CAC Warns Banks Over Inactive Firms, Hands 263 Companies to EFCC for Investigation

The Corporate Affairs Commission (CAC) has cautioned commercial banks against facilitating transactions for inactive and non-compliant companies, leading to the transfer of 263 illegally registered firms to the Economic and Financial Crimes Commission (EFCC) for potential prosecution. During the CAC's 35th-anniversary celebration in Abuja, it was revealed that 248 companies had been fraudulently inserted into the CAC system, with an additional 15 entities later discovered.

Furthermore, three CAC staff members were implicated in corrupt practices related to unauthorized dealings with companies. The CAC emphasized the importance of stricter compliance measures to safeguard the integrity of corporate registration and the financial system.

This move is part of the CAC's broader efforts to sanitize its processes and combat corporate fraud. Despite facing legal pressures and personal attacks, the Registrar-General reiterated the commitment to combating corruption within public institutions through transparency and accountability.