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EoDB: CAC uncovers 189 fake companies, busts syndicate defrauding Nigerians

Hussaini Magaji, Registrar-General of CAC at the Media Briefing in Abuja, FCT

*Hussaini Magaji, the new Registrar-General of the Corporate Affairs Commission, says the regulatory Commission has discovered about 189 fake companies being used by a syndicate of criminals specialising in defrauding well-meaning Nigerians

Isola Moses | ConsumerConnect

The Corporate Affairs Commission (CAC) has stated it discovered 189 fake companies positioned to defraud well-meaning Nigerians.

ConsumerConnect reports Hussaini Magaji, Registrar-General of the Commission, who disclosed this development to reporters Tuesday, October 24, 2023, said his leadership had uncovered the illegal firms within a week after assuming office as the new Registrar-General.

President Bola Ahmed Tinubu appointed Magaji as the Registrar-General of the Commission October 13 this year.

Magaji noted that the Commission found out and apprehended a syndicate of criminals that specialised in operating numerous unregistered companies.

He stated: “One of the milestones achieved upon my assumption of duty is our ability to burst a ring of criminals that are creating havoc in the Commission.

“About 189 fake companies have been identified to be used by these groups of persons to secure lands.

“We discovered that these non-existing entities collaborate with lawyers who claim to be accredited agents with the commission.”

Magaji also explained: “They collaborate with some staff of the Abuja Geographical Information System (AGIS), manage their way to make applications at the AGIS, and take priority over existing applications.

“With the collaboration of security agents we arrested the suspects who have volunteered some information.”

The new CAC Chief further said the suspect was arrested through complaints from the FCTA, urging the Commission to verify some applications made by some entities in the FCT.

According to him, following the findings, the Commission discovered that the companies were not even in existence.

The Registrar-General stated: “The nature of their crime is that they create a fake entity and apply for land at the FCTA and maneuver their way to have a priority application over an existing application.

“To take over the land and they have succeeded severally in the past.”

Commission’s commitment to human capital development

Meanwhile, the Registrar-General of CAC  has restated his commitment to deterring others from engaging in such a dubious act.

He said among other plans, the Commission would intensify efforts at increasing revenue for the Commission.

Magaji further noted that upon his assumption of office in the Commission, he introduced some plans among which is the human capital development.

He stated: “I think this is essential to the discharge of the responsibilities of any staff in the Commission and we are taking it seriously.

“Followed by the welfare of staff; this is one of the issues we met in the commission that is lingering and creating havoc in the Commission.

“So, we have plans to address it as soon as possible; we have set agenda and will discuss it in our next management meeting.”

Magaji, however, urged the staff to play their part towards moving the organisation forward.

The management, he disclosed, is making moves to do theirs.

On Ease of Doing Business in Nigeria

The Registrar-General of CAC said one of the priorities of President Bola Ahmed Tinubu’s administration and the Commission is to work at ensuring the Ease of Doing Business (EoDB) in the Nigerian economy.

He asserted ‘that is one of the reasons why we are not talking about reviewing charges.

“One of the key things we will also do is to further simplify the process of registration.”

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