Abuja: CAC Uncovers 189 Fake Companies

The Corporate Affairs Commission has uncovered 189 fake companies used to secure land allocations in the Federal Capital Territory.
Registrar General of the commission, Hussaini Magaji, disclosed this during a press briefing on Tuesday in Abuja.
Magaji hinted that the discovery was made following a complaint from the Federal Capital Territory Administration to verify the status of non-existing company seeking land allocation.
He explained that the discovery of the non-existent company led to further investigation, which resulted in the identification of other companies.
The registrar general disclosed that two suspects including a lawyer were apprehended, as well as a cartel involving staff of Abuja Geographical Information System, lawyers, and the commission.
“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 link of individuals that are creating havoc for the commission.
“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 and we only knew this crime after a complaint from the Federal Capital Territory Administration asking us to verify some applications made by some entities, which turned out to be non-existent on our system.
“With the information available to us, I gave a directive on the issue and we have so far identified 189 fake companies used to secure land allocation in the FCT. We have also facilitated the arrest of two suspects, ” he explained.
He informed that the cartel manoeuvred the process to priortise their applications for land allocation over existing applications in other to take over lands, adding that they succeeded in their gimmicks before the discovery.
The CAC boss added: “As of yesterday (October 23) we arrested two suspects including a lawyer and we are interrogating them to get more information and clampdown on other members of this cartel.
“In the course of our investigation and research, we found that the companies do not exist. And with the collaboration of security agents, we arrested a suspect and by arresting him, he has volunteered some information and from that, we have gotten a clue that something like this is happening and we are working hard to stop this menace.”
Magaji vowed to increase the commission’s revenue base by sanctioning companies that failed to disclose their annual returns.
He hinted that increasing CAC’s revenue base would enable the commission to perform its objective as a world-class commission.