CAC flags fake cooperatives in certificate fraud crackdown. Full details of regulatory action.
CAC flags fake cooperatives operating with fraudulent registration certificates across Nigeria. The Corporate Affairs Commission specifically named three agricultural investment groups in its latest expose.
The companies listed in the disclaimer are:
- SPEF Cooperative Society Ltd – RC Numbers: 1265884 and 512862
- UPIL Staff Cooperative Society Ltd – RC Numbers: 1265837 and 553220
- PREM Staff Cooperative Society Ltd – RC Numbers: 1265844 and 545901
These groups presented counterfeit certificates to members.
Investigations revealed the societies collected millions in unauthorized membership fees.
The fraud was detected during routine verification checks. “Our systems flagged inconsistencies in their registration numbers,” Ogunleye explained. The affected cooperatives allegedly operated in Lagos, Ogun, and Oyo states.
CAC has:
- Sealed the groups’ offices
- Notified financial institutions to freeze accounts
- Initiated legal proceedings
Agriculture sector analysts express concern. “These groups targeted farmers’ investments,” noted AFAN President Kabir Ibrahim. The scam potentially affects over 3,000 subscribers.
Members are advised to:
- Verify cooperative certificates at www.cac.gov.ng
- Report suspicious activities to CAC’s hotline
- Avoid investing without proper due diligence
Offenders face up to 7 years imprisonment under the Companies and Allied Matters Act.
Commission officials warn more crackdowns are imminent. “We’re auditing all cooperatives nationwide,” revealed CAC spokesperson
