CAC moves to delist 100,000 companies over failure to file returns

The Corporate Affairs Commission (CAC) has begun the process of removing 100,000 companies from its register over failure to file annual returns and other statutory documents.

The move was disclosed in a public notice issued by the commission’s management on Wednesday, describing the exercise as Batch 6 and citing provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.

According to the commission, the names of affected companies have been published on its official website for verification by the public.

“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.

“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 urged the affected entities to update their records within 90 days to avoid being delisted.

“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 regularize their records within ninety (90) days of this notice.”

It also directed companies to submit proof of compliance via a designated email address.

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

The commission warned that failure to comply within the stipulated timeframe would result in permanent removal from its register without further communication.

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

Reaffirming its service commitment, the CAC added:

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

Business owners are advised to check the CAC website to confirm if their companies are listed among those affected.