CAC Begins Delisting 100,000 Companies Over Failure To File Annual Returns

The Corporate Affairs Commission (CAC) has began the process of striking off 100,000 companies from its register over their failure to file outstanding annual returns and other statutory documents as required by law.

The commission disclosed this in a public notice signed by its management, stating that the exercise, tagged Batch 6, is being carried out in line with the provisions of Section 692(3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.

According to the notice, the names of the affected companies have been published on the commission’s official website for public access.

The notice stated: “This is to notify the general public and esteemed customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.”

It added: “The list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission’s Website http://cac.gov.ng.”

The CAC advised all affected companies to regularise their records within 90 days by filing all outstanding annual returns and submitting information on Persons with Significant Control (PSC), also known as Beneficial Ownership information.

“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularise their records within ninety (90) days of this notice,” the Commission said.

It further directed companies that comply with the requirements to forward evidence of compliance to its designated email address.

“Evidence of compliance should be sent to the designated struck off [email protected],” the notice added.

The Commission warned that companies that fail to comply within the stipulated timeframe would be removed from the register without any further notification.

“Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,” it stated.

The CAC reaffirmed its commitment to delivering efficient and customer-focused services.

“The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers,” the notice added.