How to Change Persons with Significant Control (PSC) with CAC

Persons with Significant Control (PSC) are persons that owns at least 5% of the total share of a registered company. They have significant influence and control over the company They are shareholders of a company that owns 5% of the total shares, in other words once a shareholder owns 5% of the company shares, he is automatically a Person with Significant Control (PSC).

Persons with significant control (PSC) can be an individual or an entity. In registering a company with Corporate Affairs Commission (CAC) Once a shareholder holds up to 5% shares of the company, he or she automatically becomes a PSC. However, once a company is registered and it comes to post incorporation stage the status is not automatic again. If a company removes or change her shareholder, the PSC does not change automatically.

Read: HOW TO REGISTER A LIMITED LIABILITY COMPANY in Nigeria

How do you change the Persons with Significant control (PSC) of a company?

The change is effected via the Post Incorporation portal of CAC. Note that you must be an accredited agent with CAC to be able to access the post incorporation site. Once you have access to the post incorporation site, you will have to enter the name of the company or the RC number of the company to search for the company.

On getting to the company’s portal on CAC site, you check for the notice/change in person with significant control. Click on it and fill in the necessary details and then make payment.

Note that if a person with significant control (PSC) is removed from a company, you will need to file notice of cessation of person with significant control (PSC). One may wonder why he will need to file such when he has already file for notice/change of persons with significant control. The essence of filing the notice of cessation is to completely remove the persons name from CAC database. If a company fails to file the notice of cessation, even though a person has been removed as PSC, his or her name will still appear on the company’s status report as a PSC.

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In conclusion PSC and shareholders are the owners of the company, and once there is change in their status in the company it is advisable to do the needful by filling the necessary documents with CAC. Note also that the reallotment or transfer of shares to another person does not make the person PSC. The company will need to file notice of change of PSC.

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