CAC Set to Strike Off 100,000 Companies From its Register, Gives Reason
- Corporate Affairs Commission has announced its intentions to delist 100,000 businesses from its list of companies over non-compliance
- The compiled list includes companies that have failed to comply with the CAMA provisions for 10 consecutive years
- The agency also extended a 90-day period of grace to the affected companies to reactivate their companies.
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade experience reporting across digital and mainstream media.
The Corporate Affairs Commission (CAC) has announced plans to delist one hundred thousand companies from its register over non-compliance issues.
According to the government agency, the compiled list includes companies that have failed to file annual returns for the last ten years.
The announcement on its website, says that in addition to not filing returns, the companies have not complied with several other provisions of the Companies and Allied Matters Act (CAMA), for a consecutive 10-year period.
Source: Facebook
Similar to the last time CAC released a list of 91,000 names, the dormant companies have a three month period to file returns and show activity, in order to avoid delisting.
90-day period to reactivate status
The statement further stated that those who wish to continue operations have 90 days to reactivate their status with the commission.
It reads in part;
"The affected companies are advised to activate their status by filing the requisite annual returns with details of Persons with Significant Control and sending activation emails to activation@cac.gov.ng (where applicable) within 90 days of this publication to avoid being struck off."
The inactive companies must also cease all corporate transactions until their status is reactivated and restored to the CAC register by a Federal High Court order.
Click here to see the full list.
CAC Mandates POS Operators to Register
In related news, Legit.ng recently reported that the CAC struck out the names of almost 100,000 companies over non-compliance.
This move came after the expiration of the 90-day grace period extended to the companies to file their annual returns as proof that they are still in business.
The commission also issued a warning to the public not to do business with the said companies as they are no longer legally recognised in Nigeria.
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Source: Legit.ng
