The Corporate Affairs Commission (CAC) has issued a six-week notice to unregistered businesses to register with the Commission or face jail term prosecution.
This was disclosed in a statement issued by the CAC on Tuesday, titled: “PUBLIC NOTICE: CARRYING ON BUSINESS IN NIGERIA UNDER AN UNREGISTERED NAME OR ACRONYM.”
The development comes amid the collapse of the fraudulent cryptocurrency investment scheme known as “CBEX,” which defrauded Nigerians of approximately N1.3 trillion.
The Economic and Financial Crimes Commission (EFCC) had emphasized that although ST Technologies International Limited—promoter of CBEX—was registered with the CAC, it was not licensed by the Securities and Exchange Commission (SEC) to operate as an investment platform.
