The Corporate Affairs Commission, CAC, has advised registered companies to re-validate their bank accounts by April 1, 2021, or risk sanction.
The Registrar-General, Garba Abubakar stated that firms who do not revalidate their accounts will not be accredited.
Mr. Abubakar explained to reporters in Abuja that it’s important for 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.
Speaking on the purported threat by CAC workers to embark on strike on Tuesday following a disagreement with the management, the CAC boss said the union that issued the strike is no longer in existence and cannot carry out such action.
“AUPCTRE is no longer recognised as a senior staff union in CAC because of the decision of the National Industrial Court that declared AUPCTRE a junior staff union.
“A copy of the judgment has been made available to us and there is no stay of execution on the judgement. To that effect AUPCTRE stopped existing in CAC. It has been dissolved.
“Staff of the Commission have been advised to join any organised union of senior staff of their choice. All union dues deductions from staff salaries have been stopped”.
He warned the CAC management will not tolerate disruption of the Commission activities by any group of people “under the guise of a strike action”.
What does revalidation of account mean?
This means to open a bank account in the registered name of the company and have the Biometric Verification Number, BVN, of the signatory/signatories of the account linked to the Company’s Bank account/s.
As opposed to running the banking affairs of the company through the personal account of the Managing Director or one of the directors
To open a bank account the company required to submit copies of its CAC registered documents and the board resolution i.e. extract of the minutes of the board meeting where the shareholders elected/resolved to appoint/make a particular financial institution the bank of the company along with the names of the all the signatories.