CAC Moves to Delist 100,000 Firms Over Non-Compliance

In a bid to enforce compliance with statutory requirements, the Corporate Affairs Commission has embarked on an exercise to remove the names of 100,000 companies from its register. This decision is due to the failure of these companies to submit their annual returns and other necessary documents as mandated by law. The Commission made this announcement through a public notice, which was signed by its management and made available to the public on Wednesday. According to the notice, the companies affected by this action can find their names listed on the Commission's official website. 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 further directed that 'the list of the affected One Hundred Thousand (100,000) companies can be accessed at the Commission’s Website http://cac.gov.ng'. The Commission has given these companies a 90-day ultimatum to regularize their records by filing all outstanding annual returns and providing information on persons with significant control or beneficial ownership. The affected companies have been advised to send evidence of compliance to a specified email address. The notice read, 'Evidence of compliance should be sent to the designated [email protected]'. The Commission has warned that companies that fail to comply within the given timeframe will be delisted without any further notice. It emphasized that it remains committed to delivering efficient services to its customers, stating, 'The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.'