The Corporate Affairs Commission (CAC) has issued a crucial notice to business owners, clubs, associations, and non-governmental organisations (NGOs) regarding the powers of its Administrative Proceedings Committee (APC).
The APC is responsible for handling disputes, enforcing compliance, and imposing penalties for violations of the Companies and Allied Matters Act (CAMA) 2020.
According to the CAC, the committee provides a structured mechanism for resolving grievances related to registered entities without resorting to prolonged litigation.
The commission stressed that Section 851 of CAMA 2020 empowers the APC to adjudicate non-criminal disputes, impose administrative penalties, suspend or revoke business registrations, and recommend criminal prosecution if necessary.
Businesses Urged to Utilize APC for Dispute Resolution
The CAC urged businesses, clubs, and NGOs to take advantage of this provision to address disputes amicably.
The APC serves as an alternative to court cases that may hinder business operations and economic growth. Complaints can be submitted via email to apc@cac.gov.ng or in writing to the Registrar-General.
Composition of the Administrative Proceedings Committee
The APC is chaired by the Registrar-General of the CAC and includes:
Five senior representatives from the commission's operational departments, including one from the Compliance Department.
A representative from the Federal Ministry of Industry, Trade, and Investment (not below the level of a director).
Stronger Enforcement Expected
With this move, the CAC aims to tighten enforcement of business regulations, similar to the Federal Competition and Consumer Protection Commission (FCCPC), which also imposes penalties on non-compliant businesses.
As regulatory oversight intensifies, businesses are advised to stay compliant with CAMA 2020 to avoid potential sanctions.
