Don’t Transact Business with These 3 Companies, CAC Warns

The Corporate Affairs Commission (CAC) has alerted Nigerians to avoid any dealings with SPEF Cooperative Society Ltd, UPIL Staff Cooperative Society Ltd, and PREM Staff Cooperative Society Ltd, after discovering that all three are using fraudulent incorporation documents.

In an official statement on Monday, the CAC explained that each cooperative was operating under two different registration numbers, neither of which appears in the commission’s records. The bogus details are as follows:

• SPEF Cooperative Society Ltd: RC 1265884 & 512862
  
• UPIL Staff Cooperative Society Ltd: RC 1265837 & 553220
  
• PREM Staff Cooperative Society Ltd: RC 1265844 & 545901

“Anyone who transacts business with these entities do so at their own risk,” the CAC warned, urging potential partners and investors to verify registration details directly through its official portal before signing contracts or making payments.

Meanwhile, on July 3, the CAC introduced an AI‑powered business registration platform to streamline incorporations. This new system offers instant name reservations, automated business-name suggestions, and same-day registration using a National Identification Number (NIN), which are significant improvements over the previous process.

The commission also announced plans to overhaul its fee structure starting August 1, aiming to make its services more efficient and cost‑effective. Users are encouraged to take advantage of the upgraded portal and to remain vigilant by confirming the legitimacy of any cooperative or company through the CAC’s online database.