Corporate Affairs Commission (CAC) has announced that it will begin enforcing statutory requirements on the contents of company business letters from August 1, 2026, warning that defaulting companies will face sanctions.

The commission disclosed this in a public notice signed by its management and posted on its X handle on Wednesday.

Recall that under the Companies and Allied Matters Act 2020, company business letters are required to clearly display key details, including the company’s registered name, registration number, directors’ present forenames or initials and surnames, any former forenames and surnames, and the nationality of every non-Nigerian director.

The requirement applies to all company business letters, including invoices, quotations, official correspondence and other business documents.

According to the CAC, the enforcement will cover the full application of Sections 304(1), 304(2) and 304(1)(c) of the Companies and Allied Matters Act 2020.

The commission said, “Commencing the 1st day of August 2026, the Commission shall enforce the full application of the requirements of sections 304(1) & (2) and (1)(c) of the Act with respect to company business letters with attendant sanctions for non-compliance.”

It reminded companies registered under the Act “to state in legible characters on its business letters, the present forename or initials and surname; any former forename and surname; and nationality of every non-Nigerian director as well as the company’s name and registration number.”

The commission urged affected companies to comply with the provisions before the enforcement date to avoid sanctions.

“The Commission remains committed to transparency, accountability and customer satisfaction as it strives to build a more resilient and responsive corporate regulatory environment,” the statement added.

Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).

BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.

This means that BVN enrolments increased by 228,947 between June and July 5 this year.

With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.

Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.

Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.

According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.

Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.

Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.

“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”

Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.

Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.

The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.

In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”

The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.

The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.

It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.

The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.

The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.