The Corporate Affairs Commission (CAC) has recently sounded the alarm regarding a disturbing proliferation of fake companies in Nigeria.
This revelation comes after the CAC uncovered a whopping 189 fictitious companies used to secure land allocations in the Federal Capital Territory (FCT), Abuja.
During a press briefing in Abuja on Tuesday, October 24, the Registrar General of the CAC, Hussaini Magaji, disclosed these shocking findings. According to Magaji, the discovery unfolded in response to a complaint from the Federal Capital Territory Administration (FCTA) regarding the status of a company that, as it turned out, didn’t exist but was seeking land allocation.
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This initial discovery prompted an in-depth investigation, leading to the identification of numerous other non-existent companies created for the same fraudulent purpose.
The Registrar General further disclosed that two suspects, including a lawyer, have been apprehended, and the authorities have uncovered a nefarious cartel involving staff from the Abuja Geographical Information System, lawyers, and personnel from the commission itself.
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Magaji emphasized the significance of this revelation, stating, “Let me use this opportunity to inform the public that one of the major milestones achieved so far since I assumed office is our ability to bust a cartel or a network of individuals that are creating havoc for the commission.
He continued, “This cartel creates companies through collaboration with some lawyers claiming to be accredited agents of the commission and staff of Abuja Geographical Information System to secure land allocations in the FCT. We only knew about this crime after a complaint from the Federal Capital Territory Administration asked us to verify some applications made by some entities, which turned out to be non-existent in our system.
The exposure of this elaborate scam raises concerns about the integrity of land allocation processes and highlights the need for enhanced vigilance and verification mechanisms to protect against fraudulent activities involving non-existent companies.
