The Corporate Affairs Commission (CAC) has introduced new requirements for online business name updates, demanding additional personal and contact information. This move aims to enhance verification and ensure the accuracy of registered business data, aligning with the CAC's ongoing efforts to digitize processes and strengthen compliance. According to the CAC, business proprietors must now provide their date of birth, registered office email, proprietor's email, a phone number for either the registered address or proprietor if different, and a valid means of identification. These requirements are designed to improve the integrity of the business registry and reduce errors or fraudulent filings. The CAC emphasizes that the inclusion of these details will ensure all business name records are accurate and verifiable, enhancing their capacity to serve businesses efficiently. Failure to provide the required information may result in delays or rejection of update requests. In recent months, the CAC has increased pressure on businesses to comply with registration rules under the Companies and Allied Matters Act 2020 (CAMA). The commission has issued public notices and deadlines for unregistered businesses, warning of potential prosecution for non-compliance. Additionally, the CAC has indicated its intent to delist dormant or non-compliant companies that have failed to file returns or update records over a decade, aiming to sanitize its registry and ensure the integrity of registered business names. The CAC's vigilance has led to the exposure of companies operating with false RC numbers and the discovery of unregistered entities using fake registration numbers in Nigeria. The commission's AI-driven registration portal, launched as part of its digitisation drive, aims to simplify company registration processes and accelerate approvals, transforming the business environment.
