Unfiled returns: CAC begins moves to deregister 100,000 companies
CAC Moves to Deregister 100,000 Companies Over Unfiled Returns
The Corporate Affairs Commission (CAC) has initiated proceedings to remove 100,000 companies from its register due to outstanding annual returns and other mandatory filings.
In a public notice issued Wednesday, CAC management announced that these firms have failed to submit the required statutory documents, prompting this action under sections 692 (3) and (4) of the Companies and Allied Matters Act, CAMA, 2020.
Affected companies are advised to check the Commission’s website for their names. The CAC has granted these companies a 90-day period to regularize their records.
“This notice serves to inform the general public and esteemed customers that the Corporate Affairs Commission has commenced another round of striking off companies from the Register in accordance with Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020,” the announcement stated. The list of affected companies is available on the CAC website at http://cac.gov.ng.
The Commission urges these companies to file all outstanding annual returns, including information related to persons with significant control and beneficial ownership, within the specified timeframe. Evidence of compliance must be submitted to a designated email address. Companies that do not meet this deadline will not be granted a second chance.
The CAC reaffirmed its commitment to providing efficient service to its customers. Previously, the agency had issued a similar 90-day ultimatum, warning companies to regularize their status or face potential delisting from its register.
