CAC to sanction firms without validated accounts

The Corporate Affairs Commission (CAC) has given registered companies till April 1 to validate their bank accounts or get sanctioned.

Its Registrar General Garba Abubakar vowed that firms who have refused to revalidate their accounts will not be accredited.

Abubakar explained the needs by firms to update their information as the commission is considering an amnesty for a certain number of years on annual return filings, even though the details have not been completely worked out.

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