader effort to strengthen transparency and protect investors in Nigeria’s increasingly vulnerable financial space.
