{"id":65068,"date":"2025-04-29T15:01:30","date_gmt":"2025-04-29T15:01:30","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=65068"},"modified":"2025-04-29T15:01:30","modified_gmt":"2025-04-29T15:01:30","slug":"cac-cracks-down-on-phantom-firms","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/04\/29\/cac-cracks-down-on-phantom-firms\/","title":{"rendered":"CAC Cracks Down on Phantom Firms"},"content":{"rendered":"<p>By<strong> Ifeoluwa Odunayo<\/strong><\/p>\n<p>In the wake of the \u20a61.3 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.<\/p>\n<p>The commission\u2019s 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.<\/p>\n<p>Failure to comply, the notice states, is a criminal offence that could attract up to two years in prison.<\/p>\n<p>\u201cAll business premises and official documents must display the registered name and number,\u201d the CAC stressed, adding that enforcement actions, including prosecution, will begin once the grace period lapses.<\/p>\n<p>The clampdown follows revelations that CBEX, though CAC certified, operated outside the regulatory scope of the Securities and Exchange Commission.<\/p>\n<p>The Economic and Financial Crimes Commission confirmed that the promoter only possessed a SCUML certificate \u2014 a document that does not authorize investment operations.<\/p>\n<p>The commission says the move is part of a broader effort to strengthen transparency and protect investors in Nigeria\u2019s increasingly vulnerable financial space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Ifeoluwa Odunayo In the wake of the \u20a61.3 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\u2019s warning, issued through a public notice, targets individuals and entities trading under informal names or acronyms [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":65069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-65068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/65068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=65068"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/65068\/revisions"}],"predecessor-version":[{"id":65070,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/65068\/revisions\/65070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/65069"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=65068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=65068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=65068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}