The new requirements for registering charges with the Corporate Affairs Commission (CAC) on moveable assets took effect on 3rd April, 2018.
This was pursuant to the Secured Transaction in Movable Assets Act (STMA Act 2017) and in strict compliance with the provisions of Section 2(1)(c) of the same Act, which requires customers who are desirous of registering their charges with the Commission shall be required to accompany the FORM CAC8 with the following additional information, viz:
1. Serial number or Chassis number of the collateral (Motor Vehicle, Plane, Boats, Plants and machinery etc.)
2. BVN of the Business Owners/Board of Directors
3. Moveable assets Used
4. High level description of the moveable assets used.