CAC Warns Banks of Fraudulent Companies, Takes Action Against Corruption

The Corporate Affairs Commission (CAC) Registrar-General and Chief Executive Officer, Hussaini Ishaq Magaji, disclosed during the Commission's 35th-anniversary celebration in Abuja that 248 illegal entities had been fraudulently inserted into the CAC system. Magaji identified these entities as operating within Nigeria without traceable corporate identities or contributing to national revenue through taxation.

Additionally, 15 more companies were later identified and forwarded to the EFCC for further investigation. The CAC is committed to cleansing its internal system of corruption and has a zero-tolerance policy towards corrupt practices.

Magaji also revealed that three staff members of the Commission were found to be involved in suspicious and unauthorized dealings with companies, leading to their suspension pending investigations by the ICPC. These actions are part of the Commission's efforts to strengthen integrity and fight corruption within its processes.