The Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, has provided justification for the vigorous registration of all businesses, regardless of their size.
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The RG said there is need to register all businesses in the country considering the spate of insecurity, banditry, money laundry and all the negative vices going on in the country today.
Ishaq disclosed this during a visit by the Managing Director of Palmpay, Chika Nwosu in Abuja, who came to register 3000 business under Palmpay with the CAC in Abuja.
He stated that the recent upsurge in the registration of micro-finance banks is to track illegalities in the country.
He said: “It is illegal for any form of business to take place in Nigeria without registering with the CAC. The law has always been there, but with the renewed hope agenda of President Ahmed Bola Tinubu we have decided to enforce this law.
“Any company or business of any form including social media influencers operating without business registration like the government has agreed will be penalized, charge to court under the criminal Act”.
Nwosu said the company owners have agreed to regularize their companies, stating that Palmpay has over 3000 agents who are not registered with the CAC.
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