Home Business news Corporate Affairs Commission To Block Fraudulent Applications Imitating Existing Companies

Corporate Affairs Commission To Block Fraudulent Applications Imitating Existing Companies


Garba Abubakar, registrar-general of the Corporate Affairs Commission (CAC), says the agency will block suspected fraudulent applications registering new companies similar to existing ones.
Rasheed Mahe, head of media at CAC, said this in a statement issued on Sunday.
According to the statement, Abubakar said CAC recorded high applications with names similar to existing ones. 
He pointed out that the Commission had discontinued the issuance of certified true copies (CTCs) and replaced them with certified extracts to boost the fight against corruption.
“The commission had upon the commencement of the implementation of CAMA 2020 invoked the provision of Data Privacy and Protection Act to eliminate incidences of presenting cloned signatures to the CAC for registration purposes,” the statement reads.
“In view of the provisions of the law, the Commission discontinued the issuance of certified true copies of some documents. Certified extracts have replaced CTCs in accordance with provisions of the law.”
On the ongoing reform initiatives, Abubakar said CAC was reviewing its checklist of services and would deploy a customer relationship management (CRM) system toward resolving customer challenges in real-time.
He cautioned accredited agents against sharing their access to CAC portals with others to guard against fraud.
The registrar also revealed that the Commission had completed work on the insolvency framework and will soon expose the regulation to the public through its website.
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