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CAC Raises Alarm Over Use Of Name, Logo, For Illegal Investment Schemes

The Corporate Affairs Commission has raised the alarm over the use of its name, logo and colours by certain persons, firms or organizations to carry on unregulated/unlawful investment schemes.

The Commission stated in a statement that it’s logo and names are being fraudulently used on social media to procure business registrations for members of the public at a “MEGA DISCOUNT” and with freebies including “Free JTB and FIRS TIN”.

These contents, it stated are fraudulently employed in a crafty language to deceive unsuspecting members of the public into patronizing them.

The Commission stated further that it does not license or certify persons, firms or organizations to carry on unregulated/unlawful investment schemes or procure business registrations for members of the public at any discount or with freebies.

The statement reads in part, “The attention of the Corporate Affairs Commission has been drawn to several social media contents and publications suggesting that the Commission has licensed or “certified” certain persons, firms or organizations to carry on unregulated/uniawful investment schemes or procure business registrations for members of the public at a “MEGA DISCOUNT” and with freebies including “Free JTB and FIRS TIN”.

“These contents fraudulently employ the Commission’s name, logo, colours and crafty language calculated to deceive unsuspecting members of the public into patronizing them.

“The Commission hereby states without equivocation that it does not license or “certify” persons, firms or organizations to carry on unregulated/unlawful investment schemes or procure business registrations for members of the public at any discount or with freebies.

“And for the avoidance of doubt, the Federal Inland Revenue Service (FIRS) Tax Identification Number (TIN) is electronically generated and endorsed instantly on the certificates of relevant business entities upon registration on the Commission’s Company Registration Portal (CRP) and at no cost.

“The mandate of the Commission is as prescnbed in the Companies and Allied Matters Act 2020 (CAMA) and consists mainly tn the registration of business and allied entities as well as the general regulation and supervision of their conducts after registration.

“The services of the Commission and fees are as published on the Commussion’s website at www.cac.gov.ng. Any notice, information or update issuing to the general public on the operations of the Commission are equally published on the website.

“The Commission again assures the general public of its commitment to providing registration and regulatory services adequate to the expectations of its esteemed customers and the general public.”

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